The Rise and Decline of General Laws of Capitalism

@article{Acemoglu2014TheRA,
  title={The Rise and Decline of General Laws of Capitalism},
  author={Daron Acemoglu and James A. Robinson},
  journal={New Institutional Economics eJournal},
  year={2014}
}
Economists have long been drawn to the ambitious quest of discovering the general laws of capitalism. David Ricardo, for example, predicted that capital accumulation would terminate in economic stagnation and inequality as a greater and greater share of national income accrued to landowners. Karl Marx followed him by forecasting the inevitable immiseration of the proletariat. Thomas Piketty’s (2014) tome, Capital in the Twenty-First Century, emulates Marx in his title, his style of exposition… 

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