Varieties of what? Should we still be Using the Concept of Capitalism?

  title={Varieties of what? Should we still be Using the Concept of Capitalism?},
  author={Fred L. Block},
  • F. Block
  • Published 23 August 2012
  • Economics
This article argues that social scientists should reconsider the analytic value of the term “capitalism.” The paper argues that the two most coherent definitions of capitalism are those derived from classical Marxism and from the World System theory of Immanuel Wallerstein. Marx and Engels’ formulation was basically a genetic theory in which the structure of a mode of production is determined by the mode of surplus extraction. During the course of the 20th century, however, Marxist theorists… 
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