Capitalism: Its Origins and Evolution as a System of Governance

by Bruce R. Scott

Two systems of governance, capitalism and democracy, prevail in the world today. Operating simultaneously in partially distinct domains, these systems rely on indirect governance through regulated competition to coordinate actors; inevitably, these systems influence and transform each other. This book rejects the simple equation of capitalism with markets in favor of a three-level system, a model which recognizes that markets are administered by regulators through institutions and governed by a political authority with the power to regulate behavior, punish transgressors, and redesign institutions. This system's emergence required the sovereign to relinquish some power in order to release the energies of economic actors. Rather than spreading through an unguided natural process like trade, capitalism emerged where competitive pressures forced political authorities to take risks in order to achieve increased revenues by permitting markets for land, labor, and capital.

Genres: Nonfiction

1233 pages, Kindle Edition

First published January 1, 2011

Reviews

[Zayd El-basyouni · Rating 4 out of 5]

Bruce Scot the author of the book taught me an extensive course about the governance at Harvard, his book was the first reference for the class, he believes for any successful nation there are only two systems of governance, Capitalism and Democracy operating parallel in partially distinct domains, these systems rely on indirect governance through regulated competition to coordinate actors; inevitably, these systems influence and transform each other. Prof. Scot explained in this book how this system is real unmanned in the United States and the corruption took-over all the country which made the inequalities and poverty within the society, an example: The typical life in the United States without a daily income leads to disaster! from the other prospective Bruce presents the development of capitalism as a political process, the result of conflicts among social actors, with capitalists and government officials as the main actors while he rejects the simple equation of capitalism with markets in favor of a three-level systems. This book’s insights deserve careful consideration from historians, social scientists, and all those who address economic issues in the political realm. and again addressing a huge question for our Middle East region if its the real system that we should apply? and might answer you the question of being the socialism is the right path for equality and economic development and the end of the poverty.