ContemporaryCapitalism

Thisbookarguesthatthereisnosinglebestinstitutionalarrangementfororganizingmodernsocieties.Therefore,themarketshouldnotbeconsideredtheidealanduniversalarrangementforcoordinatingeconomicactivity.Instead,theeditorsargue,theeconomicinstitutionsofcapitalismexhibitalargevarietyofobjectivesandtoolsthatcomplementeachotherandcannotworkinisolation.Thevariouschaptersofthebookexplorechallengingissuesintheanalysisofdifferinginstitutionalarrangementsforcoordinatingeconomicactivity,askingwhatlogicsandfunctionstheyfollowandwhytheyemerge,matureandpersistintheformstheydo.Theyconcludethatanyinstitutionalarrangementhasitsstrengthsandweaknessesandthatsuchinstitutionsevolveaccordingtoalogicspecifictoeachsociety.Theyalsonotethatinstitutionscontinuouslyrespondtochangingcircumstances,andarenotstaticentities.