This book is the first attempt to examine in one volume the questions of the existence, evolution and failure of the three major institutions of capitalism; the market, the firm (including the transnational corporation) and the state. Following critical appraisals of existing theoretical perspectives on these questions, namely neo-classical, Austrian, post-Keynesian and Marxist, the author adopts an evolutionary-historical approach aimed at deriving a synthesis where possible and breaking new ground when not. As well as its comprehensive coverage, the book is unique in its focus on, and comparative assessment of mainstream micro- and macroeconomic theories of 'failure' and Marxian theories of capitalist crisis. Christos Pitelis' analysis of markets, firms and states points to the possibility of a mainstream theory of capitalist institutional failure based on transaction cost economizing. This can be incorporated within a more general approach to institutional crisis which considers the relevant macroeconomic aspects, most notably realization failures.
- ISBN10 0631157964
- ISBN13 9780631157960
- Publish Date 21 November 1991
- Publish Status Out of Print
- Out of Print 14 May 1997
- Publish Country GB
- Publisher John Wiley and Sons Ltd
- Imprint Blackwell Publishers
- Format Hardcover
- Pages 256
- Language English