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8 - The Promise of Capitalism

Joining the Search

Published online by Cambridge University Press:  23 November 2023

Douglas E. Stevens
Affiliation:
Georgia State University
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Summary

In Chapter 8, I conclude by addressing the promise of capitalism from the perspective of those who have joined the search for a moral foundation. I first discuss how both classical and neoclassical economic theory have proven to be incomplete views of economic reality. Recent evidence suggests that, while highly descriptive of economic growth prior to the first industrial revolution in England, classical economic theory is incapable of explaining economic growth after around 1800. The neoclassical economic theory out of Chicago has also proven to be incomplete following persistent evidence of norm-based behavior in the lab and recurring market crashes, including the latest severe market crash in 2007–08. I then discuss three types of responses to the latest crisis of capitalism and how they have left the theoretical landscape ripe for future development and innovation. To further reveal the potential for theoretical development, I summarize key insights from the economists and philosophers covered in this book. After summarizing key insights from my own search, including a paper I presented at a recent research conference in Australia, I conclude by discussing why the search for a moral foundation for capitalism may be the critical challenge of our age.

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Chapter
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In Search of a Moral Foundation for Capitalism
From Adam Smith to Amartya Sen
, pp. 182 - 216
Publisher: Cambridge University Press
Print publication year: 2023

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  • The Promise of Capitalism
  • Douglas E. Stevens, Georgia State University
  • Book: In Search of a Moral Foundation for Capitalism
  • Online publication: 23 November 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434423.009
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  • The Promise of Capitalism
  • Douglas E. Stevens, Georgia State University
  • Book: In Search of a Moral Foundation for Capitalism
  • Online publication: 23 November 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434423.009
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • The Promise of Capitalism
  • Douglas E. Stevens, Georgia State University
  • Book: In Search of a Moral Foundation for Capitalism
  • Online publication: 23 November 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434423.009
Available formats
×