The Oxford Handbook of Capitalism

Hardcover | April 18, 2012

EditorDennis C. Mueller

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The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this handbook, written by leading scholars from Asia, North America, and Europe, analyze both thestrengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capitalmarkets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties ofthe "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner EdmundPhelps.

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The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this handbook, written by leading scholars from Asia, North America, and Europe, analyze both thestrengths and weaknesses of capitalist systems. The...

Dennis C. Mueller is Professor Emeritus in the Department of Economics at University of Vienna. Before coming to Vienna, he was at the University of Maryland, College Park. His research interests are industrial economic, public choice and constitutional political economy.

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Format:HardcoverDimensions:576 pages, 9.75 × 6.75 × 0.98 inPublished:April 18, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195391179

ISBN - 13:9780195391176

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Table of Contents

PrefaceDennis C. Mueller: Introduction: Capitalism: The Good, the Bad, and the Ugly,I. Origins1. Jeffry A. Frieden: The Modern Capitalist World Economy: A Historical Overview2. Thorsten Beck: Legal Institutions and Economic Development3. Mark Roe: Capital Markets and Financial Politics: Preferences and InstitutionsII. The Nature of Capitalism4. William J. Baumol, Robert E. Litan, Carl J. Schramm: The Four Types of Capitalism, Innovation, and Economic Growth5. F. M. Scherer: The Dynamics of CapitalismIII. The Institutions of Capitalism6. Thorsten Beck: Capital Markets7. Paul Rubin and Tilman Klumpp: Property Rights and Capitalism8. David J. Teece: Management and Governance of the Business Enterprise: Agency, Contracting, and Capabilities Perspectives9. Victor Goldberg: ContractsIV. Problems with Capitalism10. Richard Nelson: Capitalism as a Mixed Economic System11. Keith Cowling and Philip R Tomlinson: Monopoly Capitalism12. Randall Morck and Bernard Yeung: Agency Problems and the Fate of Capitalism13. Martin J. Conyon: The Governance of Executive Compensation14. Burton G. Malkiel: Bubbles in Asset Prices15. Dennis C. Mueller: Mergers and the Market for Corporate Control,V. Capitalism and the State: Different Approaches16. John C. Coffee: Dispersed Ownership:The Theories, The Evidence, and the Enduring Tension Between "Lumpers" and "Splitters"17. Hiroyuki Odagiri: The East Asian (mostly Japanese) Model of CapitalismVI. Wither Capitalism?18. Edmund Phelps: Refounding Capitalism