WHAT CAPITALISM NEEDS

From unemployment to Brexit to climate change, capitalism is in trouble and ill-prepared to cope with the challenges of the coming decades. How did we get here` While contemporary economists and policymakers tend to ignore the political and social dimensions of capitalism, some of the great economists of the past - Adam Smith, Friedrich List, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi and Albert Hirschman - did not make the same mistake. Leveraging their insights, sociologists John L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system throughout the twentieth and early twenty-first centuries. They draw comparisons across eras and around the globe to show that there is no inevitable logic of capitalism. Rather, capitalisms performance depends on the strength of nation-states, the social cohesion of capitalist societies, and the stability of the international system - three things that are in short supply today.