CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - Varieties of capitalism: growth and stagnation
3 important questions on CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - Varieties of capitalism: growth and stagnation
Which two sets of conditions contribute to the dynamism of the capitalist economic system?
- economic conditions
- political conditions—in other words, government and the way it functions.
What are the economic condition for capitalist dynamism
1. Private property must be secure
2. Markets must be competitive
3. Firms should not be owned and managed by people who survive because of their connections to governments or their privileged birth
2. Markets must be competitive
3. Firms should not be owned and managed by people who survive because of their connections to governments or their privileged birth
What are political conditions for a capitalist dynamism?
- private incentives for cost-reducing innovation
- Public policy supporting these conditions
- public policy that supplies essential goods and sevices
- Public policy supporting these conditions
- public policy that supplies essential goods and sevices
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