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A Perspective On Capitalism

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Chapter Summary

The focus of this chapter is to highlight that while capitalism is necessarily a market economy, a market economy is not necessarily the same thing as capitalism. It deals with a specific view to how the discipline of economics came to terms with their gradual evolution- an evolution that embedded these characteristics in the structure of property rights in more or less all the countries of the world, albeit following the lead of the West. The chapter attempts to underscore the economic implications, both distributional and allocational, that flow from the instrumentalization of interest under its attendant structure of property rights. Capitalism can mean different things to different people, yet one way or the other all shades of meanings revolve round the concept of capital. The Keynesian framework includes only two such assets in the analysis: money and bonds, the former non-interest bearing, the latter interest bearing.

Keywords: capitalism; Keynesian framework; market economy; property rights



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