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THE INSTITUTIONS OF CAPITALISM

LECTURES IN SAO PAOLO, NOVEMBER 2019


Geoffrey Hodgson
Loughborough University London

 

“The Institutions of Capitalism”

Principal Reading:
G. M. Hodgson, Conceptualizing Capitalism: Institutions, Evolution, Future (University of Chicago Press, 2015).

Course Description:

Despite enduring inequality within and between nations, since 1800 there have been massive global increases in the average standard of living and of human life expectancy. The aim of this course is to identify the key institutions that enabled this unprecedented global development. By understanding these institutions and their dynamics it may be possible to understand the conditions that can more egalitarian and inclusive outcomes possible.

Course objectives:

By the end of this course the students should have an appreciation of the basic institutions that comprise capitalism, of why they have enabled rapid economic growth and of the downside dynamics of economic inequality. Students should also have an appreciate of the role of the state and the possibilities for institutional reform.

Prerequisites:

Students should have achieved some basic understanding of economics, economic history or economic sociology, at least at junior undergraduate level.

 

Additional Reading:

Acemoglu, Daron and Robinson, James A. (2012) Why Nations Fail: The Origins of Power, Prosperity, and Poverty (New York: Random House and London: Profile).

McCloskey, Deirdre N. (2010) Bourgeois Dignity: Why Economics Can’t Explain the Modern World (Chicago: University of Chicago Press).

North, Douglass C., Wallis, John Joseph and Weingast, Barry R. (2009) Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History (Cambridge and New York: Cambridge University Press).

 

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