Geoffrey M. Hodgson Livres

Geoffrey Hodgson challenges traditional economic thought by emphasizing the crucial role of social institutions in shaping preferences and guiding actions. He critiques free market ideologies and neo-classical views, proposing a new policy perspective focused on structural reform and institutional intervention. Essential reading for economics students and social science scholars.

Capitalism is the dominant economic framework in modern history, but it s unclear how it really works. Relying on the free movement and spontaneous coordination of seemingly infinitesimal market forces, its very essence is remarkably complex. Geoffrey M. Hodgson offers a more precise conceptual framework, defines the concepts involved, and illustrates that what is most important, and what has been most often overlooked, are institutions and contractsthe law. Chapter by chapter, Hodgson focuses in on how capitalism works at its very core to develop his own definitive theory of capitalism. By employing economic history and comparative analysis toward explanatory and analytical ends, Hodgson shows how capitalism is not an eternal or natural order, but indeed a relatively recent institution. If anyone were qualified to venture such a comprehensive and definitive analysis of such an important economic, legal, and social phenomenon, it is Geoffrey Hodgson. "Conceptualizing Capitalism" will significantly alter and carry forward our understanding of markets and how they work."

"In this book, one of the most respected experts on the conceptual definition of capitalism traces its origins to England and shows the massive transformation that took place in the country until the early nineteenth century. This book considers the reasons for the dramatic rise in economic activity and offers a conceptual framework to help to explain the evolution of the foundational institutions of English capitalism. Hodgson's unique perspective lies in his understanding of capital as finance and not goods, and he shows how in this light what was developed in Britain in the eighteenth century was capitalism. For Hodgson the central importance lies in institutions that enable the raising of money for innovation and investment, but he argues economists have paid insufficient attention to the institutional conditions required. This book offers a novel and authoritative account of the events and processes that led to the consolidation of capitalism in England, whose features were copied and adapted by other countries around the world"--

Recent events in Eastern Europe have underlined the limitations of Marxian economic and political theory. In this collection of essays Hodgson subjects Marxian economic theory to critical examination and shows which elements retain their modern relevance. After analysing the contribution of Sraffa, and indicating its critical potential and theoretical limitations, Hodgson points to a new synthesis embracing Marx, Keynes and Veblen.