Chp 11 Presentation - Chp 11 Designing Capitalism 3.0 Dani...

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Chp 11: Designing Capitalism 3.0 Dani Rodrik – The Globalisation Paradox
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Designing Capitalism 3.0 All prosperous nations = capitalistic & market- based Globalisation = worldwide extension of capitalism Key to capitalism’s durability = its infinite malleability Changed with our conceptions of the institutions needed to support markets Enabled it to overcome periodic crises
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Capitalism 1.0 Adam Smith’s idealized market society Small role for the government Enforce property rights, keep peace, collect taxes Capitalism governed by narrow vision of public institutions
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Capitalism 2.0 Rise of democracy & labour unions Fought against injustices of capitalism Lead to a more expansive role for government Antitrust policies to break monopolies Activist monetary & fiscal policies Increased welfare assistance & social insurance Mixed Economy New balance between markets & states Unprecedented period of social cohesion, stability & prosperity Lasted until the mid-1970s
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Bretton Woods Compromise Capitalism 2.0 = limited globalisation
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