Capitalism has outperformed all other systems and maintained a positive growth rate since it began. This book shows that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which...
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Capitalism has outperformed all other systems and maintained a positive growth rate since it began. This book shows that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress
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Cover; Contents; Tables; Foreword; Preface and acknowledgments; PART I Basic economic concepts; 1. The game and the rules of the game; 2. Transaction costs; PART II Transformation of the medieval community into modern society: the rise of classical liberalism, the rule of law and capitalism; 3. From the Middle Ages to capitalism; 4. Capitalism and the rule of law; Appendix: Afraid to be free: dependency as desideratum; 5. The law of contract and the judiciary; 6. The economic functions of the constitution; 7. Private property rights; 8. Capitalism, economic freedom and performance
9. The rule of law and capitalism: an overviewPART III Toward a theory of institutional change; 10. The method of analysis; 11. The interaction thesis; 12. The carriers of change: the role of entrepreneurs; 13. Formal institutions; 14. Informal institutions or cultural traditions: the role of pathfinders; 15. Efficiency-friendly institutional change within the structure of tradition; Index
