Understanding Capitalism: Competition, Command, and Change


Understanding Capitalism 3e provides an introduction to economics with extensive attention to the global economy, inequality, the information revolution, the exercise of power, and the historical evolution of economic institutions and individual preferences. Its three-dimensional approach focuses on competition in markets, command in firms, governments and international relations, and change as a permanent feature of a capitalist economy promoted by technical innovation and conflict over the distribution of income.
• Covers standard material from both micro and macro, as well as extensive historical and institutional analysis drawing on anthropology, political science, and sociology
• Third edition is entirely rewritten with four new chapters on the long term history of capitalism, the evolution of preferences and values, inequality, and the future of capitalism
• The three dimensions of economic life-competition, command, and change-provide a unifying framework encompassing recent developments in behavioural economics, information economics, increasing returns, and institutional economicsContents:1. Capitalism Shakes the World2. People, Preferences and Society3. Three-Dimensional Approach to Economics4. Political Economy, Past and Present5. The Surplus Product: Conflict and Change6. Capitalism as an Economic System7. American Capitalism: Accumulation and Change8. Supply and Demand: How Markets Work9. Competition and Co-ordination: The Invisible Hand10. Capitalist Production and Profits11. Competition and Concentration12. Wages and Work13. Technology, Control, and Conflict in the Workplace14. The Mosaic of Inequality15. Progress and Poverty on a World Scale16. Aggregate Demand, Employment and Unemployment17. The Dilemmas of Macroeconomic Policy18. Inflation19. Government and Economy20. The Future of CapitalismIndex
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Additional information

Publisher: Place of publication:
  • New York
Publication year:
  • 2005
  • 3rd