![]() ![]() The claims for capitalism differ from the classical case for a competitive market economy. What economic and social institutions engender innovation in the more capitalist of today’s advanced economies, and what institutions function badly in this regard? How large are the benefits of this system both in productivity and more broadly in the rewards to its participants? How much worse (if at all) is this system with respect to stability and inclusion - compared with corporatist systems found in continental western Europe and east Asia? What changes or additions to those institutions and policies could be hoped to improve its dynamism, stability or inclusiveness? Are capitalists systems more or less prone to financial crises than corporate ones? The mandate of Columbia’s Center on Capitalism and Society is to advance our scholarly understanding of capitalism’s workings, its social benefits and costs, and its place in a democracy. There are basic questions about capitalism that have hardly begun to be studied. ![]() At the same time, capitalism is also known for its tendency to generate instability, often associated with the existence of financial crises, job insecurity and failures to include the disadvantaged. Capitalism’s rationale to proponents and critics alike has long been recognized to be its dynamism, that is, its innovations and, more subtly, its selectiveness in the innovations it tries out. Capitalism is a system of largely private ownership that is open to new ideas, new firms and new owners-in short, to new capital. ![]()
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