Reflections on the Future of Capitalism: From Karl Marx to Amartya Sen

Preface
Contents
1 Future of Capitalism: Introduction
	Definition of Capitalism
	Some Prominent Authors Not Considered
		John A. Hobson
		John R. Commons
		Max Weber
		Joan Robinson
		John K. Galbraith
	Plan of the Book
	References
2 Karl Marx (1818–1883)
	Introduction
	Theory of Surplus Value
	Theory of Accumulation
	Theory of Alienation
	Theory of Distribution
	Theory of Crisis
	Theory of Historical Materialism
	Theory of Class Struggle
	Marxism After Marx and Engels
	Critical Assessment
	Conclusion
	References
3 Joseph Schumpeter (1883–1950)
	Introduction
	Capitalism, Creative Destruction and Evolution
	Monopoly Capitalism and Business Cycles
	Schumpeter on the Future of Capitalism
	Critical Assessment
	Summing Up
	References
4 Thorstein Veblen (1857–1929)
	Introduction
	Critique of Neoclassical Economics
	Conspicuous Consumption
	Veblen’s Evolutionary Theory
	Socialism and Marxism
	The Future of Capitalism
	Critical Appraisal
	References
5 Henry George (1839–1897)
	Introduction
	The Main Ideas of Progress and Poverty
		Poverty Amidst Progress
		Wages and Capital
		The Theory of Population
		Land Speculation and Recessions
		The True Remedy
	Critical Appraisal
		George’s American Critics
		Continental Critique
		Socialist Critique
		Alfred Marshall’s Critique
		Allyn Young’s Critique
	Henry George and the Future of Capitalism
	References
6 Gunnar Myrdal (1898–1987)
	Introduction
	Circular Cumulative Causation and Development
	American Race Relations
	Economic Prospects of South and Southeast Asian Countries
	Reforming Capitalism
	Critical Appraisal
	References
7 Alfred Marshall (1842–1924)
	Introduction
	The Method of Economics
	The Demand–Supply Apparatus
	Organic Growth
	Evolutionary Theory
	Competition and Monopoly
	Socialism, Welfarism and Human Development
	Critical Appraisal
	Conclusion
	References
8 Allyn Young (1876–1929)
	Introduction
	Increasing Returns and Growth
	Imperfect Competition and Monopoly
	Money, Banking and Business Cycles
	Reforming Capitalism
	Critical Appraisal
	Final Word
	References
9 John Maynard Keynes (1883–1946)
	Introduction
	Theory of Output and Employment
	Keynes’s Monetary Economics
	Reforming Capitalism by Ending Laissez Faire
	War Finance and Post-War International Economic Architecture
	Critical Appraisal
		Is the General Theory Really general?
		Does the General Theory Constitute Keynesian Revolution?
		Keynes and Keynesianism
		Keynes’s Relevance
	Conclusion
	References
10 Amartya Sen (1933–)
	Introduction
	Social Choice and Welfare Economics
	Development: Entitlements, Capabilities and Freedoms
	Gender Disparities and Women’s Empowerment
	The Role of Markets
	The Role of the State
	The Role of Democracy
	Future of Capitalism
	Critical Assessment
	References
11 Future of Capitalism: Summary and Conclusions
	Assessment of Various Authors
	Who Was More Right Than Others?
	What More Can Be Done to Save Capitalism?
	Final Word
	References
Author/Name Index
Subject Index