Social Sciences
8 years ago

Capitalism's Future: Adapting to Demand for Non-Market Goods or Risking Costly Bureaucracy

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The Future of Capitalism Revisited
John P. Farrell

Paper Summary

The essay discusses the future of capitalism, focusing on the mix of command and market in the economy in the next few decades. It predicts that the value of non-market goods will increase compared to market goods due to limited supply and high costs of change. If institutions can adapt in a market-friendly way, growth will continue efficiently.

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