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Toward an Evolutionary-Institutionalist Concept of State Capture: The Relevance of Kaleckian Analysis of Non-Equilibrium Dynamics

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  • Anna Klimina

Abstract

The paper contrasts viewpoints of neoclassical and traditional institutionalism on the prospects of state capture. It argues that state capture is a profit-seeking capital investment activity, which is determined by a historically prevailing and continuously evolving institutional environment, and, thus, it is an open-ended evolutionary phenomenon. Therefore the methodological framework of original institutionalism that emphasizes uncertainty and non-equilibrium processes is considered to be a better device for realistic study of state capture. Kaleckian analysis of non-equilibrium dynamics that links together capital accumulation and open-ended path of institutional change is recommended as a prospective method for further quantitative explorations in this field.

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  • Anna Klimina, 2009. "Toward an Evolutionary-Institutionalist Concept of State Capture: The Relevance of Kaleckian Analysis of Non-Equilibrium Dynamics," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(2), pages 371-380.
    • Handle: RePEc:mes:jeciss:v:43:y:2009:i:2:p:371-380
    DOI: 10.2753/JEI0021-3624430210
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    Cited by:

    1. Frolov, Daniil, 2019. "From institutions to extitutions to the post-institutional theory of institutional anomalies," MPRA Paper 95960, University Library of Munich, Germany, revised 10 Sep 2019.

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