'The spirit of capitalism' and long-run growth
AbstractIn this paper, we will show that the capitalist-spirit approach to economic growth has been developed by Adam Smith, Karl Marx, Max Weber and John Maynard Keynes and many others. It can be demonstrated that countries with different degree of the capitalist spirit will have different per capita consumption, per capita capital stock and different endogenous growth rates in the long run. This capitalist spirit model is also widely supported by many empirical and historical studies on cultural attributes and economic development.
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Bibliographic InfoPaper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 94.
Length: 15 pages
Date of creation: 1995
Date of revision:
Publication status: Published in European Journal of Political Economy, Volume 10, Issue 2, July 1994, Pages 279-293
Spirit of capitalism; Endogenous growth; Savings; Frugality; Culture;
Other versions of this item:
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- P10 - Economic Systems - - Capitalist Systems - - - General
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