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Making Capitalism Work for Everyone


  • Raghuram G. Rajan
  • Luigi Zingales


Capitalism-or, more precisely, the free enterprise system-is the most effective system for allocating resources and rewards. For this reason, most economists tend to believe that capitalism is bound to spread from the U.S. to all parts of the world. But the authors argue that the triumph of capitalism is far from certain. Part of the problem is that the forms of capitalism that are experienced in most countries are very far from the ideal. They are a corrupt version in which vested interests prevent competition from playing its socially bene. cial role. 2004 Morgan Stanley.

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  • Raghuram G. Rajan & Luigi Zingales, 2004. "Making Capitalism Work for Everyone," Journal of Applied Corporate Finance, Morgan Stanley, vol. 16(4), pages 101-108.
  • Handle: RePEc:bla:jacrfn:v:16:y:2004:i:4:p:101-108

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    References listed on IDEAS

    1. Boris Pleskovic & Joseph E. Stiglitz, 2000. "Annual World Bank Conference on Development Economics 1999," World Bank Publications, The World Bank, number 13839.
    2. Doidge, Craig & Karolyi, G. Andrew & Stulz, Rene M., 2004. "Why are foreign firms listed in the U.S. worth more?," Journal of Financial Economics, Elsevier, vol. 71(2), pages 205-238, February.
    3. Stulz, Rene M. & Williamson, Rohan, 2003. "Culture, openness, and finance," Journal of Financial Economics, Elsevier, vol. 70(3), pages 313-349, December.
    4. Reese, William Jr. & Weisbach, Michael S., 2002. "Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings," Journal of Financial Economics, Elsevier, vol. 66(1), pages 65-104, October.
    5. Lucian Arye Bebchuk, 1999. "A Rent-Protection Theory of Corporate Ownership and Control," NBER Working Papers 7203, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Korkeamaki, Timo & Koskinen, Yrjo & Takalo, Tuomas, 2007. "Phoenix rising: Legal reforms and changes in valuations in Finland during the economic crisis," Journal of Financial Stability, Elsevier, vol. 3(1), pages 33-58, April.
    2. Michael Enowbi Batuo & Simplice A. Asongu, 2015. "The impact of liberalisation policies on income inequality in African countries," Journal of Economic Studies, Emerald Group Publishing, vol. 42(1), pages 68-100, January.
    3. William Shughart & Robert Tollison, 2005. "The unfinished business of public choice," Public Choice, Springer, vol. 124(1), pages 237-247, July.

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