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Growth and Security Under Welfare-Corporate Capitalism and Market Socialism

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  • Myron J. Gordon

Abstract

A pure capitalist system has private ownership of wealth and administration of the economy via markets. As pure socialist system has stare ownership and administration by a bureaucracy. One offers growth and insecurity, and the other offers security and stagnation. In reality, neither has existed nor can exist for long. The feasible alternatives are welfare capitalism and market socialism. Over the last fifty years, the transition from welfare to corporate capitalism has taken place in the West under U. S. leadership. It has resulted in increasing insecurity and inequality within rich countries and between rich and poor countries. The transition from bureaucratic to market socialism in China over the last twenty years has brought to its people amazing growth and prosperity- and many of the ills of a market economy. It remains to be seen whether market socialism in China is an attractive alternative to welfare capitalism, or is no more than a transition to corporate capitalism. JEL Classification: P51.

Suggested Citation

  • Myron J. Gordon, 2001. "Growth and Security Under Welfare-Corporate Capitalism and Market Socialism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 21(3), pages 433-448.
    • Handle: RePEc:ekm:repojs:v:21:y:2001:i:3:p:433-448:id:984
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/984/969
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    Cited by:

    1. Gordon, M. J., 2003. "Is China's financial system threatened by its policy loans debt?," Journal of Asian Economics, Elsevier, vol. 14(2), pages 181-188, April.

    More about this item

    Keywords

    Comparative analysis of economic systems; economic growth; welfare;
    All these keywords.

    JEL classification:

    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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