Overview

Understanding Capitalism 3e provides an introduction to economics with extensive attention to the global economy, inequality, the information revolution, the exercise of power, and the historical evolution of economic institutions and individual preferences. Its three-dimensional approach focuses on competition in markets, command in firms, governments and international relations, and change as a permanent feature of a capitalist economy promoted by technical innovation and conflict over the distribution of income. • Covers standard material from both micro and macro, as well as extensive historical and institutional analysis drawing on anthropology, political science, and sociology • Third edition is entirely rewritten with four new chapters on the long term history of capitalism, the evolution of preferences and values, inequality, and the future of capitalism • The three dimensions of economic life—competition, command, and change—provide a unifying framework encompassing recent developments in behavioural economics, information economics, increasing returns, and institutional economics Contents: 1. Capitalism Shakes the World 2. People, Preferences and Society 3. Three-Dimensional Approach to Economics 4. Political Economy, Past and Present 5. The Surplus Product: Conflict and Change 6. Capitalism as an Economic System 7. American Capitalism: Accumulation and Change 8. Supply and Demand: How Markets Work 9. Competition and Co-ordination: The Invisible Hand 10. Capitalist Production and Profits 11. Competition and Concentration 12. Wages and Work 13. Technology, Control, and Conflict in the Workplace 14. The Mosaic of Inequality 15. Progress and Poverty on a World Scale 16. Aggregate Demand, Employment and Unemployment 17. The Dilemmas of Macroeconomic Policy 18. Inflation 19. Government and Economy 20. The Future of Capitalism Index

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9780195138658

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Samuel Bowles is Research Professor at the Santa Fe Institute, U.S.A., and Professor of Economics at the University of Siena, Italy. Richard Edwards is Professor of Economics at the University of Nebraska-Lincoln. Frank Roosevelt is Professor of Economics at Sarah Lawrence College.

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