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Abstract
Since the beginning of the finance crisis, the notion of capitalism and the adjective capitalistic are more and more employed in public discourse without making an attempt to define it. In contrast, the concept of market economy is less used. We try in this paper to differentiate both concepts by going back to the approaches by Karl Marx (1818-1883) and Fernand Braudel (1902-1985). Marx does not use the term capitalism but only capitalistic production, while Braudel argues on the basis of a wealth of empirical evidence that one has to differentiate between capitalism and market economy, because he sees a contrast between them. For this reason, he has different view of a capitalistic economy as Marx has.
JEL classification: B14, B24, P10, P16, P5 Keywords: capitalism, capitalistic production, market economy, political economy
Document type: | Working paper |
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Series Name: | Discussion Paper Series |
Volume: | 0645 |
Publisher: | University of Heidelberg |
Place of Publication: | Heidelberg |
Date Deposited: | 14 Feb 2018 14:44 |
Date: | 12 February 2018 |
Faculties / Institutes: | The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics |
DDC-classification: | 330 Economics |
Series: | Discussion Paper Series / University of Heidelberg, Department of Economics |