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6 - What Next?

Published online by Cambridge University Press:  25 August 2021

John L. Campbell
Affiliation:
Dartmouth College
John A. Hall
Affiliation:
McGill University, Montréal
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Summary

We began this book by presenting the ideas of great economists that have been unduly neglected. Smith recognized that capitalism works best when people seek to catch those above them on the societal escalator. That requires a sense that they are at least on the escalator – something stressed too by Polanyi, who was well aware of the dangers that could follow if people were to feel themselves to be left out altogether. Keynes wanted the state to smooth out capitalism’s instabilities – notably, persistent unemployment – which often stemmed from the creative destruction that Schumpeter described. Hirschman understood that another way of ensuring that capitalism worked for everyone was to provide voice to all of its stakeholders.

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Chapter
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What Capitalism Needs
Forgotten Lessons of Great Economists
, pp. 201 - 229
Publisher: Cambridge University Press
Print publication year: 2021

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  • What Next?
  • John L. Campbell, John A. Hall, McGill University, Montréal
  • Book: What Capitalism Needs
  • Online publication: 25 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781108768054.007
Available formats
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Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • What Next?
  • John L. Campbell, John A. Hall, McGill University, Montréal
  • Book: What Capitalism Needs
  • Online publication: 25 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781108768054.007
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • What Next?
  • John L. Campbell, John A. Hall, McGill University, Montréal
  • Book: What Capitalism Needs
  • Online publication: 25 August 2021
  • Chapter DOI: https://doi.org/10.1017/9781108768054.007
Available formats
×