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  • Print publication year: 2019
  • Online publication date: November 2019

13 - Marxism, Evolutionism, Institutionalism

from Part V - Is a New Paradigm Possible?

Summary

Polanyi–s and Galbraith–s analyses of very long-run changes in, and main characteristics of, economic and social structures. It is pointed out how neo-institutionalism is grounded in the traditional marginalist approach, thus sharing its limits, while the evolutionary and institutional approaches, with strong connections among them, are born in counterposition to the marginalist approach. Their contributions, in particular those to the analysis of technical change, are then illustrated. With reference mainly to Hirschman, the cultural element in development economics is recalled. A final section illustrates the –varieties of capitalism–.

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