• Peter Hall


January 2022, Paper: "As scholars from Sombart (1902) to Streeck (2014) have observed, capitalism is an evolving economic system that distributes well-being in terms which vary over time and across countries (see also Hall 2013, Trigilia 2020). These variations correspond to changes in the strategies of firms, which move in tandem with market opportunities, managerial ideologies and the institutional environment (Whiteley 2000; Fligstein 1993; Hall and Soskice 2001). But the operation of capitalism is also deeply conditioned by the policies adopted by government to regulate the economy. Those policies redistribute portions of the national product, through taxation and spending, and sustain an institutional infrastructure influencing what firms do. Hence, understanding how capitalism evolves entails appreciating how the public policies that condition its operation change over time."

Non-HKS Author Website - Peter Hall