Elaine Sternberg: Defining Capitalism

October 27, 2016 | 4:00 - 5:30 pm | Wake Forest School of Business - Broyhill Auditorium

The aim of this talk is to incorporate the essential features of capitalism in an operational definition that identifies capitalism per se (pure laissez-faire capitalism), clearly excluding variations such as welfare capitalism and crony capitalism. By concisely highlighting the fundamental structures and mechanisms of capitalism, the essential definition facilitates defenses of it that are more robust than those ordinarily offered. It will also clarify the relation between capitalism and phenomena with which it is frequently associated, and will suggest a straightforward way of identifying and measuring the extent of capitalism in mixed economies.