Conceptualizing Capitalism

Is America no longer a free market economy?

Today we have a conversation with Geoffrey Hodgson, Emeritus professor at Loughborough University in London and editor-in-chief of the Journal of Institutional Economics. Geoffrey has authored many books, including Conceptualizing Capitalism: Institutions, Evolution, Future.

Geoffrey believes that we have a better chance of achieving economic equality by reforming the capitalistic system we already have rather than trying to build something entirely new. After providing an overview of key characteristics of capitalism, he responds, and adds to, the 14 criticisms of capitalism raised by Phil Kolter. Geoff and Sean discuss the many similarities between US and UK markets, the surprising socialistic tendencies amongst the pioneers of economics, how important an educated populace is to successful capitalism, Universal Basic Income, and stakeholder rather than shareholder models. Geoffrey gives examples of how taxation in other countries leads to more wealth and resources for citizens rather than less, and he explains that complete economic equality will not work; some disparity of income is necessary.

Other topics include: Why Thomas Paine is famous in both the US and the UK, the etymology behind the political terms Left & Right, how war lowers government corruption, why socialism works for religious communities, How the US needs to fix its healthcare system!!!