From Market to Capitalism
The Building of Institutional Ethics
Bibliographic Data
| ID | 6296236 |
|---|---|
| Authors | Silvana Malle (Organisation de Coopération et de Développement Economiques, corresponding author) |
| Year | 1994 |
| Volume | 14 |
| Issue | 1 |
| Pages | 1-16 |
| Publication date | 1994-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Public Policy (JOURNAL) |
| Journal identifiers | ISSN: 0143-814X • E-ISSN: 1469-7815 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0143814x00001227 |
| OpenAlex | W2070995772 |
| Language | EN |
| Citations received | 3 |
| References cited | 10 |
This paper discusses the ethical barriers to development in economies whose institutions have not quite adjusted to the needs of capitalism. It is argued that at a given stage of market development, the market forces will either impose behaviours and moral codes which further sustain the development of capital markets or will be defeated. The defeat may lead a country back to pre-capitalist relations, behaviours and rules that will jeopardize any further development. In post-socialist economies, in particular, large sections of society are unprepared to apply the rules of advanced capitalist markets. Resistance to market becomes an obstacle to the building of institutional ethics and transparent markets. Only openness to foreign competition and foreign demand for higher ethical standards in business can help the adjustment of economic and legal institutions to the requirement of advanced markets. The Italian case offers an instructive example of contradiction between institutional backwardness and market dynamism in which the catalysing factor was foreign competition
Backwardness · Capital (architecture · Capital market · Capitalism · Competition (biology · Contradiction · Dynamism · Economic system · Economics · Factor market · Market economy · Neoclassical economics · Nonmarket forces · Openness to experience · Political science · Politics · Economic Theory and Institutions · Law · Russia and Soviet political economy · State Capitalism and Financial Governance
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,1 |
| Citation span | 1997 - 2009 (13) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |