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Sylla, Richard. 2006. "Schumpeter Redux: A Review of Raghuram G. Rajan and Luigi Zingales's Saving Capitalism from the Capitalists."
,
44(2): 391-404.
Show Article Details
DOI: 10.1257/jel.44.2.391
Abstract:Saving Capitalism from the Capitalists1 is an ambitious probe into capitalism's past,
present, and future. Whereas Joseph A. Schumpeter viewed capitalism as doomed
because it was losing its political and social supports, Rajan and Zingales see it more
as threatened from within by established or "incumbent" industrialists and financiers
who become enemies of free markets. The authors contend that free financial markets
foster economic progress while undermining the ability of incumbents to have their
way. Rajan and Zingales may overstate the significance of "the great reversal" of
financial development in the middle decades of the twentieth century, and their evidence
and interpretations are sometimes flawed. Nonetheless, they make a strong case
for the fundamental importance of financial development for economic modernization
and their warnings about the antimarket tendencies of incumbents are well worth
pondering.
Authors:
Sylla, Richard
JEL Classifications:
:
None
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