Geoffrey Hodgson: What is Capitalism?)

The Institute for Philosophy and Social Theory and the Belgrade Banking Academy – Faculty for Banking, Insurance and Finance would like to invite you to the lecture

Geoffrey Hodgson
What is Capitalism?
Belgrade Banking Academy: Faculty for Banking, Insurance and Finance, Zmaj Jovina 12,
Thursday, 24 March 2016, at 7pm

In addition to the lecture, the Institute for Philosophy and Social Theory will host a seminar with Geoffrey Hodgson devoted to his book Conceptualizing Capitalism on Friday, 25 March at 10:30 am. The speakers at the seminar are: Jovan Babić, Alpar Losoncz, Mihail Arandarenko, Ivan Mladenović, Marko Vladisavljević, Mihajlo Đukić, Petar Bojanić, Aleksandar Fatić, Marjan Ivković, Mark Losoncz, Aleksandar Matković, Michal Sladeček and the author.
Geoffrey Hodgson was born in 1946. He is Professor at the Business School, University of Hertfordshire and a member of the Academy of Social Sciences of the United Kingdom. He is the winner of Schumpeter Prize, awarded by the International Joseph A. Schumpeter Society, for 2014, as well as the Veblen-Commons Award, awarded by the Association for Evolutionary Economics, for 2012. He is the author of more than 15 books, including Economics and Institutions, From Pleasure Machines to Moral Communities: An Evolutionary Economics without Homo Economicus, How Economics Forgot History, as well as more than 130 papers in academic journals. The areas of his academic interest range from institutional and evolutionary economics, the methodology of economics, history of economic thought, to the theory of firms and social theory.

The understanding of the nature of capitalism, its dynamics and weaknesses, is the central aim of Hodgson’s book Conceptualizing Capitalism. In Hodgson’s view, one cannot understand capitalism without first appropriately defining it. The defining of capitalism as a combination of private property and market would mean that such system has existed since antiquity, since markets, commodity exchange and private property have been around for thousands of years. The question then is what other key institutions have contributed to the emergence of capitalism. Hodgson stresses the importance of the state and the legal system for the formation and development of capitalism. He also stresses, like Schumpeter before him, the role of banking in the formation of capitalism. He thus links the emergence of capitalism with the beginning of the 18th century, the industrial and financial revolution and the explosive productivity growth. The important characteristic of capitalism is the inherent class inequality that results from different nature of the assets owned by the capitalist and by the worker.

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