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Revisiting KeynesEconomic Possibilities for Our Grandchildren$
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Lorenzo Pecchi and Gustavo Piga

Print publication date: 2008

Print ISBN-13: 9780262162494

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262162494.001.0001

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Corporatism and Keynes: His Philosophy of Growth

Corporatism and Keynes: His Philosophy of Growth

(p.94) (p.95) 5 Corporatism and Keynes: His Philosophy of Growth
Revisiting Keynes

Edmund S. Phelps

The MIT Press

This chapter focuses its discussion on Keynes’s early “corporatist” dissatisfaction with the market—a dissatisfaction that ran deeper than the Pigovian critique of laissez faire, later known as the “free market” system. In today’s world, a predominantly capitalist economy means a private-ownership system marked by great openness to the new commercial ideas and the personal knowledge of private entrepreneurs and by great pluralism in the private knowledge and idiosyncratic views among the wealth-owners and financiers who select the ideas to which to provide capital and incentives for their development. On the other hand, a corporatist economy today is a private-ownership system with some contrasting features; it is pervaded with most or all of the economic institutions created or built up by the system called corporatavismo that arose in interwar Italy.

Keywords:   corporatist dissatisfaction, Keynes, Pigovian critique, laissez faire, free market system, capitalist economy, corporatist economy, private-ownership system, corporatavismo, interwar Italy

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