Economic Systems

The questions about a just and efficient economic system have been vehemently debated, particularly in times of radical social change and economic [Page 1029]crisis: in the fights between capitalism and socialism since the Industrial Revolution, in the struggles during the Great Depression of the 1930s, in the face of powerful global transformations since the late 20th century, and in the wake of the Global Financial Crisis and Great Recession in recent years. The stakes are high because the economic system deeply shapes economic life and institutions and widely affects other spheres of life as well.

Nonetheless, discussions about economic systems often seem to fade into the background. After the fall of the Berlin Wall in 1989, capitalism supposedly won, ending all critiques. As global corporations have ...