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Capitalism, Reading 4: William J. Baumol, Robert E. Litan, Carl J. Schramm…
Capitalism
State-guided capitalism
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Features
governments, not private investors, decide which industries and even which individual firms should grow
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favoring certain companies or sectors with tax breaks, exlusive licenses
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Oligarchic capitalism
Features
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government policies are designed exclusively to promote the interests of a very narrow portion of the population
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Big-firm capitalism
Features
economic systems dominated by large companies, where the original founder of the company either has passed from the scene or is no longer in effective control of the company
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Professional
managers are the “agents” of “principals,”
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Reading 4: William J. Baumol, Robert E. Litan, Carl J. Schramm „Good capitalism, Bad capitalism“
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