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The Institutions of Capitalism And Their Decay

China is not capitalist. Neither are India, Brazil, Greece. It would be a stretch to call all of the OECD member countries capitalist. I doubt whether Japan or Spain really belong in the category. Even countries I call capitalist are all borderline cases.

Though many pre-capitalist countries are progressing in their transitions to capitalism, it is clear capitalism is in regression or decay in several core capitalist countries.

Understanding capitalism as an institutional system could be a step in the direction of identifying what went wrong and how to cure the crisis in advanced societies.

The definition of capitalism’s impersonality: