This paper contributes to the understanding of the diversity of capitalism by combining approaches from comparative political economy and development studies, notably developmental state theory. We show that different types of capitalism react differently to global shocks and offer some support...

This excerpt describes the intellectual journey that I have taken the last half-century from when I began graduate studies in the late 1950s. The early efforts to understand the polycentric water industry in California were formative for me. In addition to working with Vincent Ostrom and Charles...

Entangled Political Economy, the idea that the economy and the polity are a nexus of interrelations often with unplanned outcomes, is close to the concept of economics that Adam Smith presents, a concept which was not shaped by strict discipline barriers. I show that Adam Smith analyzes the...

This paper combines insights from Ludwig von Mises about the mixed economy and Vilfredo Pareto about non-logical action within a social system to explore some intertemporal dynamics of an entangled system of political economy. Mises explained the inherent instability of the mixed economy. Pareto...

The regulatory state faces a set of paradoxes, in the form of strategies that achieve an end precisely opposite to the one intended. These include: (2) overregulation can produce underregulation; (2) stringent regulation of new risks can increase aggregate risk levels; (3) requiring the best...

The nineteenth century witnessed the triumph of capitalism; the twentieth century saw the bloodiest wars in history. Is there a connection? The paper reviews the literature and evidence. It considers first whether capitalism has lowered the cost of war; then, whether capitalism has shown a...