Leong, Chee Kian - Volkswirtschaftliche Fakultät, … - 2008
Why has capitalism prevailed as an institution in promoting economic growth despite its apparent unfairness? In this … paper, we argue that within a neoclassical framework, capitalism is fairer compared to collectivism due to the absence of a … capitalism at the aggregate level. Developing countries operating below the steady state may be better off cooperating as they …