Institutional Economics (Part 1)

Author: Commons
Publisher:
Publish Date: 1997-02-01
Features: This book is one of the major works of the American bourgeois economist John R. Commons, whichly reflects his erroneous ideas of openly defending monopolistic capitalism and is an important representative of the Institutional School. The book imitates the teaching of natural sciences. Every concept included in the book is traced back to its founder, then the gradual revision and changes of the concept are presented, and the early dual or triple meanings of each concept are separated until each concept is combined with other concepts in the author's ideal political economy. Institutional Economics is one of the major works of John R. Commons (1862–1945), an American bourgeois economist. In addition to this work, he also wrote The Distribution of Wealth (1893), American Industrial Society: A Documentary History (1910), American Labor History (1918), The Legal Foundations of Capitalism (1924), and Economics of Collective Action and other books. Institutional Economicsly reflects Commons' erroneous ideas of openly defending monopolistic capitalism and is an important representative of the Institutional School. The Institutional School emerged in the early 20th century in the United States. At this time, the United States had become the leading country in world industrial output and had become a highly developed country of monopolistic capitalism. Meanwhile, it was precisely in the United States that the contradictions of capitalism were most evident, and the workers' movement was increasingly expanding. To deceive the people, monopolistic capitalists needed to beautify monopolistic capitalism and seek a magic cure for capitalism. The Institutional School was born to meet this need.