Capitalist Economic System (On Corporate Contracts and Market Contracts)

Author: Williamson
Publisher:
Publish Date: 2002-06-01
Features: The transaction cost economics discussed in this book is a component of new institutional economics that once again draws people's attention. The emergence of transaction cost economics stems from significant discoveries in law, economics, and organization theory in the 1930s. However, to make it a discipline, like realizing any good idea, it cannot be rushed, nor can it be achieved effortlessly. For historians interested in modern institutional evolution, this book is one of the most important works written by economists after Joseph Schumpeter. Williamson's research is broader than ever before. His methodology possesses unique power in understanding complex issues such as contractual relationships, vertical integration, labor unions, and antitrust laws. This work is profoundly impressive and a must-read for all students genuinely eager to learn about law, economics, and organization theory. The Capitalist Economic System synthesizes the extensive work of Oliver Williamson and other scholars on related topics, offering a comprehensive and in-depth discussion of the theories and examples of new institutional economics. New institutional economics is reshaping our perspectives on many issues in law, economics, and organization theory.