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Conceptualizing CapitalismInstitutions, Evolution, Future$
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Geoffrey M. Hodgson

Print publication date: 2015

Print ISBN-13: 9780226168005

Published to Chicago Scholarship Online: January 2016

DOI: 10.7208/chicago/9780226168142.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 February 2020

Addressing Inequality

Addressing Inequality

(p.352) Chapter Fifteen Addressing Inequality
Conceptualizing Capitalism

Geoffrey M. Hodgson

University of Chicago Press

This chapter addresses inequality, including possible types of exploitation within capitalism and factor asymmetries between labor and capital. One asymmetry, noted by Alfred Marshal among others, is that labor (unlike capital) is inseparable from its owner. An additional and neglected asymmetry is that labor under capitalism (unlike capital) cannot be used to obtain collateral. This is an important ongoing source of inequality within capitalism. By contrast, markets and globalization are not necessarily sources of inequality. Some proposals for dealing with the problem of inequality are briefly reviewed.

Keywords:   inequalities, income and wealth, sources of inequality, factor asymmetry, exploitation, collateralizability, policies, basic income, wealth taxes, Thomas Paine

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