Published May 24, 2025 | Version v1
Conference paper Open

Capitalism in Transition

Authors/Creators

  • 1. University College London

Description

This essay draws on a recent agenda on compositional inequality to analyze the diversity of distributional varieties of capitalism and their macroeconomic and political implications. It identifies two key stylized facts that illustrate how distributional patterns vary both across nations and globally. It then considers the normative appeal of a compositionally equal economy and explores how such an ideal might intersect with four major economic transitions of our time. Finally, it briefly examines the relationship between bottom-up capitalization and employment creation, drawing on insights from the compositional inequality framework and Michał Kalecki's classic reflections on the political limits of sustained full employment.

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