A General Theory of Economic Development
Towards a Capitalist Manifesto
Sung-Hee Jwa
Extract
This chapter discusses the important role of the corporate firm in capitalism and in economic development. Firms are seen as complementing markets, as a market expander by helping to overcome transaction costs in the overall economy by their command-and-control structures. The chapter also discusses how corporate growth incentives can be secured without necessarily encouraging monopoly power.
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