News Release

The commonalities of capitalism and organized sports

Harvard professor Bruce Scott explains unique perspective in new book 'The Concept of Capitalism'

Book Announcement

Springer

In his new book, The Concept of Capitalism, Harvard Business School professor Bruce R. Scott examines the role of capitalism in today's world. Scott writes that the underlying cause of much of the economic instability over the past 25 years, and the current crisis, has stemmed from not understanding how capitalism works.

Unlike many advocates of the invisible hand theory and financial deregulation, Scott argues that capitalism shares many parallels with organized sports, in which both have three-level systems of governance (players, regulators, and a governing organization). Without these levels to manage and control the game or markets, chaos can ensue on the playing field or in the economy.

In The Concept Of Capitalism, Scott maintains that by understanding the inner workings of capitalism and government's role, future policy makers will be better able to create stronger institutions and make smarter policymaking decisions.

Bruce R. Scott is the Paul W. Cherington Professor of Business Administration at Harvard Business School. His area of interest is the impact of public policy on the business environment. From 1963 to 1968 he lived in Europe and researched the French system of industrial planning. In 1972 he was asked to head the required MBA course which has subsequently been named Business, Government and the International Economy. Since 1979 he has taught in various executive education programs as well as a second year MBA elective in Economic Strategies of Nations. Scott has co-authored several books.

"Scott's analysis of capitalism and democracy is striking both for its originality and for its rich policy suggestiveness and sheds an entirely new light on recent economic history." Charles Morris, author of The Trillion Dollar Meltdown

"An excellent case for thinking of capitalism as a system embodying political authority as well as markets and, after reading it, one wonders how one could ever have thought otherwise." Professor Peter A. Hall, Harvard University

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Bruce R. Scott
The Concept of Capitalism
2009. 76 p. 5 illus.
Softcover EUR 14.95, £13.99, $14.95
ISBN: 978-3-642-03109-0


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