Abstract and Keywords
This article emphasizes capitalist economies' main contribution to the general welfare: economic growth far exceeding that achieved by any other economic system throughout history. It classifies capitalist economies into four categories: oligarchic capitalism, state-guided capitalism, big-firm capitalism, and entrepreneurial capitalism. It argues that all but the first category play a significant role in the growth process. State guidance has been successful in releasing economies initially mired in stagnancy and in a number of dramatic cases has managed to inaugurate a process of substantial growth. In several instances, economies dominated by large and actively innovative firms have stimulated remarkable economic performances by the countries in which they are based. The same can be said of economies in which entrepreneurial activity plays a key role.
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