Market economy vs. capitalism (On the book by Bannas S. and Herrmann-Pillath C. “Marktwirtschaft: Zu einer neuen Wirklichkeit. 30 Thesen zur Transformation unserer Wirtschaftsordnung”)

The authors of the book published in Germany in 2020, unlike most researchers who adhere to the established traditional views, do not consider capitalism as a kind or form of manifestation of the market economy, which, in their opinion, as an authentic form of social order, opposes capitalism. The position of the authors also differs from other reformist doctrines by the emphasis on the mental, or rather, moral requirements that must be imposed on the actors of the market economy. Environmental and ethical issues largely determine their specific proposals for the transformation of the modern Western economic system. One of the core elements of the authors’ position is the requirement of full legal responsibility in relation to all economic agents. The authors rely on almost all known developments on the topic that they propose in the 30 theses of the reform, including the latest articles and monographs. The book can definitely be recommended to Russian researchers of macroeconomics and economic policy.

1. Eucken W. (1995). Grundsätze der Wirtschaftspolitik. Moscow: Progress. (In Russian).

2. Bannas S., Herrmann-Pillath C. (2020). Marktwirtschaft: Zu einer neuen Wirklichkeit. 30 Thesen zur Transformation unserer Wirtschaftsordnung. Stuttgart: SchäfferPoeschel.

3. Erhard L. (1957). Wohlstand für alle. Düsseldorf: Econ.

4. George H. (1879). Progress and poverty: An inquiry into the cause of industrial depressions and of increase of want with increase of wealth; The remedy. New York: Appleton.

5. Gesell S. (1916). Die natürliche Wirtschaftsordnung durch Freiland und Freigeld.Berlin: Physiokr.

6. Pistor K. (2019). The code of capital: How the law creates wealth and inequality.Princeton: Princeton University Press.

7. Posner E. A., Weyl E. G. (2018). Radical markets: Uprooting capitalism and democracy for a just society. Princeton: Princeton University Press.

8. Smith А. (2007 [1789]). An inquiry into the nature and causes of the wealth of nations. MetaLibri Digital Library.

9.