2013 № 4

Primary accumulation of capital: institutional dilemma

25.12.201325 апреля, 2024Без комментариев


The paper reveals the mechanism of release of the economic system from Malthusian trap. It is shown the leading role in this process belongs to the individualistic capitalist institutions, while new technologies form the institutional dilemma. It was discussed the role of random factors in the successful completion of primary capital accumulation period. It is proved that the countries of later industrialization reproduce the mechanism of exit from Malthusian trap, borrowing upon existing institutions and technologies , as well as attracting capital from outside. This mechanism explains their higher growth rates than the countries of early industrialization.

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Evgeny V. Balatsky – Dr. Sci. (Econ.), Professor, The StateUniversityofManagement (MoscowRussian Federation; e-mail: ebalatsky@inbox.ru).