Dynamic implications of the impurity principle in capitalist societies

Drawing on modern economic thinking and, especially, on Hodgson’s “impurity principle”, we propose in this paper that it is possible to analyze capitalist-democratic societies by breaking them down into five evolving social subsystems: the market, the State, the realm of individuals, civil society and the natural environment. We explore the possibility of conceiving these structurally dissimilar subsystems as co-evolving at the very basis of capitalist change. Looking at capitalist-democratic systems through this lens may allow us to overcome some limitations of earlier theoretical approaches, and it might bring a clearer focus to our understanding of important imperfections of these societies. We suggest that phenomena such as unemployment and social frictions as a consequence of fast economic change, or environmental damages, could be interpreted as global properties emerging from the uneven development of the previously mentioned social subsystems.

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