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Article Excerpt
The Vocation of Business: Social Justice in the Marketplace, by John C. Medaille. New York: Continuum. 2007. Paper, ISBN: 0826428096, $34.95. 359 pages.
It has long been an accepted tenant of Institutionalist economics that the State is both part of the problem and also a necessary part of the solution. That is, the power structure, any power structure, can only exist and continue if it has the support and cooperation of the Government. This is as true for Capitalism as it is for other social orders. Yet, any successful effort to redistribute power in capitalist societies will also necessarily involve the use of the State. In many ways this is merely recognizing what is obvious to all but the most devout libertarians, advanced capitalists societies require a substantial central government (how big, of course, is open for debate). Thus, rather than condemn the idea of government because the reality has not lived up to our expectations, Institutionalists (most prominently John R. Commons) worked to reform government policy to better align policy with the public good. It is this sort of...
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