October, 2015

The Market Process Theory Perspective on Capitalism

Normative Facets and Implications
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The Oxford Handbook of Austrian Economics is available at Oxford University Press and Amazon.

This chapter starts with a brief comparative overview of the distinctive theoretical core of market process theory, preparing the way for a systematic presentation of what the capitalist market system looks like when framed through theoretical lenses shaped by a process view. Noting that such an approach has analytical, explanatory, and normative implications, the chapter focuses on the normative aspects. Its objective is twofold: first, to show how descriptive and analytical process theory requires and transmutes into a specific form of normative process theory and, second, to identify the convergence points with the existing relevant literatures, themes, and theoretical perspectives that are (or should be) part of the conceptual and logical elaboration of this normative political economy framework.