"Legal Foundations of Capitalism" is a cornerstone of institutional economics that examines the historical and judicial structures underlying modern economic systems. Written by the influential economist John R. Commons, this work offers a profound analysis of how legal concepts-specifically regarding property, value, and sovereignty-have evolved to facilitate the development of the capitalist order.
The text explores the transition from a feudal conception of tangible property to the modern definition of incorporeal and intangible assets. Commons meticulously details the role of the state and the judiciary in defining the boundaries of the market, arguing that economic activity is inseparable from the legal framework that governs it. By investigating the concept of the "going concern" and the shifting nature of transactions, the book provides a comprehensive look at how collective action and legal decisions shape economic life.
This work is essential for scholars and students of economic history, political science, and the philosophy of law. It remains a vital resource for understanding the complex interplay between legal institutions and the development of the marketplace, highlighting the social and political foundations of economic power and exchange.
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