... the institutional structure. The evolution of a more feasible institutional structure has been hampered by this contradiction. I now intend to judge the efficiency of the colonial capitalist institution. Marx saw capitalism as a mode of production rather than a mode of exchange. According to Hoogvelt the peculiarity of the capitalist mode of production is that under it the forces of ... contrived by the capitalist institutional framework. Galbraith's theory of contrived demand has an important implication: there is a missallocation of resources. Galbraith called this circumstance "social...

• Word Count: 1646
• Approx Pages: 7
• Has Bibliography
• Grade Level: Graduate