What institutions make capitalism unjust?

Luiz Carlos Bresser-Pereira

Paper presented in the 2nd WINIR Conference, "Institutions, Development and Globalization", Rio de Janeiro, September 11, 2015. Revised in January 2019.

A society is just when economic and political inequality is reasonably low. Institutions that assure civil and political rights are able to eliminate legal privileges by making everybody equal before the law, but they are less effective in reducing economic inequality, which is embedded in the structure of society.

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