Capitalism, laws, and the need for trustworthy institutions
指出资本主义争论常忽视有效政府和法律体系等关键制度，分析利润与权力激励如何导致治理失败，并强调通过提升透明度、规范规则和公民参与来修复资本主义。
Abstract Debates on capitalism get muddled by blind spots about essential institutions, particularly effective governments and legal systems that enable corporations to exist in their current form and markets to succeed at scale. Across regimes, incentives to maximize profits and power play key roles in determining outcomes, and all institutions are vulnerable to distortions from imbalances in control, information, and expertise. The key problems with capitalism today boil down to failed governance and confusions that obscure the issues and prevent beneficial changes. In recent decades, the forces of ‘free-market capitalism’ have undermined and overwhelmed democratic institutions, leading to intertwined crises in both capitalism and democracy. Deception and the manipulation of beliefs often distort both markets and political systems. The financial system illustrates starkly how key institutions have failed society and how flawed narratives enable recklessness and bad rules to persist. Fixing capitalism must start with seeing the challenges for what they are. The devil is then in the details of improving transparency, norms, rules, and civic engagement so as to prevent the abuse of power and to create more trustworthy and less corruptible versions of capitalism.