From the History of Capitalism to a Post-Neoclassical Synthesis: The Economy of Belonging

This paper develops a post-neoclassical synthesis of economic development by reconstructing the relationship between the historical evolution of capitalism and the main traditions of economic thought. It argues that classical, neoclassical, and endogenous growth theories explain only partial aspects of development—such as value, prices, savings, technology, and human capital—while systematically neglecting the structural role of institutions, the middle class, and social belonging. The paper introduces the “Economy of Belonging” as a unifying framework, where economic growth is understood as the result of institutional arrangements that determine who effectively participates in the market and under what conditions. Through comparative analysis of Russia, Latin America, and East Asia, it shows that neither savings, science, nor human capital alone explain development outcomes; instead, the decisive factor is the expansion of a broad middle class supported by inclusive institutional structures. The article integrates insights from institutional economics, development theory, political economy, and social philosophy, engaging critically with Sen, Rawls, North, Polanyi, Arendt, Foucault, and Byung-Chul Han. It concludes that sustainable development requires the expansion of non-discriminatory forms of belonging and the construction of a global middle class.