Abstract
The paper comparatively studies non-cooperative mechanism and cooperative mechanism and attempts to search for the one having advantage in reducing rent-seeking distortions as well as stimulating economic growth. We propose a notion of cooperative capitalism, which combines the cooperative mechanism with competitive market mechanism. It is shown that it leads to faster growth than non-cooperative mechanism and simultaneously satisfies individual rationality, group rationality, Pareto efficiency and sub-game consistency. Moreover, the growing-economy’s microfoundation is constructed based on search intensity, bilateral matching and market composition in the competitive capital market. JEL classification: C70, D02, O43, P50.
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