International economic law is peculiar. It claims universal character, yet eschews engagement with many, if not all, the racialised features of the global political economy. Its scholars mostly ignore imperialism, colonialism, and capitalism; they exclude slavery, predation, and racism altogether. In the following article, we draw upon Walter Rodney’s dialectics of development to offer a racial capitalist critique of international economic law. The disciplinary boundaries and operative logic normalised by its denizens corral us in a white, Eurocentric episteme. Ahistoricism, (...) decontextualisation, and externalisation are three epistemic devices at the forefront of the exclusionary discourse of IEL. In this space, the histories and epistemologies of Black peoples are ghettoised, treated as alien to the framework. After identifying this bias, we use the Black Radical Tradition to evaluate IEL’s amenability to the racial capitalism critique. (shrink)

ABSTRACT Capitalism on Edge aims to redraw the terms of analysis of the so-called democratic capitalism and sketches a political agenda for emancipating society of its grip. This symposium reflects critically on Azmanova’s book and challenges her arguments on methodological, thematic, and substantive grounds. Azar Dakwar introduces the book’s claims and wonders about the nature of the anti-capitalistic agency Azmanova’s ascribes to the precariat. David Ingram worries about Azmanova’s deposing of “economic democracy” and the impact of which on (...) the prospect of radical change she advocates. William Callison casts doubt over the empirical plausibility of Azmanova’s vision of crisis-free transition out of democratic capitalism. Eilat Maoz interrogates Azmanova’s emancipatory project from the historical standpoint of (de)colonization and global imperialism. In her reply to these criticisms, Azmanova accepts some and parries others, while bringing their points closer to her anti-capitalist vision. (shrink)

The wake of the financial crisis has inspired hopes for dramatic change and stirred visions of capitalism’s terminal collapse. Yet capitalism is not on its deathbed, utopia is not in our future, and revolution is not in the cards. In Capitalism on Edge, Albena Azmanova demonstrates that radical progressive change is still attainable, but it must come from an unexpected direction. Azmanova’s new critique of capitalism focuses on the competitive pursuit of profit rather than on forms (...) of ownership and patterns of wealth distribution. She contends that neoliberal capitalism has mutated into a new form—precarity capitalism—marked by the emergence of a precarious multitude. Widespread economic insecurity ails the 99 percent across differences in income, education, and professional occupation; it is the underlying cause of such diverse hardships as work-related stress and chronic unemployment. In response, Azmanova calls for forging a broad alliance of strange bedfellows whose discontent would challenge not only capitalism’s unfair outcomes but also the drive for profit at its core. To achieve this synthesis, progressive forces need to go beyond the old ideological certitudes of, on the left, fighting inequality and, on the right, increasing competition. Azmanova details reforms that would enable a dramatic transformation of the current system without a revolutionary break. An iconoclastic critique of left orthodoxy, Capitalism on Edge confronts the intellectual and political impasses of our time to discern a new path of emancipation. (shrink)

The recognition of capitalism as a core component of modernity has often led to conflation of the two categories; this happens to critics as well as defenders of capitalism, and it reflects their shared but only partly acknowledged premises. A tendency to interpret capitalism as a self-contained system has strongly affected the debate on its historical significance; this reductionistic approach could be adapted to different ideological stances as well as to changing views of capitalism's long-term trajectory. (...) The notion of a `spirit of capitalism', in the sense of cultural sources essential to the constitution (and arguably also to the continuity) of the capitalist order, has been one of the most important correctives to economic determinism and reductionism, but it has proved difficult to link this dimension to other aspects of the problematic. The article surveys the contributions of Weber, Sombart, Castoriadis and - most recently - Luc Boltanski and Eve Chiapello to this debate. The last section then discusses the work of Fernand Braudel and suggests that it could serve to reformulate the problematic of capitalism in more multidimensional terms. (shrink)

In Capitalism, Alienation and Critique Asger Sørensen offers a wide-ranging argument for the classical Critical Theory of the Frankfurt School, thus endorsing the dialectical approach of the original founders (Horkheimer, Adorno, Marcuse) and criticizing suggested revisions of later generations (Habermas, Honneth). Being situated within the horizon of the late 20th century Cultural Marxism, the main issue is the critique of capitalism, emphasizing experiences of injustice, ideology and alienation, and in particular exploring two fundamental subject matters within this horizon, (...) namely economy and dialectics. Apart from in-depth discussions of classical political economy and Hegelian dialectics, the explorative and inclusive argument also takes issues with Émile Durkheim’s theory of value, the general economy of Georges Bataille and the dialectics of Mao Zedong. -/- - See below External Links to the book's homepage at the publisher Brill and to the Introduction. - See also External Links to a Youtubevideo from a seminar on the book in Belgrade, November 2019 and two Author Meet Critics sections from 2020 and 2021. (shrink)

This book discusses how rational choice theory grew out of RAND's work for the US Air Force. It concentrates on the work of William J. Riker, Kenneth J. Arrow, James M. Buchanan, Russel Hardin, and John Rawls. It argues that within the context of the US Cold War with its intensive anti-communist and anti-collectivist sentiment, the foundations of capitalist democracy were grounded in the hyper individualist theory of non-cooperative games.

Interest in the relationship between race and the expanded reproduction of capitalism has exploded across the social sciences and humanities over the past several years. Despite this widespread appreciation and interest, profound disagreement, debate, and analytical impression persists, not least regarding the relationship between race and the necessary ‘laws of motion’ of capitalist society. This article begins by tracing the core approaches to the race and capitalism conversation, paying particular attention to their understanding of the necessity/contingency distinction. It (...) then proceeds to make the case for race as a contingent – which, emphatically, does not mean local or insignificant – relatively autonomous, and historically path-dependent terrain of struggle in capitalist society, which has largely functioned to maintain capital’s necessary disequilibrium between the value form and its value relations, but need not do so. It closes by exploring the implications of this claim in relation to recent historical-geographical research on post-1898 US imperialism. (shrink)

In this article, we will outline the principles of stakeholder capitalism and describe how this view rejects problematic assumptions in the current narratives of capitalism. Traditional narratives of capitalism rely upon the assumptions of competition, limited resources, and a winner-take-all mentality as fundamental to business and economic activity. These approaches leave little room for ethical analysis, have a simplistic view of human beings, and focus on value-capture rather than value-creation. We argue these assumptions about capitalism are (...) inadequate and leave four problems in their wake. We wish to reframe the narrative of capitalism around the reinforcing concepts of stakeholders coupled with value creation and trade. If we think about how a society can sustain a system of voluntary value creation and trade, then capitalism can once more become a useful concept. (shrink)

In a modern capitalist society, the senior executives of large profit-seeking corporations play an important role in shaping the collective life of the society as a whole. In this sense, they exercise social authority. This his book argues that if such authority is to be accepted as legitimate, it must be understood as a form of political authority that is exercised in concert with the authority of governments.

“Racial capitalism” has surfaced during the past few decades in projects that highlight the production of difference in tandem with the production of capital—usually through violence. Scholars in this tradition typically draw their inspiration—and framework—from Cedric Robinson’s influential 1983 text, Black Marxism: The Making of the Black Radical Tradition. This article uses the work of Orlando Patterson to highlight some limits of “racial capitalism” as a theoretical project. First, the “racial capitalism” literature rarely clarifies what scholars mean (...) by “race” or “capitalism.” Second, some scholars using this conceptual language treat black subjectivity as a debilitated condition. An alleged byproduct of the Transatlantic slave trade, this debilitated form of black subjectivity derives from an African American exceptionalism that treats slavery as a form of abject status particular to capitalism without providing adequate theoretical justification or historical explanation. By contrast, we demonstrate how Patterson’s insights about property, status, and capital offer an analysis of slavery more attentive to race, gender, sexuality, age, and ability. We close by using the “forensics of capital” to explore the notions of causality and protocols for determining who owes what to whom implicit in Patterson’s concept of “social death.”. (shrink)

Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base (...) of comparison. There is no imperfection without perfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text. (shrink)

Political economy and economic sociology have developed in relative isolation from each other. While political economy focuses largely on macro phenomena, economic sociology focuses on the embeddedness of economic action. The article argues that economic sociology can provide a microfoundation for political economy beyond rational actor theory and behavioral economics. At the same time political economy offers a unifying research framework for economic sociology with its focus on the explanation of capitalist dynamics. The sociological microfoundation for understanding of capitalist dynamics (...) should focus on the expectations actors have regarding future states of the world. Based on a discussion of what I call the four Cs of capitalism, I argue that under conditions of uncertainty, expectations are contingent and should be understood as “fictional expectations.” The capability of humans to imagine future states of the world that can be different from the present is the central basis for a sociological microfoundation of the dynamics of economic macro phenomena. Macroeconomic dynamics are anchored in these “fictional expectations,” which create motifs for engaging in potentially profitable but ultimately incalculable outcomes. This shifts attention to the “management of expectations” as a crucial element of economic activity and to the institutional, political, and cultural foundations of expectations. The reproduction of capitalism is precarious also because of the contingency of expectations conducive to its growth. (shrink)

This article seeks a better understanding of how Rudolf Steiner envisioned his reform pedagogy as a site of spiritual learning (for example through art, seasonal festivals, ritual drama, etc.), but also as a specific site intended to resist the encroaching influence of capitalism, materialism, and corporatism spreading in Germany following the First World War. Steiner’s ideas about education did not emerge in a vacuum. He was inspired by and connected with other forms of communist, socialist, and Lebensreform movements in (...) his time. Yet Steiner more actively embraced and incorporated esotericism into his pedagogical project. How did his approach differ from the other anti-capitalist and anti-materialist-inspired schools that were spreading, and what role did esotericism play in terms of developing Waldorf students? This article explores these questions and contributes to a recontextualization of both Steiner and esotericism taking place in the academy. (shrink)

One hundred years ago, Frederick Taylor and the pioneers of scientific management went into battle on US factory-floors. Armed with stopwatches and clipboards, they were fighting a war over measure. A century on and capitalist production has spread far beyond the factory walls and the confines of 'national economies'. Although capitalism increasingly seems to rely on 'cognitive' and 'immaterial' forms of labour and social cooperation, the war over measure continues. Armies of economists, statisticians, management-scientists, information-specialists, accountants and others are (...) engaged in a struggle to connect heterogeneous concrete human activities on the basis of equal quantities of human labour in the abstract – that is, to link work and capitalist value. In this paper, we discuss contemporary capital's attempt to impose the 'law of value' through its measuring of immaterial labour. Using the example of higher education in the UK – a 'frontline' of capitalist development – as our case-study, we explain how measuring takes places on various 'self-similar' levels of social organisation. We suggest that such processes are both diachronic and synchronic: socially-necessary labour-times of 'immaterial doings' are emerging and being driven down at the same time as heterogeneous concrete activities are being made commensurable. Alongside more overt attacks on academic freedom, it is in this way that neoliberalism appears on campus. (shrink)

Commentators believe that the COVID-19 pandemic reveals the inconveniences of capitalism and that the end of “neoliberalism” could be near. In this article we show that a capitalist ethics is capable to deal with the challenges of pandemics and comes with important advantages such as the prevention of overreactions. We apply both utilitarian and rights-based ethics to the case of epidemics in general and COVID-19 in particular. First a libertarian natural law ethics is used to assess the government interventions (...) in the Corona pandemic. We maintain that these interventions cannot be justified from a libertarian point of view despite of the possible objections that are discussed such as the “potential threat argument”. Moreover, the utilitarian argument in favor of government lockdowns is evaluated. The negative effects of lockdown on mental health, addictions, domestic violence, etc. have to be taken into account. The utilitarian argument in favor of lockdown is far from convincing, as economic calculation is not possible. (shrink)

ABSTRACT The article critically discusses Rahel Jaeggi’s recent philosophical contribution to a critical theory of capitalism. The first part reconstructs Jaeggi’s account of Lebensform, life-form, that builds up the main ontological framework for addressing and problematizing capitalism intended not as an economic system but as a social whole. The second part focuses on the three different theoretical strategies that Jaeggi puts forward to detect and deal with capitalism’s immanent flaws. The third and last part problematizes the metaphysical (...) assumptions and implications of Jaeggi’s understanding of life-form and outlines a more dialectical, or “transactional” notion of form of life, which is inspired by Dewey’s non-reductionist naturalist method of inquiry. The overall aim is to strengthen the philosophical critique of the capitalist form of life. (shrink)

One hundred years ago, Frederick Taylor and the pioneers of scientific management went into battle on US factory-floors. Armed with stopwatches and clipboards, they were fighting a war over measure. A century on and capitalist production has spread far beyond the factory walls and the confines of 'national economies'. Although capitalism increasingly seems to rely on 'cognitive' and 'immaterial' forms of labour and social cooperation, the war over measure continues. Armies of economists, statisticians, management-scientists, information-specialists, accountants and others are (...) engaged in a struggle to connect heterogeneous concrete human activities on the basis of equal quantities of human labour in the abstract – that is, to link work and capitalist value. In this paper, we discuss contemporary capital's attempt to impose the 'law of value' through its measuring of immaterial labour. Using the example of higher education in the UK – a 'frontline' of capitalist development – as our case-study, we explain how measuring takes places on various 'self-similar' levels of social organisation. We suggest that such processes are both diachronic and synchronic: socially-necessary labour-times of 'immaterial doings' are emerging and being driven down at the same time as heterogeneous concrete activities are being made commensurable. Alongside more overt attacks on academic freedom, it is in this way that neoliberalism appears on campus. (shrink)

Benjamin's fragment 'Capitalism as Religion', written in 1921, was only published several decades after his death. Its aim is to show that capitalism is a cultic religion, without mercy or truce, leading humanity to the 'house of despair'. It is an astonishing document, directly based on Max Weber's Protestant Ethic and the Spirit of Capitalism, but – in ways akin to Ernst Bloch or Erich Fromm – transforming Weber's 'value-free' analysis into a ferocious anticapitalist argument, probably inspired (...) by Gustav Landauer's romantic and libertarian socialism. This article analyses Benjamin's fragment and explores its relationship to Weber's thesis, as well as to the tradition of romantic anticapitalism. (shrink)

A succinct introduction to the history of capitalism by the renowned political theorist.

Capitalism and Classical Social Theory, Second Edition offers solid coverage of the classical triumvirate (Marx, Durkheim, and Weber), but also extends the canon strategically to include Simmel, four early female theorists, and the writings of Du Bois.

Political philosophy and feminist theory have rarely examined in detail how capitalism affects the lives of women. Ann Cudd and Nancy Holmstrom take up opposing sides of the issue, debating whether capitalism is valuable as an ideal and whether as an actually existing economic system it is good for women. In a discussion covering a broad range of social and economic issues, including unequal pay, industrial reforms and sweatshops, they examine how these and other issues relate to women (...) and how effectively to analyze what constitutes 'capitalism' and 'women's interests'. Each author also responds to the opposing arguments, providing a thorough debate of the topics covered. The resulting volume will interest a wide range of readers in philosophy, political theory, women's studies and global affairs. (shrink)

Even if we do not observe those who own or manage capital doing anything, are there nevertheless good reasons for saying that they have power over government? My thesis is that, on any analysis of `power over others' that enables us to say that voters have power over those elected and that consumers have power over producers, we also have to say that those who own or control capital have power over government. Conversely, the reasons that can be given (and (...) have been given) for denying that owners of capital have power over governments would be equally good reasons for denying that voters have power over governments and that consumers have power over producers. Key Words: power • capitalism • democracy. (shrink)

The central argument of this article lies in the intent to think, from a reading of The Invention of Morel, about the subversion possibilities, simultaneously discursive and operational, of certain structures of capitalism, carried out by discrete elements of society, regardless of their social standing. Discussing Morel himself and his invention, I postulate the hypothesis that Morel is subversive because he is perverse. As a preamble to this discussion, and in an attempt to turn it into a critique of (...) current times, a reading of Slavoj Žižek’s 2009 article entitled “Censorship Today: Violence, or Ecology as a New Opium for the Masses” will be undertaken. Through a comparative analysis of the rational underlying the four antagonisms which, in Žižek’s opinion, will prevent the indefinite reproduction of the current “naturalization” of capitalism in the global world, and Morel and his invention, one concludes the latter’s obscene perversity causes, through exaggeration, potentially destructive effects of the very mechanisms and capitalist subsystems which generated them, thus deconstructing their significant codes. (shrink)

In the Italian national elections in 2013, the Movimento Cinque Stelle, founded just four years earlier, gained 25 percent of votes, more than any other party. Analyses and interpretations are divided between those who consider M5S a member of the family of European populism and those who see M5S’s propositions as akin to the values of the left and social movements. The debate on M5S fits into the context of important ongoing trends in European politics: the growth of populist political (...) movements; the emergence of outsider parties able to challenge stable political systems; changing relationships between parties and social movements; changes in the forms of political organizing. This article investigates the political and cultural nature of this party by analyzing its discourse on democracy, its organizational choices and its main issues; comparing these elements with populism and the left; and linking its fundamental characteristics to contemporary economic processes usually termed “digital capitalism.”. (shrink)

'Knowledge Capitalism' reveals how the emerging knowledge-based economy is redefining firms, empowering individuals and reshaping learning and work. It provides a practical tool-set for business managers to interpret and manage change.

In this paper I adopt Étienne Balibar’s distinction between three forms of universality—“universality as reality,” “fictive universality,” and “ideal universality”—in order to retrieve universalism for feminist politics. The paper articulates a proposal for the feminist adoption of a specific notion of universality, which I call political insurgent universality. This notion is not based on a definition of human essence or of women's nature. It is rather rooted in the “real universality” historically created by capitalism, that is, in the fact (...) that capitalism has generated a world in which people are interdependent and in which capitalist accumulation poses objective universal constraints on social reproduction. (shrink)

I suggest that we can read Marx in the light of recent analytic, neo-Hegelian thought. I summarize the Pittsburgh School philosophers’ claims about the myth of the given, the claim that human experience is conceptual all the way out, and that we live in a space of reasons. I show how Hegel has been read in those terms, and then apply that reading of Hegel to Marx’s argument that capital is akin to what Hegel called Geist, or spirit. We can (...) understand capitalism as a space of reasons that is contradictory: while the space of reasons is supposed to make human freedom possible, our space of reasons makes freedom impossible. Reading Marx in this way is helpful, because it avoids the flaws of analytical Marxism, existentialism and structuralism. However, it raises a large problem of its own: Can the theory of the space of reasons be applied to a society that is not free of alienation? I argue that it can, but only in ways that would not satisfy the analytic neo-Hegelians themselves. (shrink)

This article provides a history of private sector tracking technologies, examining how the advent of commercial surveillance centered around a logic of data capitalism. Data capitalism is a system in which the commoditization of our data enables an asymmetric redistribution of power that is weighted toward the actors who have access and the capability to make sense of information. It is enacted through capitalism and justified by the association of networked technologies with the political and social benefits (...) of online community, drawing upon narratives that foreground the social and political benefits of networked technologies. I examine its origins in the wake of the dotcom bubble, when technology makers sought to develop a new business model to support online commerce. By leveraging user data for advertising purposes, they contributed to an information environment in which every action leaves behind traces collected by companies for commercial purposes. Through analysis of primary source materials produced by technology makers, journalists, and business analysts, I examine the emergence of data capitalism between the mid-1990s and mid-2000s and its central role in the contemporary information economy. (shrink)

This article investigates the potential role of the commons in the future transformation of digital capitalism by comparing it to the role of the commons in the transition to capitalism. In medieval and early modern Europe the commons supported gradual social and technological innovation as well as a new civil society organized around the combination of commons-based petty production and new ideals of freedom and equality. Today the new commons generated by the global real subsumption of ordinary life (...) processes are supporting similar forms of commons-based petty production. After positioning the new petty producers within the framework of the crisis of digital capitalism, the article concludes by extrapolating a number of hypothetical scenarios for their role in its future transformation. (shrink)

This is a study of the choices faced by socialist movements as they developed within capitalist societies. Professor Przeworski examines the three principal choices confronted by socialism: whether to work through elections; whether to rely exclusively on the working class; and whether to try to reform or abolish capitalism. He brings to his analysis a number of abstract models of political and economic structure, and illustrates the issues in the context of historical events, tracing the development of socialist strategies (...) since the mid-nineteenth century. Several of the conclusions are novel and provocative. Professor Przeworski argues that economic issues cannot justify a socialist programme, and that the workers had good reasons to struggle for the improvement of capitalism. Therefore, the project of a socialist transformation, and the fight for economic advancement, were separate historical phenomena. (shrink)

In this paper I adopt Étienne Balibar’s distinction between three forms of universality—“universality as reality,” “fictive universality,” and “ideal universality”—in order to retrieve universalism for feminist politics. The paper articulates a proposal for the feminist adoption of a specific notion of universality, which I call political insurgent universality. This notion is not based on a definition of human essence or of women's nature. It is rather rooted in the “real universality” historically created by capitalism, that is, in the fact (...) that capitalism has generated a world in which people are interdependent and in which capitalist accumulation poses objective universal constraints on social reproduction. (shrink)

The Capitalist Schema uses marxist philosophy to explain how money frames all social relations in our capitalist world and how money regulates and conditions social references to past and future social life. Consequently, modern life becomes ever more abstract and leveled, and all human desire becomes channeled towards profit and making money.

Our global ecological crisis demands that we question the rationality of the culture that has caused it: western modernity's free market capitalism. Philip Goodchild develops arguments from Nietzsche, Adorno, Horkheimer, and Marx, to suggest that our love of Western modernity is an expression of a piety in which capitalism becomes a global religion, in practice, if not always in belief. This book presents a philosophical alternative that demands attention from philosophers, critical theorists, philosophers of religion, theologians, and those (...) in ecological politics. (shrink)

Everyone agrees that the world is accelerating. With advances in communication, transportation and information processing technologies, it is clear that the pace of events in global politics is speeding up at an alarming rate. The implications of this new speed however, continue to be a significant source of debate. Will acceleration lead to a more interconnected, productive, peaceful, and humane world; or a nightmarish descent into ecological devastation, economic exploitation and increasingly violent warfare? The Politics of Speed attempts to map (...) the contours of the new global space of speed, and investigates key issue areas âe" including democratic governance, warfare, capitalism, globalization and transnational activism âe" to uncover the ways in which acceleration is shaping the world. The book uses contemporary political theory (especially the works of Deleuze and Guattari) to develop an ontological account of speed, showing how its effects are frequently far more complex and surprising than we might expect. The result is an attempt to craft a way of engaging with global acceleration that might help avoid the dangers of speed, while embracing the possibilities it provides us with to produce a safer, more egalitarian, democratic and pluralistic world. (shrink)

Aesthetic Capitalism offers an innovative analysis of contemporary capitalism and its use of image, symbolism, creativity and other aesthetic elements to produce economic value.

This article develops and defends a triadic account of structural domination, according to which structural domination (e.g. patriarchy, white supremacy, capitalism) is a triadic relation between dominator(s), dominated, and regulator(s)—the constitutive domination dyad plus those roles and norms expressively upholding it. The article elaborates on the relationship between structure and agency from the perspective of both oppressor and oppressed and discusses the deduction of the concept of the capitalist state from the concept of capitalism. On the basis of (...) these definitions, it shows that structural domination under capitalism presupposes collective power but no joint agency or shared intentions on the part of the dominators. (shrink)

The authors of Habits of the Heart charge that America is losing the institutions that help “to create the kind of person who could sustain a connection to a wider political community and thus ultimately support the maintenance of free institutions.” Bellah fears that “individualism may have grown cancerous – that it may be destroying those social integuments that Tocqueville saw as moderating its more destructive potentials, that it may be threatening the survival of freedom itself.” Proponents of the liberal (...) free market order should, I will argue, take seriously the concerns that motivate Bellah and company: citizens of a liberal regime cannot live by exchanges alone. Liberal constitutionalism depends upon a certain level and quality of citizen virtue. But while the need for virtue is often neglected by liberal theorists, it is far from clear that the actual workings of liberal institutions have drastically undermined virtue in the way Bellah's dire account suggests. That analysis serves, moreover, as the springboard for a radically transformist argument that seeks, not so much to elevate and shape, but to transcend and deny, the self-interestedness that the free market exercises. Having argued against Bellah's analysis and prescriptions, I shall attempt to show how the phenomena he describes are open to an interpretation that is happier from the point of view of a concern with virtue. I shall end by using Tocqueville to suggest that combining liberal capitalism with intermediate associations like voluntary groups and state and local government helps elevate and shape self-interest, promoting a citizenry capable of and insistent upon liberal self-government. (shrink)

In general, capitalists deserve profits and losses for their contribution to the general welfare. Market imperfections and the range of permissible prices (at least within the boundaries of exploitation) prevent the alignment from being a direct one, but the connection generally holds. In the context of the market, this thesis preserves the central place of moral responsibility in moral desert. It also satisfies the fittingness and proportionality conditions of moral desert and provides a backward-looking and pre-institutional ground of it. In (...) addition, the focus on contribution unifies several different types of act-based desert, specifically deserved profits and losses, deserved punishment, and deserved wages. Hence, to the extent that desert-satisfaction is relevant in the selection of an economic system, this result strengthens the case for capitalism. (shrink)

This work analyzes certain aspects of postmodernist thought in terms of the challenges it presents to the secular, radical democratic project to which the author subscribes. It is argued that much of postmodernist thought has been effective in attacking foundationalism, as well as supporting marginalized persons and ideas, but holds little promise with regard to building an integrative democratic community. Postmodernist radicalism has not usually been directed against capitalist power; therefore, it is not clear how this form of radicalism can (...) be useful to a project that is predicated upon the incompatibilities between capitalism and bona fide democracy. (shrink)

This paper analyses the main perceptions of capitalism and crises from a mainstream and heterodox perspective. Broadly defined within the neoclassical structure, the mainstream approaches support the idea of long-term stability of capitalism and describe crises as exogenous events. The heterodox perceptions, on the contrary, perceive crises as an internal feature of capitalism and propose to reframe the global economy within the limits of the socio-environmental systems. Despite the historical recurrence of crises, the neoclassic capitalist framework and (...) the related mainstream perceptions are still dominating the international economic debate. Most of the crises have then been addressed with reforms oriented to adjust some elements of the system without changing the overall economic structure. On the contrary, limited numbers of initiatives have been implemented to reorganise the economy according to the heterodox perspectives. Within this context, further analysis would be needed to investigate the feasibility of the proposed heterodox solutions. By discussing the main perceptions of capitalism and crises and by considering the ethical implications of the mainstream and the heterodox approaches, the present paper contributes to the existing debate around stability of capitalism and provides a starting point for analysis oriented to investigate the feasibility of alternative economic structures. (shrink)

After 1989, capitalism has successfully presented itself as the only realistic political-economic system - a situation that the bank crisis of 2008, far from ending, actually compounded. The book analyses the development and principal features of this capitalist realism as a lived ideological framework. Using examples from politics, films, fiction, work and education, it argues that capitalist realism colours all areas of contemporary experience. But it will also show that, because of a number of inconsistencies and glitches internal to (...) the capitalist reality program capitalism in fact is anything but realistic. (shrink)

One way to think about capitalism-versus-socialism is to examine the extent to which capitalist economic institutions are compatible with the fulfillment of socialist ideals. The late G. A. Cohen has urged that the two are strongly incompatible. He imagines how it would make sense for friends to organize a camping trip, distills the socialist moral principles that he sees fulfilled in the camping trip model, and observes that these principles conflict with a capitalist organization of the economy. He adds (...) that these principles are ethically attractive, so if it is feasible to organize the economy on the camping trip model, we ought to do so. This essay argues to the contrary that for all that has been said, capitalist economic arrangements might be in the set of institutional arrangements that overall would best fulfill the camping trip principles, and anyway, the principles themselves ought to be rejected, so the question whether or not a capitalist set-up might satisfy these principles should not interest us. The grounds for rejecting the camping trip principles support a form of welfarist consequentialism that denies that equality of distribution of any sort is per se ethically desirable and also denies that liberal freedoms to live as one chooses are per se morally desirable. Equality and freedom should rather be regarded as in the light of possible means (or hindrances) to advancing good for people, fairly distributed. (shrink)

This is a study of the choices faced by socialist movements as they developed within capitalist societies. Professor Przeworski examines the three principal choices confronted by socialism: whether to work through elections; whether to rely exclusively on the working class; and whether to try to reform or abolish capitalism. He brings to his analysis a number of abstract models of political and economic structure, and illustrates the issues in the context of historical events, tracing the development of socialist strategies (...) since the mid-nineteenth century. Several of the conclusions are novel and provocative. Professor Przeworski argues that economic issues cannot justify a socialist programme, and that the workers had good reasons to struggle for the improvement of capitalism. Therefore, the project of a socialist transformation, and the fight for economic advancement, were separate historical phenomena. (shrink)

Liberalism generally holds that legitimate political power is limited and is to be impartially exercised, only for the public good. Liberals accordingly assign political priority to maintaining certain basic liberties and equality of opportunities; they advocate an essential role for markets in economic activity, and they recognize government's crucial role in correcting market breakdowns and providing public goods. Classical liberalism and what I call “the high liberal tradition” are two main branches of liberalism. Classical liberalism evolved from the works of (...) Adam Smith and the classical utilitarian economists; its major 20th century representatives include Friedrich Hayek and Milton Friedman. The high liberal tradition developed from John Stuart Mill's works, and its major philosophical representatives in the 20th century are John Dewey and, later, John Rawls. This paper discusses the main distinguishing features of the classical and the high liberal traditions and their respective positions regarding capitalism as an economic and social system. Classical liberals, unlike high liberals, regard economic liberties and rights of private property in productive resources to be nearly as important as basic liberties. They conceive of equality of opportunity in more formal terms, and regard capitalist markets and the price system as essential not only to the allocation of production resources, but also as the fundamental criterion for the just distribution of income, wealth, and economic powers. High liberals, by contrast, regard the economic liberties as subordinate to the exercise of personal and civic liberties. They are prepared to regulate and restrict economic liberties to achieve greater equality of opportunities, reduce inequalities of economic powers, and promote a broader conception of the public good. And while high liberals endorse markets and the price system as essential to allocation of productive resources, they do not regard markets as the fundamental criterion for assessing just distributions of income, wealth, and economic powers and positions of responsibility. The paper concludes with some reflections upon the essential role that dissimilar conceptions of persons and society play in grounding the different positions on economic justice that classical and high liberals advocate. (shrink)

David Schweickart moves beyond the familiar arguments against globalizing capitalism to contribute something absolutely necessary and long overdue—a coherent vision of a viable, desirable alternative to capitalism. He names this system Economic Democracy, a successor-system to capitalism which preserves the efficiency strengths of a market economy while extending democracy to the workplace and to the structures of investment finance. Drawing on both theoretical and empirical research, Schweickart shows how and why this model is efficient, dynamic, and superior (...) to capitalism along a range of values. (shrink)

To paraphrase Freud, what do socialists really want? It is undoubtedly difficult to give a complete answer to this question that all socialists would be satisfied with, but there are some common elements that can hardly be denied. First and foremost among these is the elimination of capitalism; the elimination of capitalism would seem to require the elimination of capitalists. Why might that be desirable? Well, many reasons might be offered, but one is suggested by the very nature (...) of capitalism. (shrink)