Thomas Carlyle on government and England’s poor

Thomas Carlyle was an acerbic conservative social thinker, given to assuming the fundamental legitimacy of social and political hierarchies and hostile to democracy. A re-reading of Chartism (1839) shows that he also possessed a white-hot anger at England's indifference to the conditions of the poor, and he raged against Parliament, which whistled while catastrophe loomed. …

Worker-owned enterprises as a social solution

Consider some of the most intractable problems we face in contemporary society: rising inequalities between rich and poor, rapid degradation of the environment, loss of control of their lives by the majority of citizens. It might be observed that these problems are the result of a classic conundrum that Marx identified 150 years ago: the …

Is there a new capitalism?

An earlier post considered Dave Elder-Vass’s very interesting treatment of the contemporary digital economy. In Profit and Gift in the Digital Economy Elder-Vass argues that the vast economic significance of companies like Google, FaceBook, and Amazon in today's economy is difficult to assimilate within the conceptual framework of Marx’s foundational ideas about capitalism, constructed as they were around manufacturing, …

Guest post by Dave Elder-Vass

[Dave Elder-Vass accepted my invitation to write a response to my discussion of his recent book, Profit and Gift in the Digital Economy (link). Elder-Vass is Reader in sociology at Loughborough University and author as well of The Causal Power of Social Structures: Emergence, Structure and Agency and The Reality of Social Construction, discussed here and here. Dave has …

Saskia Sassen on austerity and social exclusion

  The previous post summarized some of Kathleen Thelen's thinking about the prospects for a more egalitarian capitalism in our future. Saskia Sassen offers a more negative view of the direction of the development of European capitalism in her most recent book, Expulsions: Brutality and Complexity in the Global Economy. Here is a post in Open Democracy …

Thelen on the prospects for egalitarian capitalism

source: Kathleen Thelen, Varieties of Liberalization (kl 3310) There is a version of economic historical thinking that we might label as "capitalist triumphalism" -- the idea that the institutions of a capitalist economy drive out all other economic forms, and that they tend towards an ever-more pure form of unconstrained market society. "Liberalization," deregulation, and …

Thorstein Veblen’s critique of the American system of business

Thorstein Veblen was certainly a heterodox observer of modern capitalism. He was trained in the late nineteenth-century iteration of neoclassical economics, but he was more impressed by the irrationality of what he observed than the optimizing rationality that is postulated by the neoclassicals. He was also an intelligent observer and analyst of contemporary economic and …

Merchant capital

Karl Marx was very interested in capital -- an abstract concept referring to society's wealth. And he was interested in the persons who owned and controlled capital -- the capitalists. But the primary focus of his lifelong analysis was upon one particular species of capital, what he referred to as "industrial capital." This is the form …

Many capitalisms?

Professor Luciano Segreto lectured in Michigan this week on the subject of a comparison between US and European capitalisms.  Segreto is professor of International Economic History, Financial History, and the History of Regional Economic Development at the University of Florence.  His lecture was fascinating in many ways, but of special interest here is whether there …

Rawls and exploitation

image: Karl Marx by David Levine It is interesting to consider whether the principles of justice that Rawls describes in A Theory of Justice would in fact permit economic exploitation in Marx’s sense of the term. Do Rawls's two principles of justice permit what Marx would call systemic exploitation of one group of individuals by another? …

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