Subjects Archives: Capitalism

Whether one believes that law is provided by God (Natural Law), is created by human intellect (Positivism), a gendered institution perpetuating patriarchy (Feminism) or the maintainer of the status quo against marginalised groups (Critical Legal Studies), undergirding those beliefs is the assumption that law is autonomous.

Art and Value: Art’s Economic Exceptionalism in Classical, Neoclassical and Marxist Economics reveals the irreconcilable differences between the Marxist economic definition of the term ‘value’ and its other uses in relation to the art object. It corrects the faulty assumption that rare or historical objects bear intrinsic value, symptomatic of capitalist worldview. Beech’s analysis of art’s value-form is critical to unpacking the double ontological condition of art as both an object of collective symbolic value and a hoard of monetary value, since the two operate in mutually exclusive spheres, yet function to constitute one another. The book can help us understand the capitalist sleight of hand that allows art to flicker between two forms of being, making profit appear as value, and value appear as significance (and vice versa), the toggling between the two facilitating the transfer of commonly held symbolic value in support of the individual accumulation of wealth.

Looking at the present and future system of capitalism, there is a vital crisis at the heart of it all. Democratic capitalism, starting out in the 18th century, has had its ups and downs but even Marx, Keynes, Rosa Luxemberg, and Kondratieff have all failed to establish theories to break out of the capitalist system.

David Russio takes a look into the punishments (deaths) that come from capitalism. For is it really bringing balance to the destruction that it causes. That seems to be the loaded question we all know the answer to.

Talk by Robin D. G. Kelley on “What is Racial Capitalism and Why Does It Matter?” recorded November 7, 2017 at Kane Hall, University of Washington, Seattle, WA. Sponsored by the UW Simpson Center for the Humanities.

This is expanded and updated from an article first published in German in Das Argument: Zeitschrift für Philosophie und Sozialwissenschaften, no. 323 (2017/3); republished with the kind permission of its editors; originally presented in a panel “The Crisis of the Political,” Institut für kritische Theorie, Berlin, June 9, 2017. For their comments and suggestions, I […]

The Precariat under Rentier Capitalism Guy Standing We are in the midst of a Global Transformation, analogous to Karl Polanyi’s Great Transformation described in his seminal 1944 book. Whereas Polanyi’s Transformation was about constructing national market systems, today’s is about the painful construction of a global market system. To use Polanyi’s term, the ‘dis-embedded’ phase has been dominated by an ideology of market liberalisation, commodification and privatisation, orchestrated by financial interests, as in his model. The similarities also extend to today’s fundamental challenge, how to construct a ‘re-embedded’ phase, with new systems of regulation, distribution and social protection.

It is probably obvious to everyone that global capitalism is in dire straits, notwithstanding the brave talking up of output recovery that now characterises almost every meeting of the international governing elite. Even so, discussions of the end of capitalism still typically seem overstated and futile, not least because those hoping and mobilising for bringing in an alternative system are everywhere so scattered, weak and demoralised

Let us not forget that Standard & Poor, Moody and Fitch rating services are financed by the banks and therefore have no real independence.

Following is the text of a talk delivered by the author on Nov. 4 at the “The Solution is Socialism” educational conference in Connecticut. The conference was hosted by the Youth for Socialist Action chapter at Central Connecticut State University, where the sessions were held.

The Reserve Army of Labor

In the world we’re living in, it’s not enough to solve the tension between capital and work, the ongoing crisis of civilization urgently demands that we address the tension between capital and nature, which is currently compromising the existence of life in our planet.

Universalism is not an innocent concept. In “The Grandeur and Twilight of Radical Universalism,” published shortly after the fall of historical communism, Ágnes Heller and Ferenc Fehér, former Marxist philosophers and disciples of Georg Lukács, accused Marx and his followers of turning the Hegelian concept of universalism into a philosophy of praxis, a “predictive and action-orienting device” applied to change the world.

Another glimpse into the lives of the rich and famous has come to light.

Powerful corporations and the rich in the United States continue their winning ways. By narrow margins, both the House of Representatives and Senate have agreed on a budget proposal that calls for an increase in the federal deficit of $1.5 trillion dollars in order to fund a major reform of the U.S. tax system that will make the rich and powerful even more so.

The world joined most South Africans in cheering when Nelson Mandela was finally released from prison, the apartheid regime was largely dismantled, and multiracial elections were eventually held.

“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed.

In a 2013 contribution aimed at influencing the post-2015 development agenda, seventeen UN Special Rapporteurs recommended that the Sustainable Development Goals (SDGs) should include a goal on the provision of social protection floors.

Only mainstream macroeconomists could possibly have thought that capitalism is self stabilizing. The rest of us—who have read Marx and Keynes…—actually knew something about the roots of capitalist instability.

The meeting was seen by many in the Greek left as an “unprecedented manifestation of subordination to the U.S. imperialists,” who backed violent Greek monarchists and military juntas throughout the Cold War.