Showing papers on "Capitalism published in 2015"

Big other: surveillance capitalism and the prospects of an information civilization

Abstract: This article describes an emergent logic of accumulation in the networked sphere, ‘surveillance capitalism,’ and considers its implications for ‘information civilization.’ The institutionalizing practices and operational assumptions of Google Inc. are the primary lens for this analysis as they are rendered in two recent articles authored by Google Chief Economist Hal Varian. Varian asserts four uses that follow from computer-mediated transactions: ‘data extraction and analysis,’ ‘new contractual forms due to better monitoring,’ ‘personalization and customization,’ and ‘continuous experiments.’ An examination of the nature and consequences of these uses sheds light on the implicit logic of surveillance capitalism and the global architecture of computer mediation upon which it depends. This architecture produces a distributed and largely uncontested new expression of power that I christen: ‘Big Other.’ It is constituted by unexpected and often illegible mechanisms of extraction, commodification, and control that effectively exile persons from their own behavior while producing new markets of behavioral prediction and modification. Surveillance capitalism challenges democratic norms and departs in key ways from the centuries-long evolution of market capitalism.

This Changes Everything: Capitalism vs. the Climate

Abstract: Susan Goethel Campbell’s exhibition Field Guide explores the nature of art and the conceptual process through a multimedia installation that also reflects upon temporality, art history, ecology and science. Introduced with a time-lapse video of weather patterns captured by web cam over the course of an entire year, atmospheric effects assume the quality of translucent washes that blur distinctions between opacity and transparency, painting and technology. Aerial views of built environments set against expansive cityscapes present essential imagery for large-format digital woodblock prints realized in monochromatic tonals and saturated grids of yellow and blazing orange. Some combine undulating wood grain patterns with pinhole perforations to admit light; others consist of diaphanous walnut stains applied to hand-crafted paper, a self-referential allusion to art’s planarity and permeable membrane. The evanescence of these views is echoed in pristine impressions of filtered dust and shimmering milkweed assemblages contained in Plexiglas light boxes. Known as Asclepias, milkweed is an herbaceous flower named by Carl Linnaeus after Asclepius, the Greek god of healing, due to its efficacious medicinal powers. Like the weather, the milkweed’s reflective silver filaments respond to shifting currents of air paired with gently wafted treetops projected in the viewing room. Here pearls of light corresponding to the spheres and pinpricks of the prints on the walls float randomly over the fictitious frame of a cubical vitrine. Orbs appear and disappear amid nocturnal shadows as figments of the imagination, their languid dispersion eliciting not-ofthis-world sensations of suspension, ascent and transcendence. This joined to the mesmerizing stillness of a gallery pierced occasionally by the sound of supersonic aircraft, a reminder of the machine in the garden. Beyond, the history of landscape photography and the Romantic sublime are encoded in works titled “Old Stand” that render minuscule figures of stationary box photographers against the grandeur of ice-capped Rockies. In some of the works the human figure is effaced as a historical memory through exquisitely modulated rubbings whose unbounded spatiality contrasts with the reflexive interiority of the viewing room. Campbell’s incandescent vision of nature asserts the phenomenal power of art to elevate the human spirit in the presence of heart-stirring beauty. It dares to reaffirm the timeless union between the material and immaterial substance of the universe, between human life and the ephemera of the natural world. f i l m

Architecture of Markets

Abstract: Markets are socially constructed arenas where repeated exchanges occur between buyers and sellers under a set of formal and informal rules governing relations among competitors, suppliers, and customers. These arenas operate according to local understandings and rules that guide interaction, facilitate trade, define what products are produced, indeed constitute the products themselves, and provide stability for buyers, sellers, and producers. Marketplaces are also dependent on governments, laws, and cultural understandings supporting market activity. Our essay provides a brief exposition of this perspective. Then, it considers cutting-edge work on three topics: (i) the formation of markets and prices, (ii) the organization of capitalism in different societies, and (iii) financialization and globalization. We suggest that in the future, path breaking research will: (i) explore the sociology of consumption, (ii) combine insights from the sociology of markets and from studies of the role of economic thought in constructing markets, and (iii) investigate national and transnational regulations. Keywords: political economy; institute ons; networks; performativity; market formation; price formation; comparative capitalisms; financialization; globalization

Postcapitalism: A Guide to Our Future

Abstract: From Paul Mason, the award-winning Channel 4 presenter, Postcapitalism is a guide to our era of seismic economic change, and how we can build a more equal society. Over the past two centuries or so, capitalism has undergone continual change - economic cycles that lurch from boom to bust - and has always emerged transformed and strengthened. Surveying this turbulent history, Paul Mason wonders whether today we are on the brink of a change so big, so profound, that this time capitalism itself, the immensely complex system by which entire societies function, has reached its limits and is changing into something wholly new. At the heart of this change is information technology: a revolution that, as Mason shows, has the potential to reshape utterly our familiar notions of work, production and value; and to destroy an economy based on markets and private ownership - in fact, he contends, it is already doing so. Almost unnoticed, in the niches and hollows of the market system, whole swathes of economic life are changing. Goods and services that no longer respond to the dictates of neoliberalism are appearing, from parallel currencies and time banks, to cooperatives and self-managed online spaces. Vast numbers of people are changing their behaviour, discovering new forms of ownership, lending and doing business that are distinct from, and contrary to, the current system of state-backed corporate capitalism. In this groundbreaking book Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy. Moving beyond capitalism, he shows, is no longer a utopian dream. This is the first time in human history in which, equipped with an understanding of what is happening around us, we can predict and shape, rather than simply react to, seismic change.

Give a Man a Fish: Reflections on the New Politics of Distribution

Abstract: In Give a Man a Fish James Ferguson examines the rise of social welfare programs in southern Africa, in which states make cash payments to their low income citizens. More than thirty percent of South Africa's population receive such payments, even as pundits elsewhere proclaim the neoliberal death of the welfare state. These programs' successes at reducing poverty under conditions of mass unemployment, Ferguson argues, provide an opportunity for rethinking contemporary capitalism and for developing new forms of political mobilization. Interested in an emerging "politics of distribution," Ferguson shows how new demands for direct income payments (including so-called "basic income") require us to reexamine the relation between production and distribution, and to ask new questions about markets, livelihoods, labor, and the future of progressive politics.

The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership:

Abstract: This paper argues that the relentless logic of commodification has served to undermine a key element of the social cement of contemporary capitalism: home ownership. In addressing this issue, the paper explores the development of the post war ‘social project’ of home ownership with particular reference to mature home ownership societies such as the USA, Japan, Britain and Australia. The paper then outlines the new fault lines and fractures which have emerged in post-crisis home ownership systems and the way in which a more vigorous, financialised private landlordism has emerged from the debris of the subprime meltdown. A key argument is that in a new and more intensified process of housing commodification, the social project promise of home ownership for a previous generation has shifted to a promise of private landlordism for current generations. In summary, the social project of Keynesian-embedded liberalism has been undermined by the economic project of neoliberalism.

Socially sustainable degrowth as a social–ecological transformation: repoliticizing sustainability

Abstract: In the late 1980s, the sustainable development paradigm emerged to provide a framework through which economic growth, social welfare and environmental protection could be harmonized. However, more than 30 years later, we can assert that such harmonization has proved elusive. Steffen et al. (2015) have shown that four out of nine planetary boundaries have been crossed: climate change, impacts in biosphere integrity, land-system change and altered biochemical flows are a manifestation that human activities are driving the Earth into a new state of imbalance. Meanwhile, wealth concentration and inequality have increased, particularly during the last 50 years (Piketty 2014). In 2008, the collapse of large financial institutions was prevented by the public bailout of private banks and, nowadays, low growth rates are likely to become the norm in the economic development of mature economies (Summers 2013; IMF 2015; Teulings and Baldwin 2015). The three pillars of sustainability (environment, society and economy) are thus simultaneously threatened by an intertwined crisis. In an attempt to problematize the sustainable development paradigm, and its recent reincarnation in the concept of a ‘‘green economy’’, degrowth emerged as a paradigm that emphasizes that there is a contradiction between sustainability and economic growth (Kothari et al. 2015; Dale et al. 2015). It argues that the pathway towards a sustainable future is to be found in a democratic and redistributive downscaling of the biophysical size of the global economy (Schneider et al. 2010; D’Alisa et al. 2014). In the context of this desired transformation, it becomes imperative to explore ways in which sustainability science can explicitly and effectively address one of the root causes of social and environmental degradation worldwide, namely, the ideology and practice of economic growth. This special feature aims to do so by stressing the deeply contested and political nature of the debates around the prospects, pathways and challenges of a global transformation towards sustainability. The ‘growth’ paradigm (Dale 2012; Purdey 2010) is indeed largely accepted in advanced and developing countries alike as an unquestioned imperative and naturalized need. It escapes ‘the political’, i.e. the contested public terrain where different imaginaries of possible socio-ecological orders compete over the symbolic and material institutionalization of these visions. In this sense, the contemporary context of neoliberal capitalism appears as a post-political space, i.e. a political formation that forecloses the political, the legitimacy of dissenting voices and positions (Swyngedouw 2007). As Swyngedouw (2014:91) argues: ‘‘the public management of things and people is hegemonically articulated around a naturalization of the need of economic growth and capitalism as the only reasonable and possible form of organization of socionatural metabolism. This foreclosure of the political in terms of at least recognizing the legitimacy of dissenting & Viviana Asara viviana.asara@gmail.com

Legitimation Crisis? On the Political Contradictions of Financialized Capitalism

Abstract: Facade democracy. Post-democracy. Zombie democracy. De-democratization. In proliferating such terms, many observers posit that we are living through a “crisis of democracy.” But what exactly is in crisis here? I argue that democracy’s present travails are best understood as expressions, under historically specific contemporary conditions, of a general tendency to political crisis that is intrinsic to capitalist societies. I elaborate this thesis in three steps. First, I propose a general account of “the political contradiction of capitalism” as such, without reference to any particular historical form. Then, I reconstruct Jurgen Habermas’s 1973 book, Legitimation Crisis, as an account of the form this political contradiction assumed in one specific phase of capitalist society, namely, the state-managed capitalism of the post–World War II era. Finally, I sketch an account of democracy’s current ills as expressions of capitalism’s political contradiction in its present, financialized phase.

Social Movements in Times of Austerity: Bringing Capitalism Back Into Protest Analysis

Abstract: Acknowledgements vi 1 The Re-emergence of a Class Cleavage? Social Movements in Times of Austerity 1 2 Social Structure: Old Working Class, New Precariat, or Yet Something Different? 26 3 Identification Processes: Class and Culture 67 4 Lo Llaman Democracia Y No Lo Es: A Crisis of Political Responsibility 110 5 Democracy Is Not a Spectator Sport: Changing Conceptions of Democracy in Social Movements 157 6 Bringing Capitalism Back into Protest Analysis? Some Concluding Remarks 211 Notes 226 References 228 Index 247

The Rise and Decline of General Laws of Capitalism

Abstract: Economists have long been drawn to the ambitious quest of discovering the general laws of capitalism. David Ricardo, for example, predicted that capital accumulation would terminate in economic stagnation and inequality as a greater and greater share of national income accrued to landowners. Karl Marx followed him by forecasting the inevitable immiseration of the proletariat. Thomas Piketty’s (2014) tome, Capital in the Twenty-First Century, emulates Marx in his title, his style of exposition, and his critique of the capitalist system. Piketty is after general laws that will demystify our modern economy and elucidate the inherent problems of the system—and point to solutions. But the quest for general laws of capitalism is misguided because it ignores the key forces shaping how an economy functions: the endogenous evolution of technology and of the institutions and the political equilibrium that influence not only technology but also how markets function and how the gains from various different economic arrangements are distributed. Despite his erudition, ambition, and creativity, Marx was led astray because of his disregard of these forces. The same is true of Piketty’s sweeping account of inequality in capitalist economies. In the next section, we review Marx’s conceptualization of capitalism and some of his general laws. We then turn to Piketty’s approach to capitalism and his general laws. We will point to various problems in Piketty’s interpretation of the economic relationships underpinning inequality, but the most important shortcoming is that,

The New ‘Passive Revolution’ of the Green Economy and Growth Discourse: Maintaining the ‘Sustainable Development’ of Neoliberal Capitalism

Abstract: This paper analyses the rapidly emerging discourse of a green economy based on green growth. It highlights inherent conflicts and contradictions of this discourse such as the myth of decoupling growth from the environment, pollution generations and resource consumption. Using key theoretical constructs of both Gramsci and Polanyi, the paper argues that the green economy/growth discourse can be seen as a Gramscian ‘passive revolution’ whereby the dominant sustainable development discourse, subsumed by capitalist hegemony, is protected in the context of global environmental, economic and development crises. The ‘neoliberalising of nature’, or in other words, the privatisation, marketisation and commodification of nature, akin to Polanyi's fictitious commodities, continues and intensifies with green economy/growth strategies. Greening the economy and associated strategies of green growth divert attention from the social and political dimensions of sustainability and issues of social and international justice...

The Rise and Fall of Neoliberal Capitalism

Abstract: The financial and economic collapse that began in the United States in 2008 and spread to the rest of the world continues to burden the global economy. David Kotz, who was one of the few academic economists to predict it, argues that the ongoing economic crisis is not simply the aftermath of financial panic and an unusually severe recession but instead is a structural crisis of neoliberal, or free-market, capitalism. Consequently, continuing stagnation cannot be resolved by policy measures alone. It requires major institutional restructuring. Kotz analyzes the reasons for the rise of free-market ideas, policies, and institutions beginning around 1980. He shows how the neoliberal capitalism that resulted was able to produce a series of long although tepid economic expansions, punctuated by relatively brief recessions, as well as a low rate of inflation. This created the impression of a "Great Moderation." However, the very same factors that promoted long expansions and low inflation-growing inequality, an increasingly risk-seeking financial sector, and a series of large asset bubbles-were not only objectionable in themselves but also put the economy on an unsustainable trajectory. Kotz interprets the current push for austerity as an attempt to deepen and preserve neoliberal capitalism. However, both economic theory and history suggest that neither austerity measures nor other policy adjustments can bring another period of stable economic expansion. Kotz considers several possible directions of economic restructuring, concluding that significant economic change is likely in the years ahead.

Accumulation by Conservation

Abstract: Following the financial crisis and its aftermath, it is clear that the inherent contradictions of capitalist accumulation have become even more intense and plunged the global economy into unprecedented turmoil and urgency. Governments, business leaders and other elite agents are frantically searching for a new, more stable mode of accumulation. Arguably the most promising is what we call ‘Accumulation by Conservation’ (AbC): a mode of accumulation that takes the negative environmental contradictions of contemporary capitalism as its departure for a newfound ‘sustainable’ model of accumulation for the future. Under slogans such as payments for environmental services, the Green Economy, and The Economics of Ecosystems and Biodiversity, public, private and non-governmental sectors seek ways to turn the non-material use of nature into capital that can simultaneously ‘save’ the environment and establish long-term modes of capital accumulation. In the paper, we conceptualise and interrogate the grand claim of A...

Contesting the Financialization of Urban Space: Community Organizations and the Struggle to Preserve Affordable Rental Housing in New York City

Abstract: As cities have become both site and object of capital accumulation in a neoliberal political economy, the challenges to community practice aimed at creating, preserving, and improving affordable housing and neighborhoods have grown. Financial markets and actors are increasingly central to the workings of capitalism, transforming the meaning and significance of mortgage capital in local communities and redrawing the relationship between housing and urban inequality. This article addresses the integration of housing and financial markets through the case of "predatory equity," a wave of aggressive private equity investment in New York City's affordable rental sector during the mid-2000s real estate boom. I consider the potential for community organizations to develop innovative, effective, and progressive practices to contest the impact of predatory equity on affordable housing. Highlighting how organizations employed discursive and empirical tactics as well as tactics that reworked the sites, spaces, and structures of finance, this research speaks to the political possibility of contemporary community practice.

Structural power and political science in the post-crisis era

Abstract: This essay highlights productive ways in which scholars have reanimated the concept of structural power to explain puzzles in international and comparative politics. Past comparative scholarship stressed the dependence of the state on holders of capital, but it struggled to reconcile this supposed dependence with the frequent losses of business in political battles. International relation (IR) scholars were attentive to the power of large states, but mainstream IR neglected the ways in which the structure of global capitalism makes large companies international political players in their own right. To promote a unified conversation between international and comparative political economy, structural power is best conceptualized as a set of mutual dependencies between business and the state. A new generation of structural power research is more attentive to how the structure of capitalism creates opportunities for some companies (but not others) vis-a-vis the state, and the ways in which that structure creates leverage for some states (but not others) to play off companies against each other. Future research is likely to put agents – both states and large firms – in the foreground as political actors, rather than showing how the structure of capitalism advantages all business actors in the same way against non-business actors.

Classificatory Struggles: Class, Culture and Inequality in Neoliberal Times:

Abstract: The fate of groups is bound up with the words that designate them (Bourdieu, 1984). The problem that the concept of ‘class’ describes is inequality. The transition from industrial to financial capitalism (neoliberalism) in Europe has effected ‘deepening inequalities of income, health and life chances within and between countries, on a scale not seen since before the second world War’ (Hall, Massey, Rushtin, 2014: 9). In this context, class is an essential point of orientation for sociology if it is to grasp the problem of inequality today. Tracing a route through Pierre Bourdieu’s relational understanding of class, Beverley Skeggs’ understanding of class as struggles (over value), and Wendy Brown’s argument that neoliberalism is characterized by the culturalization of political struggles, this article animates forms of class-analysis, with which we might better apprehend the forms of class exploitation that distinguish post-industrial societies. Taking a cue from Jacques Ranciere, the central argument is that the sociology of class should be grounded not in the assumption and valorisation of class identities but in an understanding of class as struggles against classification. In this way, sociology can contribute to the development of alternative social and political imaginaries to the biopolitics of disposability symptomatic of neoliberal governmentality.

What do voters want? : dimensions and configurations in individual-level preferences and party choice

Abstract: In this paper, we map the political space of individual-level voter preferences throughout European capitalist regimes, and we assess both its socio-structural determinants and its impact on party choice. We argue that both the cultural and the economic conflict dimensions need to be reconceptualized, and their respective impact on party choice combined in order to understand the electoral dynamics in contemporary capitalism. Based on ESS-data, we show that cultural conflict in Europe today involves not only issues of cultural liberalism, immigration and EU integration, but also distributive questions regarding welfare chauvinism and welfare misuse. Hence, the boundaries between economic and cultural conflict are blurred. At the same time, the economic-distributive conflict has become heterogeneous, since preferences regarding issues such as redistribution, social investment and social insurance do not simply align on a single dimension. We then show that despite stark differences in the average levels of voter preferences regarding economic and cultural conflict, their configuration and sociostructural determinants are very similar across Europe: education is the main determinant of cultural preferences, while economic preferences are structured by income and a new class conflict dividing the middle class. Finally, we assess the impact of cultural and economic preferences for party choice. It appears very clearly that the vote choice for green and radical right-wing populist parties (the challenger parties) is explained by cultural attitudes. Economic preferences, by contrast, are relevant for voters’ choice of the mainstream parties of the moderate right and left. Overall, our findings show that the culturally mobilized challenger parties alter the dynamics of party competition throughout Europe, even with regard to the moderate parties that still distinguish themselves with regard to economic issues. Therefore, an analysis of contemporary capitalist politics needs to take into account both cultural and economic dimensions of political conflict.

Domestic structures, foreign economic policies and global economic order: Implications from the rise of large emerging economies

Abstract: The rise of the large emerging economies of Brazil, India and China can easily be counted among the most important contemporary structural changes in the global political economy. This article attempts to determine whether these countries have a common institutional model for governing their economies and addresses the implications of these commonalities for global economic institutions. The approach consists of three major steps: first, a general ideal type for encompassing capitalism in these large emerging economies is constructed, and dubbed ‘state-permeated market economy’; second, we compare these countries empirically, with regard to the features highlighted by the ideal type and in contrast to other varieties of capitalism; and, finally, we extrapolate some long-term implications for the global economic order, based on the assumption that foreign economic policies will be informed by domestic institutional structures. Based on these three steps, we conclude that a further deepening of the liberal global order is highly unlikely

Governing by Debt

Abstract: An argument that under capitalism, debt has become infinite and unpayable, expressing a political relation of subjection and enslavement. Experts, pundits, and politicians agree: public debt is hindering growth and increasing unemployment. Governments must reduce debt at all cost if they want to restore confidence and get back on a path to prosperity. Maurizio Lazzarato's diagnosis, however, is completely different: under capitalism, debt is not primarily a question of budget and economic concerns but a political relation of subjection and enslavement. Debt has become infinite and unpayable. It disciplines populations, calls for structural reforms, justifies authoritarian crackdowns, and even legitimizes the suspension of democracy in favor of "technocratic governments" beholden to the interests of capital. The 2008 economic crisis only accelerated the establishment of a "new State capitalism," which has carried out a massive confiscation of societies' wealth through taxes. And who benefits? Finance capital. In a calamitous return to the situation before the two world wars, the entire process of accumulation is now governed by finance, which has absorbed sectors it once ignored, like higher education, and today is often identified with life itself. Faced with the current catastrophe and the disaster to come, Lazzarato contends, we must overcome capitalist valorization and reappropriate our existence, knowledge, and technology. In Governing by Debt, Lazzarato confronts a wide range of thinkers-from Felix Guattari and Michel Foucault to David Graeber and Carl Schmitt-and draws on examples from the United States and Europe to argue that it is time that we unite in a collective refusal of this most dire status quo.

Conceptualizing Capitalism: Institutions, Evolution, Future

Abstract: Geoffrey Hodgson, Conceptualizing Capitalism: Institutions, Evolution, Future (Chicago: University of Chicago Press, 2015), ISBN: 9780226168005

The Great Divide: Unequal Societies and What We Can Do About Them

Abstract: In The Great Divide, Joseph E. Stiglitz expands on the diagnosis he offered in his best-selling book The Price of Inequality and suggests ways to counter America's growing problem. With his signature blend of clarity and passion, Stiglitz argues that inequality is a choice-the cumulative result of unjust policies and misguided priorities. Gathering his writings for popular outlets including Vanity Fair and the New York Times, Stiglitz exposes in full America's inequality: its dimensions, its causes, and its consequences for the nation and for the world. From Reagan-era to the Great Recession and its long aftermath, Stiglitz delves into the irresponsible policies-deregulation, tax cuts, and tax breaks for the 1 percent-that are leaving many Americans farther and farther beyond and turning the American dream into an ever more unachievable myth. With formidable yet accessible economic insight, he urges us to embrace real solutions: increasing taxes on corporations and the wealthy; offering more help to the children of the poor; investing in education, science, and infrastructure; helping out homeowners instead of banks; and, most importantly, doing more to restore the economy to full employment. Stiglitz also draws lessons from Scandinavia, Singapore, and Japan, and he argues against the tide of unnecessary, destructive austerity that is sweeping across Europe. Ultimately, Stiglitz believes our choice is not between growth and fairness; with the right policies, we can choose both. His complaint is not so much about capitalism as such, but how twenty-first-century capitalism has been perverted. His is a call to confront America's economic inequality as the political and moral issue that it is. If we reinvest in people and pursue the other policies that he describes, America can live up to the shared dream of a more prosperous, more equal society.

Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective.

Abstract: In this article a major channel through which financialisation or finance-dominated capitalism affects macroeconomic performance is examined: the distribution channel. Empirical data for the following dimensions of (re-)distribution in the period of finance-dominated capitalism since the early 1980s is provided for 15 advanced capitalist economies: functional distribution, personal/household distribution and the share and the composition of top incomes. Based on the Kaleckian approach to the determination of income shares, the effects of financialisation on functional income distribution are studied in more detail. Some stylised facts of financialisation are integrated into the Kaleckian approach, and by means of reviewing empirical and econometric literature it is found that financialisation and neoliberalism have contributed to the falling labour income share since the early 1980s through three main Kaleckian channels: 1) a shift in the sectoral composition of the economy, 2) an increase in management salaries and rising profit claims of the rentiers and thus in overheads, and 3) weakened trade union bargaining power.

Saving Capitalism: For the Many, Not the Few

Abstract: 'A very good guide to the state we're in' Paul Krugman, New York Review of Books 'A well-written, thought-provoking book by one of America's leading economic thinkers and progressive champions.' Huffington Post Do you recall a time when the income of a single schoolteacher or baker or salesman or mechanic was enough to buy a home, have two cars, and raise a family? Robert Reich does - in the 1950s his father sold clothes to factory workers and the family earnt enough to live comfortably. Today, this middle class is rapidly shrinking: American income inequality and wealth disparity is the greatest it's been in eighty years. As Reich, who served in three US administrations, shows, the threat to capitalism is no longer communism or fascism but a steady undermining of the trust modern societies need for growth and stability. With an exclusive chapter for Icon's edition, Saving Capitalism is passionate yet practical, sweeping yet exactingly argued, a revelatory indictment of the economic status quo and an empowering call to action.

How the West Came to Rule: The Geopolitical Origins of Capitalism

Abstract: List of Figures Acknowledgements Introduction 1. The Transition Debate: Theories and Critique 2. Rethinking the Origins of Capitalism: The Theory of Uneven and Combined Development 3. The Long Thirteenth Century: Structural Crisis, Conjunctural Catastrophe 4. The Ottoman-Habsburg Rivalry over the Long Sixteenth Century 5. The Atlantic Sources of European Capitalism, Territorial Sovereignty and the Modern Self 6. The 'Classical' Bourgeois Revolutions in the History of Uneven and Combined Development 7. Combined Encounters: Dutch Colonisation in South-East Asia and the Contradictions of 'Free Labour' 8. Origins of the Great Divergence over the Longue Duree: Rethinking the 'Rise of the West' Conclusion Notes Index

Questioning Neoliberal Capitalism and Economic Inequality in Business Schools

Abstract: The burgeoning economic inequality between the richest and the poorest is a cause of concern for social, political, and ethical reasons. While businesses are both implicated and affected by growing...

Legal Institutionalism: Capitalism and the Constitutive Role of Law

Abstract: Social scientists have paid insufficient attention to the role of law in constituting the economic institutions of capitalism. Part of this neglect emanates from inadequate conceptions of the nature of law itself. Spontaneous conceptions of law and property rights that downplay the role of the state are criticized here, because they typically assume relatively small numbers of agents and underplay the complexity and uncertainty in developed capitalist systems. In developed capitalist economies, law is sustained through interaction between private agents, courts and the legislative apparatus. Law is also a key institution for overcoming contracting uncertainties. It is furthermore a part of the power structure of society, and a major means by which power is exercised. This argument is illustrated by considering institutions such as property and the firm. Complex systems of law have played a crucial role in capitalist development and are also vital for developing economies.