Showing papers on "Capitalism published in 2018"

Colonial Lives of Property: Law, Land, and Racial Regimes of Ownership

Abstract: In Colonial Lives of Property Brenna Bhandar examines how modern property law contributes to the formation of racial subjects in settler colonies and to the development of racial capitalism. Examining both historical cases and ongoing processes of settler colonialism in Canada, Australia, and Israel and Palestine, Bhandar shows how the colonial appropriation of indigenous lands depends upon ideologies of European racial superiority as well as upon legal narratives that equate civilized life with English concepts of property. In this way, property law legitimates and rationalizes settler colonial practices while it racializes those deemed unfit to own property. The solution to these enduring racial and economic inequities, Bhandar demonstrates, requires developing a new political imaginary of property in which freedom is connected to shared practices of use and community rather than individual possession.

Capitalism: Competition, Conflict, Crises

Abstract: PART I. FOUNDATIONS OF THE ANALYSIS 1. Introduction 2. Turbulent Trends and Hidden Structures 3. Microfoundations and Macro Patterns 4. Production and Costs 5. Exchange, Money, and Price 6. Capital and Profit PART II. REAL COMPETITION 7. The Theory of Real Competition 8. Debates on Perfect and Imperfect Competition 9. Competition and Interindustrial Relative Prices 10. Competition, Finance, and Interest Rates 11. International Competition and the Theory of Exchange Rates PART III. TURBULENT MACRODYNAMICS 12. The Rise and Fall of Modern Macroeconomic 13. Classical Macrodynamics 14. The Theory of Wages and Unemployment 15. Modern Money and Inflation 16. Growth, Cycles, and Crises 17. Summary and Conclusions

The Value of Everything: Making and Taking in the Global Economy

Abstract: WINNER OF THE 2019 MADAME DE STAEL PRIZE AND THE 2018 LEONTIEF PRIZE FOR ADVANCING THE FRONTIERS OF ECONOMIC THOUGHT SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018 Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma's 'value pricing', we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - radically to transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic - that works for us all. The Value of Everything reigniteS a long-needed debate about the kind of world we really want to live in.

On academic capitalism

Abstract: This forum contribution discusses the increasing trend toward academic capitalism and profit-oriented entrepreneurial practices in the fields of education and research. This occurs as universities,...

Varieties of capitalism in light of the euro crisis

Abstract: This article examines the implications of the euro crisis for theories of political economy associated with ‘varieties of capitalism’, considering how those theories help explain the origins of the crisis and how developments during it mandate revisions in such theories. Efforts to understand the crisis have extended these theories in four directions. They have inspired an emerging literature on growth models that integrates the demand side of the economy into theories once oriented to its supply side. They have led to more intensive investigation of the political economies of East Central Europe and Southern Europe. The crisis has drawn attention to the international dimensions of varieties of capitalism and to problems of adjustment, injecting an element of dynamism into varieties of capitalism analyses and underlining that adjustment is a political as well as an economic problem.

Radical Markets: Uprooting Capitalism and Democracy for a Just Society

Abstract: PAnelists: AlyA GusevA / AssociAte Professor of socioloGy, Boston university cAthie Jo MArtin / Professor of PoliticAl science At Boston university AnD Director of the center for the stuDy of euroPe, Boston university JAMes reBitzer / Peter AnD DeBorAh wexler Professor, AnD chAir of MArkets, PuBlic Policy, AnD lAw, Boston university MoDerAteD By: Ashley MeArs / AssociAte Professor of socioloGy, Boston university

Capital’s logistical fix: Accumulation, globalization, and the survival of capitalism:

Abstract: The growth and transformation of logistics have been attributed to a specific confluence of forces that compelled firms to turn their attention to the circulation of commodities in the second half ...

Colonialism, postcolonialism and the liberal welfare state

Abstract: This article addresses the colonial and racial origins of the welfare state with a particular emphasis on the liberal welfare state of the USA and UK. Both are understood in terms of the centrality of the commodified status of labour power expressing a logic of market relations. In contrast, we argue that with a proper understanding of the relations of capitalism and colonialism, the sale of labour power as a commodity already represents a movement away from the commodified form of labour represented by enslavement. European colonialism is integral to the development of welfare states and their forms of inclusion and exclusion which remain racialised through into the twenty-first century.

Mapping the business systems of 61 major economies: A taxonomy and implications for varieties of capitalism and business systems research

Abstract: Efforts to build a universal theory of the world’s business systems require empirical grounding in an understanding of the variety that need explaining. To support such theorizing, we analyzed the institutional structures of 61 major economies, accounting for 93.5% of 2013 world GDP at purchasing power parity. We found nine main types of business systems: Highly Coordinated, Coordinated Market, Liberal Market, European Peripheral, Advanced Emerging, Advanced City, Arab Oil-Based, Emerging, and Socialist Economies. Our findings illustrate the need to go beyond the Varieties of Capitalism and Business Systems frameworks; provide empirical support for the CME versus LME dichotomy for part of the OECD; identify some of the business systems proposed recently as sub-types of larger clusters; indicate that institutional diversity may increase with development level; and cast doubt on the notions of state-led and family-led capitalism as types of business systems. Our discussion further suggests numerous avenues for theory development and empirical research.

Refugees as Surplus Population: Race, Migration and Capitalist Value Regimes

Abstract: Refugees and migrants are often studied as though they have no relation to the racial and class structures of the societies in which they reside. They are strangers to be governed by ‘integration’ policy and border management. Refugees and migrants are, however, subjects of contemporary capitalism struggling to render themselves valuable capitalist modes of production. I study the government of refugees and migrants in order to examine capitalist value regimes. Societal values and hierarchies reflected in capitalist modes of production impact on struggles of racialised subaltern groups to translate body power into valued labour. Marx’s account of surplus populations points to the common marginalisations of people called ‘refugees’ and other subaltern groups struggling to translate their body power into valorised labour. The essay includes a study of the gentrification of a district in Budapest, and its transformation into a means for the reproduction of capital, leading to the marginalisation of g...

European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery

Abstract: European policy responses to the Global Financial Crisis and its European manifestation have set off a scholarly debate whether different national varieties of capitalism are equally able to cope w...

Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East

Abstract: Framed by a critical analysis of global capitalism, this book examines how the six states of the Gulf Cooperation Council are powerfully shaping the political economy of the wider Middle East. Through unprecedented and fine-grained empirical research - encompassing sectors such as agribusiness, real estate, finance, retail, telecommunications, and urban utilities - Adam Hanieh lays out the pivotal role of the Gulf in the affairs of other Arab states. This vital but little recognised feature of the Middle East's political economy is essential to understanding contemporary regional dynamics, not least of which is the emergence of significant internal tensions within the Gulf itself. Bringing fresh insights and a novel interdisciplinary approach to debates across political economy, critical geography, and Middle East studies, this book fills an important gap in how we understand the region and its place in the global order.

What Is Monopoly Capital

Abstract: "Monopoly capital" is a term for the new form of capital, embodied in the modern giant corporation, that in the late nineteenth century began to displace the small family firm as the dominant economic unit, marking the end of the freely competitive stage of capitalism. Click here to purchase a PDF version of this article at the Monthly Review website.

The Future of Capitalism: Facing the New Anxieties

Abstract: *FEATURED IN BILL GATES'S 2019 SUMMER READING RECOMMENDATIONS* 'This is a beautifully written and important book. Read it' Martin Wolf, Financial Times From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it Deep new rifts are tearing apart the fabric of Britain and other Western societies: thriving cities versus the provinces, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit and the return of the far right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts - economic, social and cultural - with the cool head of pragmatism, rather than the fervour of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world's most distinguished social scientists, he shows us how to save capitalism from itself - and free ourselves from the intellectual baggage of the 20th century. These times are in desperate need of Paul Collier's insights. The Future of Capitalism restores common sense to our views of morality, as it also describes their critical role in what makes families, organizations, and nations work. It is the most revolutionary work of social science since Keynes. Let's hope it will also be the most influential - George Akerlof, Nobel Laureate in Economics, 2001 In this bold work of intellectual trespass, Paul Collier, a distinguished economist, ventures onto the terrain of ethics to explain what's gone wrong with capitalism, and how to fix it. To heal the divide between metropolitan elites and the left-behind, he argues, we need to rediscover an ethic of belonging, patriotism, and reciprocity. Offering inventive solutions to our current impasse, Collier shows how economics at its best is inseparable from moral and political philosophy' - Michael Sandel, author of What Money Can't Buy and Justice For thirty years, the centre left of politics has been searching for a narrative that makes sense of the market economy. This book provides it - John Kay, Fellow of St John's College, Oxford and the author of Obliquity and Other People's Money For well-to-do metropolitans, capitalism is the gift that goes on giving. For others, capitalism is not working. Paul Collier deploys passion, pragmatism and good economics in equal measure to chart an alternative to the divisions tearing apart so many western countries. -Mervyn King, former Governor of the Bank of England

Cognitive Capitalism: Human Capital and the Wellbeing of Nations

Abstract: Nations can vary greatly in their wealth, democratic rights and the wellbeing of their citizens. These gaps are often obvious, and by studying the flow of immigration one can easily predict people's wants and needs. But why are there also large differences in the level of education indicating disparities in cognitive ability? How are they related to a country's economic, political and cultural development? Researchers in the paradigms of economics, psychology, sociology, evolution and cultural studies have tried to find answers for these hotly debated issues. In this book, Heiner Rindermann establishes a new model: the emergence of a burgher-civic world, supported by long-term background factors, furthered education and thinking. The burgher-civic world initiated a reciprocal development changing society and culture, resulting in past and present cognitive capital and wealth differences. This is an important text for graduate students and researchers in a wide range of fields, including economics, psychology, sociology and political science, and those working on economic growth, human capital formation and cognitive development.

Capitalism and the sea: Sovereignty, territory and appropriation in the global ocean:

Abstract: This paper introduces the term ‘terraqueous territoriality’ to analyse a particular relationship between capitalism as a social formation, and the sea as a natural force It focuses on three spaces – exclusive economic zones (EEZs), the system of ‘flags of convenience’ (FOC), and multilateral counter-piracy initiatives – as instances of capitalist states and firms seeking to transcend the geo-physical difference between firm land and fluid sea Capital accumulation, it is argued here, seeks to territorialise the sea through forms of sovereignty and modes of appropriation drawn from experiences on land, but in doing so encounters particular tensions thereby generating distinctive spatial effects By exploring the articulation between sovereignty, territory and appropriation in the organisation of spaces where land meets sea, the article seeks to demonstrate the value of an analytical framework that underlines the terraqueous nature of contemporary capitalism

Imperialism in the Twenty-First Century: Globalization, Super-Exploitation, and Capitalism’s Final Crisis:

Abstract: Despite decades of international development programs, purportedly premised on improving human well-being, extreme poverty and global inequality remain steadfast markers of the contemporary economic system. Journalistic exposés have documented human trafficking and modern conditions of slavery, such as on fishing boats in Southeast Asia and in mining operations in Africa. Commodity chain scholars have illuminated the important global links from extraction to production to distribution to consumption to disposal, revealing distinct labor conditions, national policies, marketing strategies, and environmental consequences. Globalization scholars have addressed an array of important issues, including, but not limited to, women and development, migration, foreign direct investment, the role of the state, and trade networks and agreements. Scholarship is clearly not limited to debates regarding modernization and dependency, as there is a plethora of issues to address. At the same time, there remains a need for systematic analysis of the dynamic character of capitalism and its historic development, which can help provide a rich synthesis. John Smith’s Imperialism in the Twenty-First Century: Globalization, Super-Exploitation, and Capitalism’s Final Crisis is a contemporary classic. Smith acknowledges the historic role that imperialism played in the creation of the global hierarchy of nations and how capital flowed to core countries at the expense of the rest of the world. While capitalism is a system of generalized commodity production, premised on the ceaseless accumulation of capital, Smith investigates the historically specific patterns regarding labor, production, and trade that have emerged with neoliberal globalization. He selects three everyday commodities—coffee, t-shirts, and cell phones—to reveal ‘‘the hidden structure of the global capitalist economy’’ whereby ‘‘the capital-labor relation has become a relation between Northern capital and Southern labor’’ (p. 12). As is to be expected, cheap labor and the lack of organized labor play an important role in increasing profits. Fortunately, Smith’s major contribution here is revealing how the social relations associated with these commodities are intimately connected to a series of contradictions and anomalies related to the emergence of neoliberal capitalism. Smith explains how industrialized production has increasingly shifted to lowwage countries, especially following the 1970s. He notes that this form of production is uneven, as it is heavily concentrated in specific regions and countries. Nevertheless, most of the nations in the global South are integrated into the larger global economy in a distinct way: their manufacturing exports are primarily destined for the North as production is increasingly outsourced to the South. One of the unique factors of neoliberal capitalism is the development of both ‘‘inhouse’’ and ‘‘arm’s length’’ relations of production between the North and South. In-house production occurs when foreign transnational corporations have a parentsubsidiary relationship with producers. Arms-length production, a newer version of the outsourcing relationship referred to as the ‘‘hands clean’’ approach, involves a dominant firm outsourcing production to an independent supplier. This model helps externalize the costs of production and removes culpability for the associated pollution, low wages, and suppression of unions from the firm that collects the value added elsewhere. Additionally, outsourcing production to independent suppliers puts firms in lowwage countries in competition with each other to gain contracts to produce these goods. Smith explains there is little to no competition between the firms in the South and those in imperialist nations. These conditions help 628 Reviews

Financialization and Economic Development: A Debate on the Social Efficiency of Modern Finance

Abstract: The shift in financial intermediation from banks to financial markets, and the introduction of financial market logic into areas and domains where it was previously absent, have not just led to negative developmental impacts, but also changed the 'rules of the game' and facilitated rent-seeking practices of a self-serving global elite. Establishment (financial) economics has helped to depoliticize and legitimize this financialized mode of social regulation by invoking Hayek's epistemological claim that (financial) markets are the only legitimate, reliably welfare-enhancing foundation for a stable social order and economic progress. This article forms the Introduction to a set of 10 articles which assess the logic and consequences of 'financialization' across a range of geographic, economic and social scales, and confront Hayek's grotesque claim - deep down, at the level of 'ideas', but also by providing 'knock-out evidence' on the social inefficiency of a capitalism 'without compulsions' for finance. The authors in the Debate challenge the 'ruling ideas' and expose how establishment economics has been hiding its reactionary political agenda behind the pretence of scientific neutrality. The financial emperor wears no clothes.

Global Capitalism, Global War, Global Crisis

Abstract: This book assesses the forces of social struggle shaping the past and present of the global political economy from the perspective of historical materialism. Based on the philosophy of internal relations, the character of capital is understood in such a way that the ties between the relations of production, state-civil society, and conditions of class struggle can be realised. By conceiving the internal relationship of global capitalism, global war, global crisis as a struggle-driven process, the book provides a novel intervention on debates within theories of 'the international'. Through a set of conceptual reflections, on agency, structure and the role of discourses embedded in the economy, class struggle is established as our point of departure. This involves analysing historical and contemporary themes on the expansion of capitalism through uneven and combined development, the role of the state and geopolitics, and conditions of exploitation and resistance. These conceptual reflections and thematic considerations are then extended in a series of empirical interventions, including a focus on the 'rising powers' of the BRICS, conditions of the 'new imperialism', and the ongoing financial crisis. The book delivers a radically open-ended dialectical consideration of ruptures of resistance within the global political economy.

Digital platforms, gig economy, precarious employment, and the invisible hand of social class

Abstract: Digital platform capitalism, as exemplified by companies like Uber or Lyft has the potential to transform employment and working conditions for an increasing segment of the worforce. Most digital economy workers are exposed to the health damaging precarious employment conditions characteristic of the contemporary working class in high income countries. Just as with Guy Standing or Mike Savage's "precariat" it might appear that digital platform workers are a new social class or that they do not belong to any social class. Yet the class conflict interests (wages, benefits, employment and working conditions, collective action) of digital platform workers are similar to other members of the working class.

Slavery's Holy Profits: Religion and Capitalism in the Antebellum Lower Mississippi Valley

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The Gender Effect: Capitalism, Feminism, and the Corporate Politics of Development

Abstract: In this book, Professor Moeller attempt to grapple with the question of: How and why are U.S. corporations investing in poor, racialized girls and women in the Global South? Is it a solution to ending poverty? Or is it a pursuit of economic growth and corporate profit? Drawing on a decade of research in the U.S. and Brazil on Nike, Inc., Kathryn Moeller will discuss how these corporations use a logic of development that positions girls and women as instruments of poverty alleviation and new frontiers for capitalist accumulation. She will demonstrate how these practices enable corporations to expand their legitimacy, authority, and reach while sidestepping contradictions in their business practices.

Capitalism, Patriarchy, Slavery, and Racism in the Age of Digital Capitalism and Digital Labour

Abstract: This article asks: How can understanding the relationship of exploitation and oppression inform the study of digital labour and digital capitalism? It combines the analysis of capitalism, patriarchy, slavery, and racism in order to analyse digital labour. The approach taken also engages with a generalization of David Roediger’s wages of whiteness approach, Marxist feminism, Angela Davis’s Marxist black feminism, Rosa Luxemburg, Kylie Jarrett’s concept of the digital housewife, Jack Qiu’s notion of iSlavery, Eileen Meehan’s concept of the gendered audience commodity, and Carter Wilson and Audrey Smedley’s historical analyses of racism and class. The article presents a typology of differences and commonalities between wage-labour, slave-labour, reproductive labour, and Facebook labour. It shows that the digital data commodity is both gendered and racialized. It analyses how class, patriarchy, slavery, and racism overgrasp into each other in the realm of digital capitalism. It also introduces the notions of the organic composition of labour and the rate of reproductive labour and shows, based on example data, how to calculate these ratios that provide insights into the reality of unpaid labour in capitalism.

The Collateralization of Social Policy under Financialized Capitalism

Abstract: This article examines how financialized capitalism has radically subverted the role and logic of social policy, provoking a sea change in the realm of social welfare, particularly in the global South, and breaking with previous frameworks which were grounded in principles of redistribution. In the process, new blueprints have emerged which raise concerns: re†commodification has replaced de†commodification; and debt, through financial inclusion, now serves as an alternative to exclusion. Drawing on the Brazilian case, the author scrutinizes the social protection paradigm that tends to prevail in the developing world in the 21st century, based on microfinance, conditional cash transfers, basic pensions and social floors. The author's assumption is that we are witnessing the collateralization of social policy: credit and debt, along with new financial devices, are becoming the cornerstones of what used to be social protection systems, so as to respond to the needs of finance†dominated capitalism. As a result, economic insecurity is likely to increase, accentuating inequality trends and exacerbating vulnerability.

Capitalism: A Conversation in Critical Theory

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Roepke Lecture in Economic Geography—From Exploitation to Expropriation: Historic Geographies of Racialized Capitalism

Abstract: Familiar, exploitation-centered conceptions of capitalism cannot explain its persistent entanglement with racial oppression. In their place, I suggest an expanded conception that also encompasses an ongoing but disavowed moment ofexpropriation. By thematizing that otherex, I disclose, first, the crucial role played in capital accumulation by unfree and dependent labor, which is expropriated, as opposed to exploited; and second, the equally indispensable role of politically enforced status distinctions between free, exploitable citizen-workers and dependent, expropriable subjects. Treating such political distinctions as constitutive of capitalist society and as correlated with thecolor line, I demonstrate that the racialized subjection of those whom capital expropriates is a condition of possibility for the freedom of those whom it exploits. After developing this proposition systematically, I historicize it, distinguishing fourregimes of racialized accumulationaccording to how exploitation and expropriation are distinguished, sited, and intertwined in each. I end by making the case for combined struggles against bothexesand against the larger social system that generates their symbiosis. [ABSTRACT FROM PUBLISHER]

Global Production Networks

Abstract: In the twenty-first century, the world economy has seen substantive challenges and changes, not least the global financial crisis, the ramifications of which are still being felt around the globe. Contemporary economic globalization can be characterized by the increased functional and geographical fragmentation and reconfiguration of production processes, deepening outsourcing and offshoring, changing geographies of production and consumption, and associated labor market dynamics including the ascent of temporary and migrant work. These dynamics have become increasingly prevalent with the rise of neoliberalism and the end of the Cold War, triggering new lines of social sciences inquiry into globalization and economic development. Moving beyond more state-centric approaches to economic development studies, approaches such as commodity chain research and global value chain analysis have been developed to better understand the social and developmental consequences of contemporary capitalism (Bair 2005). It is within this context, sharing such a research agenda, that the global production network (GPN) concept first emerged as an analytical framework and heuristic tool (what is now labeled GPN 1.0) and was subsequently reconceptualized as GPN 2.0 by Coe and Yeung (2015) into a more strongly focused theoretical approach to understand the changing nature and dynamics of economic globalization and