Capitalism

About: Capitalism is a research topic. Over the lifetime, 27714 publications have been published within this topic receiving 858042 citations.

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.

Making globalization good : the moral challenges of global capitalism

Abstract: Gordon Brown, Jonathan Sacks, Joseph Stiglitz, Hans Kung, Shirley Williams, and a dozen other leading thinkers in international business and ethics identify the pressing moral issues which global capitalism must answer. How can we develop a global economic architecture, which is efficient, morally acceptable, geographically inclusive and sustainable over time? If global capitalism-arguably the most efficient wealth creating system currently known to man-is to be both economically viable and socially acceptable, each of its four constituent institutions (markets, governments, supranational agencies and civil society) must not only be technically competent, but also be buttressed and challenged by a strong moral ethos. The book includes contributions from leading academics, politicians, and moralists. Recognizing that solutions will not come from any one quarter, and that any serious discussion of a just and equitable system will touch on questions of ethics and faith, the book approaches the issues from a range of different disciplines and forums.