Investir avec prudence : les usages d’un impératif juridique par les acteurs du capitalisme financiarisé

The recent history of the prudent investment standard, which provides clear evidence of the changes under way in American capitalism, is recounted by examining three processes: legislative, regulatory and judiciary. By bringing these three into a single study, we can follow up on how this standard has circulated through multiple historical processes of production and institutionalization. Its meaning has been negotiated both at the junction between the federal government's regulatory authority and the political power wielded by employers and financiers and at the junction between the procedural autonomy of judges and the intellectual authority drawn from economic theories. This method leads us to observe that there is no legal definition of this “prudence” but, instead, several overlapping acceptations of the phrase. This suggests that the force of the law is based on this semantic diversity, the latter being put to use in the structural evolution of financial capitalism.     

The Making of Entrepreneurial Islam and the Islamic Spirit of Capitalism 1

This essay examines the relationship between Islam and economy through a case study of Islamic entrepreneurs in Turkey. It analyzes the cultural politics of Islamic entrepreneurs and examines the Islamization of capitalism and the construction of entrepreneurial Islam by probing the interpretative activities of Islamic actors who deconstruct and reconstruct the relationship between Islam, economy and entrepreneurship. The construction of Islam as incompatible with and antagonistic to capitalism has a long history. Vestiges of such thinking still continue to be reflected in contemporary accounts that depict the encounter between Islamic societies and forces of global capital as a hostile battle, each trying to outdo the other. It can be argued that this confrontational scenario is not limited to Islamic world, but also displayed in other accounts that study the meeting of forces of capital with those of local cultures at a global scale. This essay attempts to challenge such dualist accounts that oppose “global capital” and “local culture”, and shows how such dualisms fail to see how capitalism and culture interpenetrate and transform each other. The essay attempts to show that a new synthesis between religion and capitalism is unfolding where culture has not been outdone but is creatively transformed and integrated to capitalism, while capitalism is made a part of “one’s culture”.     

THORSTEIN VEBLEN'S ECONOMIC SYSTEM

This study provides a foundation for an understanding of Veblen's economics by displaying its various parts as components of a system, and analyzing and evaluating them. An examination is made of Veblen's views on the subject-matter of economics, his general theory of economic change, his theory of economic change under capitalism, and his prediction of the end of capitalism, under the emergence of a new economic order. It is shown that he constructed a highly general theory economic change that was scientific in character, but that in dealing with capitalism he wrote primarily as a social philosopher and ideologist.     

How capitalism and the bourgeois virtues transformed and humanized the family

McCloskey's two volumes argue that a change in our ideas about the dignity of human beings laid the groundwork for the tectonic changes in economic organization known as the advent of capitalism and the Industrial Revolution. The Industrial Revolution also changed human behavior by cultivating further the virtues that nourished it. This process can be seen in the way in which the capitalism transformed the family from the realm of “Prudence mostly” to “Love mostly.” Rather than undermining some romanticized vision of family life, capitalism is responsible for humanizing it by opening space for Love.     

The Two Hundred and Fifty Year Transition: How the American Empire Became Capitalist

This paper aims to rethink United States history from the colonial era through the Civil War and Reconstruction by examining how capitalism and empire joined together as the logic of expansion increasingly became driven by the logic of capital over approximately two hundred and fifty years. Specifically, it argues that (what became) the United States originated as a ‘society with capitalism’ and became a ‘capitalist society’. This transition was a highly complex and uneven process as a variety of social forms developed and interacted, and in which there was not one road to capitalism, but a variety, depending on the historical circumstance. To accomplish this, first, the article reviews the Marx‐Weber debate to develop a theoretical and methodological approach to the historical sociology of capitalism. The remainder of the paper focuses on narrating an empirical interpretation of the transition to capitalism including the diversity of labor forms capital historically utilized.     

Class,State, and Revolution in the History of American Capitalism

The significance of the American Revolution has generally been downplayed in accounts of the rise of capitalism in the United States, especially those undertaken from a critical perspective. New approaches to the history of capitalism, however, have emphasised the centrality of the state. This article argues that re‐centring the state's role in the history of capitalism should return attention to the significant restructuring of the American state that occurred during and as a result of the revolution. At the same time, it argues that this restructuring cannot be understood historically outside the context of class‐formation of which it was a part. Revolution reshaped the new nation's capitalist class, in the near term, much more than it did the labouring classes. This reconfiguration encompassed and went beyond the innovation of new political institutions. In the long‐run it helped to underpin the particular development of capitalism in the United States.     

The great trasformismo

ABSTRACT

The purpose of this article is to explore the commonalities and differences between Karl Polanyi and Antonio Gramsci in their assessment of the origins of fascism as located within the rise of capitalism in the nineteenth century and its structural impasse in the twentieth century. Specifically, the aim is to trace a set of associations between Polanyi and Gramsci on the transformations wrought across the states-system of Europe prior to the crises that engulfed capitalism leading to the rise of fascism in the twentieth century. Focusing on the class structures that emerged out of the expansion of capitalism across Europe in the nineteenth century reveals that there was less a ‘great transformation’ in terms of a rupture with the past through the rise of liberal capitalism. Rather, there was more a slow and protracted process of class restoration known as passive revolution, or a ‘Great Trasformismo’, referring to the molecular absorption of class contradictions marking the consolidation and expansion of capitalist social relations. In sum, it is argued that The Great Transformation is understood better if read through the epoch of passive revolution, or The Great Trasformismo, which entailed the restoration and maintenance of class dominance through state power. This approach therefore opens up questions, rather than forecloses answers, about the historical geographies constituting the spaces and places of the political economy of modern capitalism.     

Veblen and Weber, on the Spirit of Capitalism

Abstract Sociology has benefited from inquiries into the theoretical potential in the writings associated with individual 'authors', as well as from the examination of research 'topics' through the works of two or more writers. Of these complementary approaches, the latter provides the basis for this essay. The focus here is on the 'spirit' of modern capitalism from the standpoint of the formulations by Veblen and Weber. These writers provide alternative hypotheses on the decisive variable instrumental to the spirit of capitalism, namely, technology and religion respectively. In most other respects there is remarkable similarity in the two writings. The present analysis has enabled the comprehension of the spirit of capitalism in terms of four sequential phases. These are: early capitalism (capitalism as spirit); early-modern capitalism (capitalism as spirit and economic organization); late-modern capitalism (spiritless capitalism); and post-modernity (society in need of a spirit).     

Is Transition Heading the Wrong Way?

Even after a 15-year-long transition experience the question can be asked whether the transition is heading the wrong way. This question originates from practice and personal experience of the author of this paper. The background of this question consists of four dilemmas. (1) Is transition a constructivist project or a project based on evolution? (2) Is transition a problem to be solved by several generations? (3) What were the expectations from transition? (4) Which social groups needed transition? Do transition countries want to develop a capitalistic system or do they just want to introduce capitalism constructively? What has been achieved till these days in most transition countries is a state of so-called political capitalism. It means a system with strong relations between politics and business. Does political capitalism per se have to turn into entrepreneurial capitalism? No! The current transition paradigm leads us into that trap of belief!     

Hamlet without the Prince of Denmark: Bringing Capitalism back into the ‘New’ History of Capitalism

A growing number of historians are self‐identifying as historians of capitalism, a new subfield within the discipline, and have produced research on interesting new questions that transcend the subfields of economic, business, social, cultural, and political history. Ironically, what is missing from the “new” history of capitalism is any serious engagement with the new subfield's central character—capitalism, which instead is simply assumed despite being a contested concept. The implications are not trivial and include making unfalsifiable claims, unwittingly implying that capitalism is totalizing, and reproducing rather than exposing ahistorical understandings of the concept.     

Finance Capital and the Water Crisis: Insights from Mexico

This paper explores how finance capitalism materializes as socio-ecological process, shedding light on the complex causalities in which current shifts in control over natural resources are embedded. Housing is a critical aspect of financialization. A case study of the financialized housing sector in Central Mexico shows (i) how housing policy serves as a mechanism for the redistribution of wealth from the working class to global finance capital, and (ii) how mortgage-financed housing projects come into being only through an existing water governance regime, while in turn leading to new structures of groundwater governance with profound social and ecological implications. The paper concludes that current accumulation and natural resource regimes interact in complex and contradictory ways that go beyond straightforward resource grabbing. It suggests that Moore’s concept of ‘capitalism in the web of life’ could help to understand how finance capitalism simultaneously transforms the socio-natural world and is produced by it.     

The rise of soft capitalism

Abstract

The worlds of academe and capitalism are moving ever closer together as the cultural value attributed to theory by managers increases. This paper documents this process and, at the same time, provides a critique of it. Accordingly, the paper is in three parts. The first part shows how the discursive make‐up of academe and capitalism have become remarkably similar. The second part of the paper then documents the rise of a ‘soft capitalism’ based upon new discourses of management, which, at the same time, provides powerful technology of justification. The final part of the paper shows that the new discourses of management have a hard edge which impoverishes its practices but may also allow the space for other social models to grow.     

How the British Working Class Became White: The Symbolic (Re)formation of Racialized Capitalism

This article offers an explanation of how and why the British working class, from being marginal to white identity in the nineteenth century, came to adopt and adapt this identity in the twentieth century. The changing position of whiteness within the symbolic constitution of capitalism is discussed. More specifically, the transition from whiteness as bourgeois identity within Victorian, relatively laissez-faire, capitalism to whiteness as a popular, or mass, identity, within the more state interventionist capitalism of the twentieth century is used to exemplify the mutable nature, and political complexities, of the relationship between working class and white identities. The paper concludes with some observations on the implications of this argument for the theory and practice of anti-racism.     

Overcoming neoliberal globalization: social-ecological transformation from a Polanyian perspective and beyond

ABSTRACT

The ecological crisis has intensified in many respects. Prominent proposals to deal with the crisis are discussed under the header ‘sustainability transformations’ or even ‘Great Transformation’. We argue that most contributions suffer from a narrow analytical approach to transformation ignoring the largely unsustainable dynamics of global capitalism and the power relations involved in it. Thus, a ‘new critical orthodoxy’ of knowledge about transformation is emerging which runs the danger to contribute to a spatially and socially highly uneven green capitalism. This article claims that the current debate on social-ecological transformation can be enriched by a Polanyian understanding but also based on regulation theory. We distinguish between three types of transformation: incremental adaptation of the current institutional systems, institutional change in favour of a new ‘green’ phase of capitalism, and a post-capitalist great transformation that implies a profound structural change of the mode of production and living.     

A Theory of Capitalist Slavery

The relationship between slavery and capitalism has become a renewed topic of debate, yet scholars have not been able to agree on a definition of capitalism. In this article I first clear up some misconceptions and situate the debate in the Marxian tradition from which it arose. I argue that while non‐Marxian accounts of capitalism fail to explain the key social transformations that have accompanied the rise of capitalism globally, Marxian accounts have failed to comprehend similar transformations that occurred on American slave plantations in the 19th century. I then present a general model of capitalism, building on earlier work by Brenner and Wood, that both incorporates and explains the distinctive dynamics of capitalist slavery in the antebellum South.     

The capitalist metabolism: an unachieved subsumption of life under the value-form

Abstract

This article views capitalism not only as a mode of production, but also as a mediation of the reproduction of life (human and non-human), following the concept of ‘social metabolism’ that Marx employs to analyze the interaction between the individuals composing a society and their natural environment. Insofar as the ‘value-form’ is the distinctive social relation of capitalism, it appears necessary to ask whether the metabolic process of reproduction can be fully subsumed under this form. Marx takes for granted the idea that the reproduction of labor-power consists only in the consumption of commodities resulting from abstract labor, thus omitting the appropriation of unpaid domestic work, mostly performed by women. Feminist criticism clarifies how capitalism always depends on some reproductive work being appropriated for the accumulation of surplus-value without being integrated in the value-form. Following Jason W. Moore, I attempt to indicate that the same logic is at work for the reproduction of non-human life under the capitalist value-form, thus contradicting the sustainable reproduction of its own natural conditions. These two limitations of the capitalist subsumption of life open a new space for an expanded critique of capitalism, which goes beyond the exploitation of waged work by reflecting upon the concerns of feminist and ecological struggles.     

The subject of objects: Marx,new materialism, & queer forms of life

Abstract

This article examines two interrelated themes in the scholarship categorized as ‘new materialism’: first, the aim to undermine the subject/object distinction; second, the proposition that agency exists across the material world. While new materialists, such as Jane Bennett, conceive of their approach as an intervention against the injurious effects of capitalism, I argue that destabilizing the object/subject binary and endowing inanimate objects with vitality and agency is actually a constitutive feature of capitalism itself. To illustrate this point, I turn to Marx’s analysis, providing a queer reading of his theorization of commodities. Revisting Marx’s account of commodity fetishism in tandem with new materialism yields fresh insights into the logics of capitalism, specifically, the manner in which it thrives on concurrently producing and erasing subjectivities, thereby distorting social materiality and material sociality.     

Schizocapital and the branding of American psychosis

Abstract

This essay reads Deleuze and Guattari's Anti‐Oedipus, somewhat perversely, as a radical Lacanian means of conceptualizing hypermodern capitalism. If, as Deleuze and Guattari argue, it is psychoanalysis that rediscovers and retraces the death instinct in classical, nineteenth‐century capitalism, Deleuze and Guattari's schizoanalysis better exemplifies the ways in which the deterritorializing flows of twenty‐frrst‐century global capitalism have overcoded and overwritten that classical, nineteenth‐century order of things. Taking Bret Easton Ellis's novel, American Psycho as its symptomatic text, this essay discusses the implications, raised hysterically in the novel, of an unrestricted economy in which the ‘subject’ is no longer held in place by a governing (master or paternal) signifier in relation to a traditional symbolic order. The essay shows how Lacan's notion of ‘the Other’ has been reconfigured, in relation to consumer capitalism, such that it takes the form of a purely machinic imperative that turns the subject into an economically dividuated producing/product. The subject has become a little machine hooked up to the big machine that maintains it in debt in a continual process of consumption‐production of commodities, brands and identities.     

The Imperial and Transpacific Origins of Chinese Capitalism

This article restores early colonial Hong Kong to a key role in the history of capitalism and the integration of the Pacific. It argues that in the 1840s Hong Kong became the first identifiably capitalist Chinese society and a nexus between the China coast and both the expanding British and US imperial systems. It first demonstrates how Hong Kong's colonial regime swiftly re‐structured the island's social‐property relations and scaffolded its residents toward the ceaseless accumulation of capital. It then examines how this nascent node of Chinese capitalism integrated with the westward expansion of American capitalism amid the California Gold Rush and concludes by analyzing how Hong Kong's transpacific networks facilitated the expansion of capitalist systems into late nineteenth‐century China, most especially Shanghai.     

The Adaptation of Western Management Ideologies: The Revised Capitalism of Keizai Doyukai in Postwar Japan

Abstract:  Keizai Doyukai (The Japan Committee for Economic Development) proposed a unique management ideology known as "revised capitalism" immediately after World War II. Doyukai was a totally new business association established by young managers in 1946, and this was in sharp contrast with Keidanren, which evolved from its prewar predecessor. The concept of revised capitalism consisted in the equilibrium of management, labor, and capital on an equal power basis, and had a solid theoretical foundation. Although it was an important milestone in the history of management ideology, it has been misinterpreted to date. In particular, it is commonly believed that Banjo Otsuka, one of Doyukai's inaugurators, imitated the ideas of Western management thought in Burnham's The Managerial Revolution and Berle and Means's The Modern Corporation and Private Property in formulating revised capitalism. This comparative analysis reveals otherwise. I hold that Otsuka enhanced the role of labor and blended the prewar management thought of Japan with the ideologies of Burnham and of Berle and Means. The role of labor was critical because the initial occupation policy of SCAP (Supreme Commander for the Allied Powers) encouraged the labor movement. It also explains why revised capitalism disappeared so rapidly once SCAP changed its policy and started to suppress labor unions in 1948. In broader terms, this analysis has two theoretical implications: that political context can strongly influence the rise and decline of a management ideology; and that a management ideology can retain certain traditional elements even under radical political changes.