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Showing posts with the label “liberal capitalism”

Capitalist Modernity: The New Authoritarian Personality

“ Late modernity is a capitalist modernity , which, as a permanent process of rationalisation and secularisation, constantly gives rise to what  Georg Lukács  called ‘transcendental homelessness’. Modern humans have lost any spiritual sense of meaning. For Lukács, reading novels was one way of dealing with this problem. One can immerse oneself in literature and imagine a different world. Today, the growing numbers of esoteric communities and other forms of spiritual sense-making indicate there is considerable demand for transcendence. The rise of libertarian authoritarianism is also a consequence of the weakness of the left and social movements. It has often lost its anti-establishment appeal. Many people no longer see the left as sufficiently critical of the state and the media. It is no longer seen as a legitimate representative of a collective criticism of power and a productive counter-knowledge. Social movements such as  feminism  and the anti-nuclear movement h...

A Review of Branko Milanovic’s Capitalism, Alone

A leading liberal economist’s latest book. The wrong assumption, and not hardly questioned by the reviewer, is that socialism and communism existed in modern times. “ Capitalism, Alone  demonstrates the limits of studying capitalism’s empirical effects without a theory of how the system actually works—or especially, how it doesn’t.” Surely, without (referring to) theory–the Marxist tenets and analysis–then our description of the socio-economic system that existed in the Soviet Union, would be the mainstream one: socialist/communist. A fundamental pillar of capitalism is the rate of profit, not just profit-making. This also has not been even hinted at. How any form of capitalism that is dominated by private capital invests and therefore achieves growth is determined by the rate of return.  “ Where the globalization literature of the 2000s was exultant with promise, Milanovic’s book frankly admits the limitations of actually existing capitalism and resigns itself to making the b...