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The image I have of the end of capitalism – an end that I believe is already under way – is one of a social system in chronic disrepair, for reasons of its own and regardless of the absence of a viable alternative. While we cannot know when and how exactly capitalism will disappear and what will su…

[...] What the deterioration of public finances was related to was declining overall levels of taxation (Figure 1.5) and the increasingly regressive character of tax systems, as a result of ‘reforms’ of top income and corporate tax rates (Figure 1.6). Moreover, by replacing tax revenue with debt, g…

[...] Egalitarian democracy, regarded under Keynesianism as economically productive, is considered a drag on efficiency under contemporary Hayekianism, where growth is to derive from insulation of markets – and of the cumulative advantage they entail – against redistributive political distortions.

Summing up, social life and capital accumulation in the post-capitalist interregnum depend on individuals-as-consumers adhering to a culture of competitive hedonism, one that makes a virtue out of the necessity of having to struggle with adversity and uncertainty on one’s own. For capital accumul…

Marx was aware that one reason why British workers were able to get the Factory Act passed was that employers themselves were concerned about the ongoing destruction of labour in the ‘satanic mills’ of their factories. Exposed to competition, however, and only weakly organized, they could not act o…