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9

Structural Crisis, or Why Capitalists May No Longer Find Capitalism Rewarding

8
terms
3
notes

when analysing a system like capitalism, you divide it into three moments:

he proposes that financialisation isn't just something that started happening in the 1970s - it's a longstanding practice in all Kondratieff B-phases (when profits decline sufficiently in a given industry)

Wallerstein, I. (2013). Structural Crisis, or Why Capitalists May No Longer Find Capitalism Rewarding. In J. Calhoun, C. et al Does Capitalism Have a Future?. Oxford University Press, pp. 9-36

10

In my view, for a historical system to be considered a capitalist system, the dominant or deciding characteristic must be the persistent search for the endless accumulation of capital—the accumulation of capital in order to accumulate more capital. And for this characteristic to prevail, there must be mechanisms that penalize any actors who seek to operate on the basis of other values or other objectives, such that these nonconforming actors are sooner or later eliminated from the scene, or at least severely hampered in their ability to accumulate significant amounts of capital. All the many institutions of the modern world-system operate to promote, or at least are constrained by the pressure to promote, the endless accumulation of capital.

—p.10 by Immanuel Wallerstein 2 years, 4 months ago

In my view, for a historical system to be considered a capitalist system, the dominant or deciding characteristic must be the persistent search for the endless accumulation of capital—the accumulation of capital in order to accumulate more capital. And for this characteristic to prevail, there must be mechanisms that penalize any actors who seek to operate on the basis of other values or other objectives, such that these nonconforming actors are sooner or later eliminated from the scene, or at least severely hampered in their ability to accumulate significant amounts of capital. All the many institutions of the modern world-system operate to promote, or at least are constrained by the pressure to promote, the endless accumulation of capital.

—p.10 by Immanuel Wallerstein 2 years, 4 months ago

material or substantive rationality (coined by sociologist Max Weber)

11

material or substantive rationality (Weber's materielle Rationalität)

—p.11 by Immanuel Wallerstein
notable
2 years, 8 months ago

material or substantive rationality (Weber's materielle Rationalität)

—p.11 by Immanuel Wallerstein
notable
2 years, 8 months ago

a proposed economic phenomenon whereby profits decrease over time (as monopolistic forces decline), in a cycle; phases: expansion, stagnation, and recession

11

First, the Kondratieff cycles: In order to accumulate significant amounts of capital, producers require a quasi-monopoly

—p.11 by Immanuel Wallerstein
notable
2 years, 8 months ago

First, the Kondratieff cycles: In order to accumulate significant amounts of capital, producers require a quasi-monopoly

—p.11 by Immanuel Wallerstein
notable
2 years, 8 months ago
13

They can also, in part or in whole, transfer their search for capital from the production (and even the commercial) sphere, and concentrate on profits in the financial sector. Today we speak of such “financialization” as though it were an invention of the 1970s. But it is actually a very long-standing practice in all Kondratieff B-phases. As Braudel has shown, the truly successful capitalists have always been those who reject “specialization” in industry, commerce, or finance, preferring to be generalists who move between these processes as opportunities dictate.

—p.13 by Immanuel Wallerstein 2 years, 4 months ago

They can also, in part or in whole, transfer their search for capital from the production (and even the commercial) sphere, and concentrate on profits in the financial sector. Today we speak of such “financialization” as though it were an invention of the 1970s. But it is actually a very long-standing practice in all Kondratieff B-phases. As Braudel has shown, the truly successful capitalists have always been those who reject “specialization” in industry, commerce, or finance, preferring to be generalists who move between these processes as opportunities dictate.

—p.13 by Immanuel Wallerstein 2 years, 4 months ago

the process whereby the financial industry becomes more prominent

14

[...] concentrate on profits in the financial sector. Today we speak of such "financialization" as though it were an invention of the 1970s

—p.14 by Immanuel Wallerstein
notable
2 years, 8 months ago

[...] concentrate on profits in the financial sector. Today we speak of such "financialization" as though it were an invention of the 1970s

—p.14 by Immanuel Wallerstein
notable
2 years, 8 months ago

(mathematics, in a system of coordinates) the distance from a point to the vertical or y -axis, measured parallel to the horizontal or x -axis; the x -coordinate

17

and the x-axis or abscissa measuring time

—p.17 by Immanuel Wallerstein
notable
2 years, 8 months ago

and the x-axis or abscissa measuring time

—p.17 by Immanuel Wallerstein
notable
2 years, 8 months ago

the international border between Germany and Poland; drawn at the Potsdam Conference in the aftermath of WWII

18

running from the Oder-Neisse line in central Europe to the 38th Parallel in Korea

—p.18 by Immanuel Wallerstein
unknown
2 years, 8 months ago

running from the Oder-Neisse line in central Europe to the 38th Parallel in Korea

—p.18 by Immanuel Wallerstein
unknown
2 years, 8 months ago

the condition of self-sufficiency, especially economic, as applied to a nation; a national policy of economic independence

19

reinforced the autarkic character of the Soviet zone

—p.19 by Immanuel Wallerstein
uncertain
2 years, 8 months ago

reinforced the autarkic character of the Soviet zone

—p.19 by Immanuel Wallerstein
uncertain
2 years, 8 months ago

of or relating to a union of persons engaged in a particular trade

21

collectively make demands on the employer in one form or other of syndical action

—p.21 by Immanuel Wallerstein
uncertain
2 years, 8 months ago

collectively make demands on the employer in one form or other of syndical action

—p.21 by Immanuel Wallerstein
uncertain
2 years, 8 months ago

a Polish labour union that was founded on 17 September 1980;s the first trade union in a Warsaw Pact country that was not controlled by a communist party

30

The austerity measures that the Polish government put into effect in order to make debt payments were the trigger for Solidarność

—p.30 by Immanuel Wallerstein
unknown
2 years, 8 months ago

The austerity measures that the Polish government put into effect in order to make debt payments were the trigger for Solidarność

—p.30 by Immanuel Wallerstein
unknown
2 years, 8 months ago
32

[...] fear leads to the search for political alternatives of kinds not entertained before. The media refer to this as populism, but it is far more complicated than this slogan term suggests. For some the fear leads to multiple and irrational scapegoatings. For others, it leads to the willingness to unthink deeply ingrained assumptions about the operations of the modern world-system. Th is can be seen in the United States as the difference between the Tea Party movement and the Occupy Wall Street movement.

—p.32 by Immanuel Wallerstein 2 years, 4 months ago

[...] fear leads to the search for political alternatives of kinds not entertained before. The media refer to this as populism, but it is far more complicated than this slogan term suggests. For some the fear leads to multiple and irrational scapegoatings. For others, it leads to the willingness to unthink deeply ingrained assumptions about the operations of the modern world-system. Th is can be seen in the United States as the difference between the Tea Party movement and the Occupy Wall Street movement.

—p.32 by Immanuel Wallerstein 2 years, 4 months ago