9
Structural Crisis, or Why Capitalists May No Longer Find Capitalism Rewarding
8
terms
3
notes
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.
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.
material or substantive rationality (coined by sociologist Max Weber)
11
material or substantive rationality (Weber's materielle Rationalität)
notable
7 years ago
material or substantive rationality (Weber's materielle Rationalität)
notable
7 years ago
Kondratieff cycles
(en)
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
notable
7 years ago
First, the Kondratieff cycles: In order to accumulate significant amounts of capital, producers require a quasi-monopoly
notable
7 years 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.
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.
financialization
(en)
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
notable
7 years ago
[...] concentrate on profits in the financial sector. Today we speak of such "financialization" as though it were an invention of the 1970s
notable
7 years ago
abscissa
(en)
(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
Oder-Neisse line
(en)
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
unknown
7 years ago
running from the Oder-Neisse line in central Europe to the 38th Parallel in Korea
unknown
7 years ago
autarkic
(en)
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
uncertain
7 years ago
reinforced the autarkic character of the Soviet zone
uncertain
7 years ago
syndical
(en)
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
uncertain
7 years ago
collectively make demands on the employer in one form or other of syndical action
uncertain
7 years ago
Solidarność
(en)
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
unknown
7 years ago
The austerity measures that the Polish government put into effect in order to make debt payments were the trigger for Solidarność
unknown
7 years 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.
[...] 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.