Capitalism is becoming topic du jour. Steve Denning's new book, “Reinventing Capitalism in the Digital Age” has just been published by Cambridge University Press. It's on order and it will be interesting to see if Steve talks of anti-markets, too. Have you read Matt Stoller on Substack?
While I think he has a point, the issue is bigger than that. The poster boys of the "customer capitalism" that he valorizes (Amazon, Google, Facebook) are now somewhat tarnished. Many of these organisations are customer-centric in the same way that sharks are seal-centric. And they are quite willing to throw other groups under the bus in the name of the Customer (in much the same way that the Church burnt heretics in the name of God).
I think we need to recognise that bearable capitalisms require strong countervailing forces like democratic governments and civil (and occasionally uncivil) society groups. I suppose what I'm proposing is a sort of agonistic liberalism.
Yes, agreed re the limitations of the shareholder value perspective, in favour something more socially (logically) nuanced. Been reading 'Privacy is Power' by Carissa Veliz who highlighted the need for change (on the train to work, this morning), arguing that invoking fiduciary duties on Big Tech might be a way to improve data capture and use behaviours (as it would be in shareholders' interests to avoid heavy fines for breaches, among other things)
Capitalism is just private ownership of capital (or as Marx would put it, the means of production). Socialism is social ownership of capital. Markets are just one way of exchanging goods, they’re generally linked because socialist and communist countries typically engage in planning because they think that the best way of establishing what his need is (as in “each according to his need”) is to have someone a long way away tell them. You can have a socialist market economy. Take Australia for instance, government spending has been as high as 40% of gdp - so it’s basically a socialist market economy.
Capitalism is becoming topic du jour. Steve Denning's new book, “Reinventing Capitalism in the Digital Age” has just been published by Cambridge University Press. It's on order and it will be interesting to see if Steve talks of anti-markets, too. Have you read Matt Stoller on Substack?
Thanks Brian - Just signed up to Matt Stoller. Steve Denning has been ranting about the limits of shareholder value maximization for years now so I can kinda predict the book contents - e.g. https://www.forbes.com/sites/stevedenning/2019/08/19/why-maximizing-shareholder-value-is-finally-dying/?sh=66eb93646746
While I think he has a point, the issue is bigger than that. The poster boys of the "customer capitalism" that he valorizes (Amazon, Google, Facebook) are now somewhat tarnished. Many of these organisations are customer-centric in the same way that sharks are seal-centric. And they are quite willing to throw other groups under the bus in the name of the Customer (in much the same way that the Church burnt heretics in the name of God).
I think we need to recognise that bearable capitalisms require strong countervailing forces like democratic governments and civil (and occasionally uncivil) society groups. I suppose what I'm proposing is a sort of agonistic liberalism.
Yes, agreed re the limitations of the shareholder value perspective, in favour something more socially (logically) nuanced. Been reading 'Privacy is Power' by Carissa Veliz who highlighted the need for change (on the train to work, this morning), arguing that invoking fiduciary duties on Big Tech might be a way to improve data capture and use behaviours (as it would be in shareholders' interests to avoid heavy fines for breaches, among other things)
Capitalism is just private ownership of capital (or as Marx would put it, the means of production). Socialism is social ownership of capital. Markets are just one way of exchanging goods, they’re generally linked because socialist and communist countries typically engage in planning because they think that the best way of establishing what his need is (as in “each according to his need”) is to have someone a long way away tell them. You can have a socialist market economy. Take Australia for instance, government spending has been as high as 40% of gdp - so it’s basically a socialist market economy.
"Socialism" is as ill-defined as "capitalism" and "innovation". And in these cases, the devil is in the detail. However it is, indeed, rare to find a completely libertarian economy. Typically you only get it when the state breaks down completely*. Altho some Americans seem to have been having a red hot go - bears not withstanding: https://www.vox.com/policy-and-politics/21534416/free-state-project-new-hampshire-libertarians-matthew-hongoltz-hetling
*"If you like freedom so much then why don't you move to Yemen"