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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. The defining characteristics of capitalism include private property,capital accumulation,competitive markets,price systems,recognition of property rights,self-interest,economic freedom,meritocracy,work ethic,consumer sovereignty,economic efficiency,limited role of government,profit motive,a financial infrastructure of money and investment that makes possible credit and debt,entrepreneurship,commodification,voluntary exchange,wage labor,production of commodities and services,and a strong emphasis on innovation and economic growth. In a market economy,decision-making and investments are determined by owners of wealth,property,or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Corporatocracy is an economic,political and judicial system controlled by business corporations or corporate interests.
Neoliberalism is both a political philosophy and a term used to signify the late-20th-century political reappearance of 19th-century ideas associated with free-market capitalism. The term has multiple,competing definitions,and is often used pejoratively. In scholarly use,the term is often left undefined or used to describe a multitude of phenomena. However,it is primarily employed to delineate the societal transformation resulting from market-based reforms.
Accumulation by dispossession is a concept presented by the Marxist geographer David Harvey. It defines neoliberal capitalist policies that result in a centralization of wealth and power in the hands of a few by dispossessing the public and private entities of their wealth or land. Such policies are visible in many western nations from the 1970s and to the present day. Harvey argues these policies are guided mainly by four practices:privatization,financialization,management and manipulation of crises,and state redistributions.
David W. Harvey is a British-American academic best known for Marxist analyses that focus on urban geography as well as the economy more broadly. He is a Distinguished Professor of anthropology and geography at the Graduate Center of the City University of New York (CUNY). Harvey has authored many books and essays that have been prominent in the development of modern geography as a discipline. He is a proponent of the idea of the right to the city.
Nancy Fraser is an American philosopher,critical theorist,feminist,and the Henry A. and Louise Loeb Professor of Political and Social Science and professor of philosophy at The New School in New York City. Widely known for her critique of identity politics and her philosophical work on the concept of justice,Fraser is also a staunch critic of contemporary liberal feminism and its abandonment of social justice issues. Fraser holds honorary doctoral degrees from four universities in three countries,and won the 2010 Alfred Schutz Prize in Social Philosophy from the American Philosophical Association. She was President of the American Philosophical Association Eastern Division for the 2017–2018 term.
Capitalism is an economic system based on the private ownership of the means of production. This is generally taken to imply the moral permissibility of profit,free trade,capital accumulation,voluntary exchange,wage labor,etc. Its emergence,evolution,and spread are the subjects of extensive research and debate. Debates sometimes focus on how to bring substantive historical data to bear on key questions. Key parameters of debate include:the extent to which capitalism is natural,versus the extent to which it arises from specific historical circumstances;whether its origins lie in towns and trade or in rural property relations;the role of class conflict;the role of the state;the extent to which capitalism is a distinctively European innovation;its relationship with European imperialism;whether technological change is a driver or merely a secondary byproduct of capitalism;and whether or not it is the most beneficial way to organize human societies.
Suncorp Group Limited,known simply as Suncorp,is an Australian finance,insurance and banking corporation based in Brisbane,Queensland,Australia. It was formed on 1 December 1996 by the merger of Suncorp,Metway Bank and the Queensland Industry Development Corporation (QIDC),and is one of Australia's mid-sized banks and its largest general insurance group.
James R. Crotty was an American Post-Keynesian macroeconomist whose research in theory and policy attempts to integrate the complementary analytical strengths of the Marxian and Keynesian traditions. He has made contributions to the social structure of accumulation (SSA) theory;the implications of radical uncertainty for macro theory and theories of financial markets.
Hyman Philip Minsky was an American economist,a professor of economics at Washington University in St. Louis,and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises,which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because,in the Keynesian tradition,he supported some government intervention in financial markets,opposed some of the financial deregulation of the 1980s,stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets.
Rentier capitalism is a concept in Marxist and heterodox economics to refer to rent-seeking and exploitation by companies in capitalist systems. The term was developed by Austrian social geographer Hans Bobek describing an economic system that was widespread in antiquity and still widespread in the Middle East,where productive investments are largely lacking and the highest possible share of income is skimmed off from ground-rents,leases and rents. Consequently,in many developing countries,rentier capitalism is an obstacle to economic development. A rentier is someone who earns income from capital without working. This is generally done through ownership of assets that generate yield,such as rental properties,shares in dividend paying companies,or bonds that pay interest.
Hon. Andrew John Glyn was an English economist,University Lecturer in Economics at the University of Oxford and Fellow and Tutor in Economics in Corpus Christi College. A Marxian economist,his research interests focused on issues of unemployment and inequality.
Financialization is a term sometimes used to describe the development of financial capitalism during the period from 1980 to present,in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors.
Michael Hudson is an American economist,Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College,former Wall Street analyst,political consultant,commentator and journalist. He is a contributor to The Hudson Report,a weekly economic and financial news podcast produced by Left Out.
Naked Capitalism is a liberal American financial news and analysis group blog. Susan Webber,the principal of Aurora Advisors Incorporated,a management-consulting firm based in New York City,launched the site in late 2006,using the pen name Yves Smith. She focused on finance and economic news and analysis,with an emphasis on legal and ethical issues of the banking industry and the mortgage foreclosure process,the worldwide effects of the 2007–2008 financial crisis,the Great Recession,and its aftermath. Since 2020,the site has also provided a special,continuing coverage of the COVID-19 pandemic. The site became one of the most highly frequented financial blogs on the Internet and has published a number of noted exposés since.
AMP Capital was a large global investment manager headquartered in Sydney,Australia. Its owner,AMP Group,was established in 1849,and is one of Australia's largest retail and corporate pension providers. AMP Capital has a strategic alliance with Mitsubishi UFJ Trust and Banking Corporation.
This Changes Everything:Capitalism vs. the Climate is Naomi Klein's fourth book;it was published in 2014 by Simon &Schuster. Klein argues that the climate crisis cannot be addressed in the current era of neoliberal market fundamentalism,which encourages profligate consumption and has resulted in mega-mergers and trade agreements hostile to the health of the environment.
Meltdown:The End of the Age of Greed is a 2009 book by British journalist and writer Paul Mason. An updated edition was released in 2010.
William Davies is an English writer,political and sociological theorist. His work focuses on the issues of consumerism,happiness,and the history and function of expertise on society. Davies has written for a variety of newspapers and periodicals including The Guardian,New Left Review,London Review of Books,and The Atlantic. In 2015 Davies published his second book The Happiness Industry,which assesses the relationship between consumer capitalism,big data and positive psychology. Davies is Professor of Political Economy at Goldsmiths,University of London,where he is co-director of The Political Economy Research Centre in London.
Oli Mould is a British professor in human geography at Royal Holloway,University of London. His academic research,and his writing,focuses on the role of urban creativity,activism and politics.
References
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- 1 2 "The Price Is Wrong by Brett Christophers review – why capitalism can't save the planet | Business and finance books | The Guardian". amp.theguardian.com.
- 1 2 "The New Enclosure by Brett Christophers review – the sale of public land in neoliberal Britain | Politics books | The Guardian". amp.theguardian.com.
- 1 2 "Our Lives in Their Portfolios — owners in the shadows". www.ft.com.
- ↑ Pollard, Jane; Leyshon, Andrew; Henderson, George; Christophers, Brett (April 7, 2014). "Book review symposium: Locating banks, tracking money: Banking across Boundaries: Placing Finance in Capitalism (2013)". Progress in Human Geography. 38 (2): 319–329. doi:10.1177/0309132513500759 – via CrossRef.
- ↑ Howard, Mark R. S. (December 7, 2023). "Book Reviews: Rentier Capitalism: Who Owns the Economy, and Who Pays for It?". Review of Radical Political Economics. 55 (4): 728–732. doi: 10.1177/04866134231183739 – via CrossRef.