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.
Libertarian socialism is an anti-authoritarian and anti-capitalist political current that emphasises self-governance and workers' self-management. It is contrasted from other forms of socialism by its rejection of state ownership and from other forms of libertarianism by its rejection of private property. Broadly defined, it includes schools of both anarchism and Marxism, as well as other tendencies that oppose the state and capitalism.
Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is considered the standard left wing ideology in most countries of the world. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.
Participatory economics, often abbreviated Parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impact on a person or group of people. Participatory economics is a form of a socialist decentralized planned economy involving the collective ownership of the means of production. It is a proposed alternative to contemporary capitalism and centralized planning. This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision.
Michael Albert is an American economist, speaker, writer, and political critic. Since the late 1970s, he has published on a variety of subjects. He has set up his own media outfits, magazines, and podcasts. He is known for helping to develop the socioeconomic theory of participatory economics.
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor needed, so that they become available to all very cheaply or even freely.
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.
Criticism of capitalism is a critique of political economy that involves the rejection of, or dissatisfaction with the economic system of capitalism and its outcomes. Criticisms typically range from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety.
Pat Devine is a radical socialist economist concerned mainly with industrial economics and comparative economic systems.
Degrowth is an academic and social movement critical of the concept of growth in gross domestic product as a measure of human and economic development. The idea of degrowth is based on ideas and research from economic anthropology, ecological economics, environmental sciences, and development studies. It argues that modern capitalism's unitary focus on growth causes widespread ecological damage and is unnecessary for the further increase of human living standards. Degrowth theory has been met with both academic acclaim and considerable criticism.
Erik Olin Wright was an American analytical Marxist sociologist at the University of Wisconsin–Madison, specializing in social stratification and in egalitarian alternative futures to capitalism. He was known for diverging from classical Marxism in his breakdown of the working class into subgroups of diversely held power and therefore varying degrees of class consciousness. Wright introduced novel concepts to adapt to this change of perspective including deep democracy and interstitial revolution.
The socialist mode of production, also known as socialism or communism, is a specific historical phase of economic development and its corresponding set of social relations that emerge from capitalism in the schema of historical materialism within Marxist theory. The Marxist definition of socialism is that of production for use-value, therefore the law of value no longer directs economic activity. Marxist production for use is coordinated through conscious economic planning. According to Marx, distribution of products is based on the principle of "to each according to his needs"; Soviet models often distributed products based on the principle of "to each according to his contribution". The social relations of socialism are characterized by the proletariat effectively controlling the means of production, either through cooperative enterprises or by public ownership or private artisanal tools and self-management. Surplus value goes to the working class and hence society as a whole.
PostCapitalism: A Guide to Our Future is a 2015 book by British journalist and writer Paul Mason.
Nick Srnicek is a Canadian writer and academic. He is currently a lecturer in Digital Economy in the Department of Digital Humanities, King's College London. Srnicek is associated with the political theory of accelerationism and a post-scarcity economy.
Inventing the Future: Postcapitalism and a World Without Work is a 2015 monograph by Nick Srnicek and Alex Williams, published by Verso Books.
Jason Edward Hickel is an anthropologist and professor at the Autonomous University of Barcelona. Hickel's research and writing focuses on economic anthropology and development, and is particularly opposed to capitalism, neocolonialism, as well as economic growth as a measure of human development.
Growth imperative is a term in economic theory regarding a possible necessity of economic growth. On the micro level, it describes mechanisms that force firms or consumers (households) to increase revenues or consumption to not endanger their income. On the macro level, a political growth imperative exists if economic growth is necessary to avoid economic and social instability or to retain democratic legitimacy, so that other political goals such as climate change mitigation or a reduction of inequality are subordinated to growth policies.
Capital in the Anthropocene is a 2020 non-fiction book by Japanese academic Kohei Saito. Drawing from writings on ecology and natural science by Karl Marx, the book presents a Marxist argument for degrowth as a means of mitigating climate change. Capital in the Anthropocene was an unexpected commercial success in Japan, selling over half a million copies.
