Capitalism And Its Uncertain Future

For decades, Charles Lemert has been the leading voice in social theory. In Capitalism and its Uncertain Future he teams up with one of the most creative emerging social theorists, Kristin Plys, to examine how social theory imagines capitalism. This engaging and innovative book provides new perspectives on well known theorists from Adam Smith, and Frantz Fanon, to Gilles Deleuze, while also introducing readers to lesser known theorists such as Lucia Sanchez Saornil, Mohammad Ali El Hammi, and many more. The book examines theories of capitalism from four perspectives: macro-historical theories of the origins of capitalism; postcolonial theories of capitalism that situate capitalism as seen from the Global South; theories of capitalism from the perspective of labor; and prospective theories of capitalism’s uncertain future. This provocative and ambitious, yet accessible, perspective on theories of capitalism will be of interest to anyone who wants to explore where we’ve been and where we’re headed.

For decades, Charles Lemert has been the leading voice in social theory. In Capitalism and its Uncertain Future he teams up with one of the most creative emerging social theorists, Kristin Plys, to examine how social theory imagines capitalism. This engaging and innovative book provides new perspectives on well known theorists from Adam Smith, and Frantz Fanon, to Gilles Deleuze, while also introducing readers to lesser known theorists such as Lucia Sanchez Saornil, Mohammad Ali El Hammi, and many more. The book examines theories of capitalism from four perspectives: macro-historical theories of the origins of capitalism; postcolonial theories of capitalism that situate capitalism as seen from the Global South; theories of capitalism from the perspective of labor; and prospective theories of capitalism's uncertain future. This provocative and ambitious, yet accessible, perspective on theories of capitalism will be of interest to anyone who wants to explore where we've been and where we're headed.

In this provocative study, economist Ernesto Screpanti argues that imperialism—far from disappearing or mutating into a benign “globalization”—has in fact entered a new phase, which he terms “global imperialism.” This is a phase defined by multinational firms cut loose from the nation-state framework and free to chase profits over the entire surface of the globe. No longer dependent on nation-states for building a political consensus that accommodates capital accumulation, these firms seek to bend governments to their will and destroy barriers to the free movement of capital. And while military force continues to play an important role in imperial strategy, it is the discipline of the global market that keeps workers in check by pitting them against each other no matter what their national origin. This is a world in which the so-called “labor aristocracies” of the rich nations are demolished, the power of states to enforce checks on capital is sapped, and global firms are free to pursue their monomaniacal quest for profits unfettered by national allegiance. Screpanti delves into the inner workings of global imperialism, explaining how it is different from past forms of imperialism, how the global distribution of wages is changing, and why multinational firms have strained to break free of national markets. He sees global imperialism as a developing process, one with no certain outcome. But one thing is clear: when economic crises become opportunities to discipline workers, and when economic policies are imposed through increasingly authoritarian measures, the vision of a democratic and humane world is what is ultimately at stake.

The global economy is changing: experts are noting slow growth in the advanced economies, greater volatility in international markets, and the emergence of state-owned companies in the competitive marketplace. This forward-looking reference explores the role that state capitalism plays within the political structures of countries throughout the world. The text begins with an introduction to state capitalism, moves into an in-depth examination of several countries and regions, and concludes with a discussion on the future of state capitalism in the next decade. Coauthors Scott B. MacDonald.

Uncertain Futures: An Assessment of the Conditions of the Present provides a detailed look into the economic and political conditions of our present moment from a Marxist perspective. Key aspects of Marxist economic theory are illustrated in clear ways in order to provide an easy introduction to Marxist thought and their applicability. The book also examines the sluggish recovery from the Great Recession, in the context of the long-term feasibility of sustaining the capitalist system by placing it into a historical framework. It considers the necessity of social democratic reforms while calling for an anarchic re-invigoration of the politics of everyday life.

A provocative and timely look at the current state of global economics, particularly how the state-owned companies of Russia, China, Latin America, and other emerging markets are influencing how people work, how they consume, and how they prosper. The global economy is changing: experts are noting slow growth in the advanced economies, greater volatility in international markets, and the emergence of state-owned companies in the competitive marketplace. This forward-looking reference explores the role that state capitalism plays within the political structures of countries throughout the world. The text begins with an introduction to state capitalism, moves into an in-depth examination of several countries and regions, and concludes with a discussion on the future of state capitalism in the next decade. Coauthors Scott B. MacDonald and Jonathan Lemco examine the challenges that state-owned companies face in the global economy, including a weak legal and commercial infrastructure, a conflict of interest between politics and business, and massive corruption in local and regional governments. A close review of the perils of state capitalism based on meritocracy devolving into crony capitalism invites debate on the longevity of this economic system versus a free market economy.

Uncertain Futures considers how economic actors visualize the future and decide how to act in conditions of radical uncertainty. It starts from the premise that dynamic capitalist economies are characterized by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be reduced to measurable risk. The organizing question then becomes how economic actors form expectations and make decisions despite the uncertainty they face. This edited volume lays the foundations for a new model of economic reasoning by showing how, in conditions of uncertainty, economic actors combine calculation with imaginaries and narratives to form fictional expectations that coordinate action and provide the confidence to act. It draws on groundbreaking research in economic sociology, economics, anthropology, and psychology to present theoretically grounded empirical case studies. These demonstrate how grand narratives, central bank forward guidance, economic forecasts, finance models, business plans, visions of technological futures, and new era stories influence behaviour and become instruments of power in markets and societies. The market impact of shared calculative devices, social narratives, and contingent imaginaries underlines the rationale for a new form of narrative economics.

Consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How do these actors assess uncertainty? Jens Beckert adds a new chapter to the theory of capitalism by showing how fictional expectations drive modern economies—or throw them into crisis when imagined futures fail to materialize.