Political Economy And American Capitalism

At the dawn of the twenty-first century, the legitimacy of American capitalism seems unchallenged. The link between open markets, economic growth, and democratic success has become common wisdom, not only among policy makers but for many intellectuals as well. In this instance, however, the past has hardly been prologue to contemporary confidence in the free market. American Capitalism presents thirteen thought-provoking essays that explain how a variety of individuals, many prominent intellectuals but others partisans in the combative world of business and policy, engaged with anxieties about the seismic economic changes in postwar America and, in the process, reconfigured the early twentieth-century ideology that put critique of economic power and privilege at its center. The essays consider a broad spectrum of figures—from C. L. R. James and John Kenneth Galbraith to Peter Drucker and Ayn Rand—and topics ranging from theories of Cold War "convergence" to the rise of the philanthropic Right. They examine how the shift away from political economy at midcentury paved the way for the 1960s and the "culture wars" that followed. Contributors interrogate what was lost and gained when intellectuals moved their focus from political economy to cultural criticism. The volume thereby offers a blueprint for a dramatic reevaluation of how we should think about the trajectory of American intellectual history in twentieth-century United States.

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We are now witness to the waning years of the 1900s. Soon, we shall embark upon a bold journey into the uncharted territory of the twenty-first of various persuasions have speculated as to what the century. Futurists oncoming decades might bestow upon us. Not surprising, most predictions are closely tied to advances in technology, especially in astrophysiCS, biochemistry, electronics, and genetics. But what about the economic system? Whatever happens, forces have undoubtedly already been set in motion which will mold (or remold) the structure and character of American capitalism. American capitalism has been, is, and will undoubtedly continue to be a system in transition. Technology perennially changes, albeit at a faster or slower pace sometimes than others, and society's institutions continually adjust to these technological changes. Such adjustments alter the character of our politico-economic system when statutes are enacted, court decisions rendered, administrative agency rules promulgated, and cultural mores realigned to supplant old ones. Other adaptations are brought about when small-group collective action is successful in causing a special status of privilege to be conferred on some members of society, but restrictions to be levied on others.

Despite the reversal of America’s fortune from the triumphalism of the Roaring Nineties to the gloom of the lost decade and the Great Depression, theoretical conceptions of US capitalism have remained surprisingly unchanged. In fact, if the crisis questioned the sustainability of the US capitalist paradigm, it did not fundamentally challenge academic theorization of American political economy. This book departs from the American political economy literature to identify three common myths that have shaped our conceptualization of US capitalism: its reduction to a state-market dyad dis-embedded from societal factors; the illusion of a weak state and the synchronic conception of the US variety of capitalism. To remedy these pitfalls, the authors propose a civilizational approach to American political economy at the crossroads between cultural studies, history, sociology and political science. Drawing together contributions from a rich variety of fields (from geography to cultural studies, political science and sociology) this work sheds a new light on America’s "cultural political economy" combining theoretical reflection with empirical data and offering innovative perspectives on the crisis and renewal of American capitalism.

A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. “A monumental achievement, sure to become a classic.”—Zachary D. Carter, author of The Price of Peace In this ambitious single-volume history of the United States, economic historian Jonathan Levy reveals how capitalism in America has evolved through four distinct ages and how the country’s economic evolution is inseparable from the nature of American life itself. The Age of Commerce spans the colonial era through the outbreak of the Civil War, and the Age of Capital traces the lasting impact of the industrial revolution. The volatility of the Age of Capital ultimately led to the Great Depression, which sparked the Age of Control, during which the government took on a more active role in the economy, and finally, in the Age of Chaos, deregulation and the growth of the finance industry created a booming economy for some but also striking inequalities and a lack of oversight that led directly to the crash of 2008. In Ages of American Capitalism, Levy proves that capitalism in the United States has never been just one thing. Instead, it has morphed through the country’s history—and it’s likely changing again right now. “A stunning accomplishment . . . an indispensable guide to understanding American history—and what’s happening in today’s economy.”—Christian Science Monitor “The best one-volume history of American capitalism.”—Sven Beckert, author of Empire of Cotton

Despite the reversal of America's fortune from the triumphalism of the Roaring Nineties to the gloom of the lost decade and the Great Depression, theoretical conceptions of US capitalism have remained surprisingly unchanged. This book departs from the American political economy literature to identify three common myths that have shaped our conceptualization of US capitalism: its reduction to a state-market dyad dis-embedded from societal factors; the illusion of a weak state and the synchronic conception of the US variety of capitalism. To remedy these pitfalls, the authors propose a civilizational approach to American political economy at the crossroads between cultural studies, history, sociology and political science. Drawing together contributions from a rich variety of fields (from geography to cultural studies, political science and sociology) this work sheds a new light on America's "cultural political economy" combining theoretical reflection with empirical data and offering innovative perspectives on the crisis and renewal of American capitalism. This book will be of interest to students and scholars interested in the dynamics of capitalism and its societal ramifications beyond economics. The multidisciplinary nature of this book also makes it a useful learning tool for students working in American politics, comparative political economy and urban sociology and capitalism and society.

The United States has long epitomized capitalism. From its enterprising shopkeepers, wildcat banks, violent slave plantations, huge industrial working class, and raucous commodities trade to its world-spanning multinationals, its massive factories, and the centripetal power of New York in the world of finance, America has come to symbolize capitalism for two centuries and more. But an understanding of the history of American capitalism is as elusive as it is urgent. What does it mean to make capitalism a subject of historical inquiry? What is its potential across multiple disciplines, alongside different methodologies, and in a range of geographic and chronological settings? And how does a focus on capitalism change our understanding of American history? American Capitalism presents a sampling of cutting-edge research from prominent scholars. These broad-minded and rigorous essays venture new angles on finance, debt, and credit; women’s rights; slavery and political economy; the racialization of capitalism; labor beyond industrial wage workers; and the production of knowledge, including the idea of the economy, among other topics. Together, the essays suggest emerging themes in the field: a fascination with capitalism as it is made by political authority, how it is claimed and contested by participants, how it spreads across the globe, and how it can be reconceptualized without being universalized. A major statement for a wide-open field, this book demonstrates the breadth and scope of the work that the history of capitalism can provoke.

This book investigates Central America's political economy seen through the lens of its powerful business groups. It provides unique insight into their strategies when confronted with a globalized economy, their impact on development of the isthmus, and how they shape the political and economic institutions governing local varieties of capitalism.