Economics After Capitalism: A Guide to the Ruins and a Road to the Future
Language: English
Pages: 216
ISBN: 0745335071
Format: PDF / Kindle (mobi) / ePub
‘There is no alternative’ has been the unofficial mantra of the neoliberal order since its utterance by Margaret Thatcher in the 1980s. As Derek Wall argues in Economics After Capitalism, there is in fact an alternative to our crisis-ridden, austerity-inflicted world - and not just one alternative, but many. Challenging the arguments for markets, mainstream economics and capitalism from Adam Smith onwards, Economics After Capitalism provides a step-by-step guide to various writers, movements and schools of thought, critical of neoliberal globalisation. These range from Keynesian-inspired reformists such as Geroge Soros and Joseph Stiglitz, critics of inequality like Thomas Piketty and Amaitya Sen, to more radical voices including Naomi Klein, Marxists such as David Harvey, anarchists, and autonomists including Toni Negri and Michael Hardt. By providing a clear and accessible guide to the economics of anti-capitalism, Derek Wall successfully demonstrates that an open source eco-socialist alternative to rampant climate change, elite rule and financial chaos is not just necessary, but possible.
makes sense.’ Equally, ‘When trade liberalization – the lowering of tariffs and elimination of other protectionist measures – is done in the right way’, so that inefficient sectors of the economy are removed and replaced with more competitive ones, there can be ‘significant efficiency gains’ (Stiglitz 2002: 53). Soros argues that in an ‘ideal world’ the complete removal of capital controls would be beneficial, noting that restrictions to prevent money moving across national borders create
believes that credit creation allows firms to invest in factories and machinery, despite a lack of demand for their goods in the short run. Debt rather than driving the system instead functions to smooth out mismatches between supply and demand. Rather than being the ‘heart’ of the system, it is the ‘liver’ or ‘kidney’, an essential but not the essence of the economic body. While Harvey acknowledges that debt creation ultimately leads to greater potential for crisis, he suggests it should be seen
simple free marketeer, he believed in capitalism but was aware of its innate contradictions. He argued that luck and inheritance, as well as hard work, determine how well we do. He saw capitalism as leading to Wall EAC 01 text 1 20/04/2015 10:13 2 economics after capitalism increasing inequality and tending towards crisis, and was also sceptical of ideas of economic rationality (Burgin 2009). In the 1930s, capitalism was in crisis, a severe economic depression occurred and even the likes of
Socialism’. One common theme from Marxists in the movement is the idea that globalisation has not really occurred or is only a cover for imperialism, defined as a political process closely linking economic and military power. Wall EAC 01 text 86 20/04/2015 10:14 imperialism unlimited 87 James Petras and Henry Veltmeyer in Globalisation Unmasked (2001) argue that the capitalist world, far from entering a new era, is essentially the same. They specifically enumerate a range of groups who can
including non-market and non-state institutions. However, both Marx’s broad approach (commons at a macro level) and Ostrom’s approach of a mixed economy of commons, market and state, can be challenged. I do think that trying to deepen our understanding of their work, and taking both Marx’s and Wall EAC 01 text 144 20/04/2015 10:14 life after capitalism 145 Ostrom’s work seriously, is productive for thinking about a post-capitalist world. The concept of the commons should be explored in