Thursday, July 26, 2012

Aphorisms About Capitalism and Sociality

It has to be socially embedded.
     Capitalism won't work if it doesn't occur in a social context.
Capitalism belongs to the society. It is social.
     Therefore, most of our thinking on capitalism is wrong.

The capitalism is in decay; it getting worse, not better.
     We need to distinguish socially healthy from socially degenerate capitalism.

Today's "capitalism" is not really capitalism. It is dying.
     We need to think about what real f.m. capitalism would be.

     A decaying capitalist corpse-like thing does not have its integrated social quality is a recipe for disaster.
     Nor does it have the older agrarian culture backing it up (and acting as an alternative place to go).

Capitalism is not a 7-11, nor is it a stock exchange. It is a social system, and therefore the Wall St.Journal version is not the real capitalism. As that version is found in the "Opinion" section, the comment does not mean to disparage their coverage of the news, which is decent.

A "socially embedded" capitalism, as the phrase occurs above, is a capitalism that exists in a social and cultural context. This kind of linkage in itself would be a good subject for study. The phenomenon, of course, developed naturally. But it cannot continue to develop naturally, and the case must be made that now is the time for intervention. Even though no one in either the D or Rep parties are making that case, this is my finding as a private economics scholar.

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