Capitalism, Too

John Lanchester: article at London Review of Books

In recent decades, elites seem to have moved from defending capitalism on moral grounds to defending it on the grounds of realism. They say: this is just the way the world works. This is the reality of modern markets. We have to have a competitive economy. We are competing with China, we are competing with India, we have hungry rivals and we have to be realistic about how hard we have to work, how well we can pay ourselves, how lavish we can afford our welfare states to be, and face facts about what’s going to happen to the jobs that are currently done by a local workforce but could be outsourced to a cheaper international one. These are not moral justifications. The ethical defence of capitalism is an important thing to have inadvertently conceded. The moral basis of a society, its sense of its own ethical identity, can’t just be: ‘This is the way the world is, deal with it.’

Kyle Williams: article at Comment Magazine

A lot hinges on whether capitalism has a history. To read about capitalism’s origins, to mark its inner logics, and to learn about how human beings assembled political economic structures over time—this is to be on the cusp of critique and maybe even action. But if capitalism is not an artifact of particular people in particular places and times, then it is much more like an object of nature. Its origins recede into myths about ancient markets and primitive exchange. If capitalism is an object of nature like gravity, then it is impossible to critique or change. To attempt it would be like tilting at windmills, or worse.

These are both reminiscent of what I just said yesterday about the Enlightenment. Lanchester’s article is a sweeping history/analysis of the Great Recession and its effects — basically, an economic analysis of the West from 2008-2018. Williams’s article is a review of The Moral Economists, and its critique of capitalism as the ‘natural’ manner that humans organize economies. I can’t help but wonder if Enlightenment thought (the capitulation to rational thought as the ultimate source of authority in determining truth) and thinking of capitalism as “just the way the world works” are somehow intertwined.

But if both systems have a history, as Williams says, then both are open to critique. Because this would mean that neither are flawless — that they were birthed from and owe a debt to prior systems of thought and action. And this kind of indebtedness is also a sort of nestling — there was something before, and there will be something after.

The question is: what follows?

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