This short book makes a connection between recent ‘tectonic shifts’ in the world economy and the political problems currently confronted by western democracies. The shift of manufacturing away from the West, allied to the pressure to keep costs down in an increasingly competitive global economy, has led to economic inequality, reliance on service industry employment and public sector austerity. All this has in turn produced large numbers of desperate citizens attracted to a populist economic nationalism accompanied by xenophobia. However, the originality of this text lies not in the above argument, but in the philosophical reflections which drive and derive from it. These include reflections on history as a supposed causal process; on the need to make ethical judgements of economic activities and the difficulties of doing so; and on the problems confronting modern citizens in understanding complex economic processes and their political implications. Capitalism and Democracy in the Twenty-First Century endorses Wittgenstein’s ‘praxis’ approach to human social life and its study. Accordingly, it not only analyses economic and political problems but suggests ways of solving or mitigating them. In doing so it relies on Marx’s conviction that our capacity to see certain phenomena as problems is at least a priori evidence that they can be solved. This book will appeal to undergraduate and postgraduate students of politics, comparative politics, political economy and international relations.

What is wrong with capitalism, and how can we change it? Capitalism has transformed the world and increased our productivity, but at the cost of enormous human suffering. Our shared values—equality and fairness, democracy and freedom, community and solidarity—can provide both the basis for a critique of capitalism and help to guide us toward a socialist and democratic society. Erik Olin Wright has distilled decades of work into this concise and tightly argued manifesto: analyzing the varieties of anticapitalism, assessing different strategic approaches, and laying the foundations for a society dedicated to human flourishing. How to Be an Anticapitalist in the Twenty-First Century is an urgent and powerful argument for socialism, and an unparalleled guide to help us get there. Another world is possible. Included is an afterword by the author’s close friend and collaborator Michael Burawoy.

Joseph Schumpeter oscillated in his view about the type of economic system that was most conducive to growth. In his 1911 treatise, Schumpeter argued that a more decentralized and turbulent industry structure where the pro cess of creative destruction was triggered by vigorous entrepreneurial ac tivity was the engine of economic growth. But by 1942 Schumpeter had modified his theory, arguing instead that a more centralized and stable industry structure was more conducive to growth. According to Schum peter (1942, p. 132), under the managed economy there was little room for entrepreneurship because, "Innovation itself is being reduced to routine. Technological progress is increasingly becoming the business of teams of trained specialists who turn out what is required to make it work in pre dictable ways" (p. 132). Schumpeter (1942) reversed his earlier view by arguing that the integration of knowledge creation and appropriation be stowed an inherent innovative advantage upon giant corporations, "Since capitalist enterprise, by its very achievements, tends to automize progress, we conclude that it tends to make itself superfluous - to break to pieces under the pressure of its own success.

This book analyzes the many threats to democracy that exist in the 21st century and tries to understand how democracy can survive economic, social and political crises. It focuses on issues of oligarchy, tyranny, totalitarianism, and ochlocracy. It discusses how these forms of governance manifested themselves in ancient and medieval worlds, and how socio-economic transitions in the 21st century have created conditions that increasingly pose similar threats to modern democracy. The author discusses broad transitions in the contemporary world: economic transition to advanced, high technology capitalism; cultural transition from traditional religious and family values to norms focusing on racial equality, gender and transgender equality and liberation, and multiculturalism; also, transition from the traditional religious worldview to rational-scientific worldview, and from religious morality to secular humanist ethics. These taken together undergird the political transition from traditional authority, involving monarchy and aristocracy, to rational-legal authority, involving constitutional law and democratic participation. The book shows, through extensive country discussions, that whenever these transitions become difficult, undemocratic forms of governance may emerge and override democracy. Authored by an expert in the field, this book touches upon an especially topical theme in the contemporary world and is of interest to a wide readership across the social sciences, from researchers and students to discerning laypersons.

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.

As of the latest national elections, it costs approximately $1 billion to become president, $10 million to become a Senator, and $1 million to become a Member of the House. High-priced campaigns, an elite class of donors and spenders, superPACs, and increasing corporate political power have become the new normal in American politics. In Capitalism v. Democracy, Timothy Kuhner explains how these conditions have corrupted American democracy, turning it into a system of rule that favors the wealthy and marginalizes ordinary citizens. Kuhner maintains that these conditions have corrupted capitalism as well, routing economic competition through political channels and allowing politically powerful companies to evade market forces. The Supreme Court has brought about both forms of corruption by striking down campaign finance reforms that limited the role of money in politics. Exposing the extreme economic worldview that pollutes constitutional interpretation, Kuhner shows how the Court became the architect of American plutocracy. Capitalism v. Democracy offers the key to understanding why corporations are now citizens, money is political speech, limits on corporate spending are a form of censorship, democracy is a free market, and political equality and democratic integrity are unconstitutional constraints on money in politics. Supreme Court opinions have dictated these conditions in the name of the Constitution, as though the Constitution itself required the privatization of democracy. Kuhner explores the reasons behind these opinions, reveals that they form a blueprint for free market democracy, and demonstrates that this design corrupts both politics and markets. He argues that nothing short of a constitutional amendment can set the necessary boundaries between capitalism and democracy.

What, and who, are we working for? A thoughtful assessment on our current society from “probably America’s most prominent Marxist economist” (The New York Times). Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve. One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers managing their own workplaces, as the basis for a genuine political democracy. Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action. “Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky, leading public intellectual and author of Hope and Prospects