By Derek Wall
Contributor note: ahead via David Bollier
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‘There isn't any alternative’ has been the unofficial mantra of the neoliberal order due to the fact its utterance by means of Margaret Thatcher within the Nineteen Eighties. As Derek Wall argues in Economics After Capitalism, there's in reality a substitute for our crisis-ridden, austerity-inflicted international - and never only one substitute, yet many.
Challenging the arguments for markets, mainstream economics and capitalism from Adam Smith onwards, Economics After Capitalism presents a step by step advisor to numerous writers, activities and faculties of suggestion, severe of neoliberal globalisation. those variety from Keynesian-inspired reformists comparable to Geroge Soros and Joseph Stiglitz, critics of inequality like Thomas Piketty and Amaitya Sen, to extra radical voices together with Naomi Klein, Marxists equivalent to David Harvey, anarchists, and autonomists together with Toni Negri and Michael Hardt.
By offering a transparent and obtainable consultant to the economics of anti-capitalism, Derek Wall effectively demonstrates that an open resource eco-socialist substitute to rampant weather switch, elite rule and monetary chaos is not only worthy, yet attainable.
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Additional resources for Economics After Capitalism: A Guide to the Ruins and a Road to the Future
Example text
This is, essentially, because those who own assets tend to see their income rise at a faster rate than those who don’t. Piketty feels that this has negative consequences, and that policy makers should find ways of reversing or at least blunting this trend. Ideally, he would like to see a global tax to redistribute wealth. In 2014, it was reported that the UK’s richest one thousand people had doubled their wealth in the preceding five years, while the number of those living in poverty and resorting to food banks had sharply risen.
Should anti-capitalists build alternatives or focus on blocking what exists and is cancerous? These issues run through the entirety of this book and must run beyond it. Suffice to say, we need to take history by the scruff of the neck and debate alternatives that genuinely benefit humanity and other species. The literary theorist Terry Eagleton has argued cogently that the most bizarre utopians are those who predict that capitalism can feed the world and continue into the distant future. The soothsayer ‘with his head buried most obdurately in the sand, is the hard-nosed pragmatist who imagines the future will be pretty much like the present only more so … Our children are likely to live in interesting times’ (Red Pepper, February 2004).
Other anti-capitalists focus on money, banking and debt. The 2008 financial crisis made such critiques more cogent and accepted. Those who see finance as an evil and advocate the creation of debt-free money, along with less radical opponents of finance capital are discussed in Chapter 5. Marxists, other socialists and trade unionists have long challenged the market. Chapter 6 introduces Marxist accounts of modern capitalism and neo-liberal globalisation. Chapter 7 deals with anarchism and autonomist Marxism, focusing on the work of Michael Hardt and Toni Negri.