Filtering by Category: capitalism
It seems odd now to recall that up until a few years ago, the concept of capitalism largely had fallen out of favor as a subject of academic inquiry and critique. Most scholars in the humanities and social sciences regarded the term as too broad, too vague, too encumbered by associations with either Marxism or laissez-faire. Following the collapse of the Soviet Union, capitalism could be taken for granted, it seemed. No person or nation could escape the discipline of efficient, spontaneous, self-regulating, globalizing markets.
The word “capitalism,” describing our market-oriented economic system of wage labor, private ownership and the endless drive for wealth accumulation, was invented in the 19th century. For the last part of the twentieth century, “capitalism” was a dirty word. It alluded ever so uncomfortably to exploitation in human interaction and the unequal nature of modern economic society. The word capitalism was represented by euphemisms in economics –- “competitive equilibrium,” “pure competition,” or “monetary production system.” My late colleague Robert Heilbroner found that Gregory Mankiw’s popular textbook, Principles of Economics, a book over 500 pages long and first published in 1998, mentions the word “capitalism” just one time, and that occurs in a footnote