PENN LOH: Capitalism is not the only choice
Since the breakup of
the Soviet bloc and China’s turn toward free markets, many economists have
pronounced an “end of history,” where capitalism reigns supreme as the ultimate
form of economy. Perhaps “there is no alternative” to a globalized neoliberal
economy, as former British Prime Minister Margaret Thatcher often said. Indeed,
free markets in which individuals compete to get what they can while they can
are glorified in popular culture through reality shows such as Shark Tank.
But many of us in the
99 percent are not feeling so happy or secure about this economy’s results.
Many are working harder and longer just to maintain housing and keep food on
the table. Even the college-educated are mired in student debt, keeping the
American Dream beyond their grasp. And then there are those who have never been
served well by this economy. African Americans were liberated from enslavement
only to be largely shut out of “free” market opportunities. Immigrants continue
to work in the shadows. Women still earn only about three-quarters of what men
make for the same work.
So, are we trapped in
capitalism? While many of us may want a new economy where people and planet are
prioritized over profit, we remain skeptical that another world is really
possible. We make some progress locally but then feel powerless to affect
national and global forces. Too often “the economy” is equated with markets
where corporations compete to make profits for the wealthiest one percent and
the rest work for a wage or salary (or don’t make money at all).
Work itself is seen as
legitimate only if it legally generates income. Value is measured only in money
terms, based on what people are willing to pay in the market. The capitalist
mindset also separates economy from society and nature, as if it exists apart
from people, communities, government, and our planet. Economy is its own
machine, fueled by profit and competition. When everything that
we label “economic” is assumed to be capitalist - transactional and
market-driven - then it is no wonder that we run short on imagination.
Redefining economy
beyond capitalism: To escape
this “capitalocentrism,” we need to broaden the definition of economy beyond
capitalism. What if, instead, economy is all the ways that we meet our material
needs and care for each other? And what if it’s not a singular thing? Then we
would see that beneath the official capitalist economy are all sorts of thriving
non-capitalist economies, where there may not be a profit motive or market
exchange. They include tasks that we do every day. We care for our children and
elderly; we cook and clean for ourselves and each other; we grow food; we
provide emotional support to friends. These are all ways of meeting our
material needs and caring for each other… read more:
see also
Anders Åslund - Russia’s Neo-Feudal Capitalism; More posts on Russia
Posts on Greece
