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Two systems of governance, capitalism and democracy, prevail in the world today. Operating simultaneously in partially distinct domains, these systems rely on indirect governance through regulated competition to coordinate actors; inevitably, these systems influence and transform each other. This book rejects the simple equation of capitalism with markets in favor of a three-level system, a model which recognizes that markets are administered by regulators through institutions and governed by a political authority with the power to regulate behavior, punish transgressors, and redesign institutions. This system's emergence required the sovereign to relinquish some power in order to release the energies of economic actors. Rather than spreading through an unguided natural process like trade, capitalism emerged where competitive pressures forced political authorities to take risks in order to achieve increased revenues by permitting markets for land, labor, and capital.
Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism. After developing the economic theory of political capitalism, Holcombe goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.
In modern capitalist societies, the executives of large, profit-seeking corporations have the power to shape the collective life of the communities, local and global, in which they operate. Corporate executives issue directives to employees, who are normally prepared to comply with them, and impose penalties such as termination on those who fail to comply. The decisions made by corporate executives also affect people outside the corporation: investors, customers, suppliers, the general public. What can justify authority with such a broad reach? Political philosopher Christopher McMahon argues that the social authority of corporate executives is best understood as a form of political authority. Although corporations are privately owned, they must be managed in a way that promotes the public good. Public Capitalism begins with this claim and explores its implications for issues including corporate property rights, the moral status of corporations, the permissibility of layoffs and plant closings, and the legislative role played by corporate executives. Corporate executives acquire the status of public officials of a certain kind, who can be asked to work toward social goods in addition to prosperity. Public Capitalism sketches a new framework for discussion of the moral and political issues faced by corporate executives.
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.
Governance and Business Models for Sustainable Capitalism touches upon many of the central themes of today’s debate on business and society. In particular, it brings attention to a recurrent tension between efficiency, innovation, and productivity on the one hand, and fairness, equity, and sustainability on the other. The book argues that we need radical rethinking of business models and economic governance, beyond the classical doctrine, which sees social and ecological responsibility as lying with public-policy regulation of purely profit-seeking firms. In spite of the popular CSR agenda, business – as we know it today – is both too transient and too limited in its motivation to carry the regulatory burden. We need to adopt a much wider concept of 'partnered governance', where advanced states and pioneering companies work together to raise the social and environmental bar. The book suggests that civil engagements based on moral rather than formal rights, and amplified through the media, may provide a healthy challenge both to autocratic planning and to solely profit-centered commercialization. The book also proposes a triple cycle theory of innovation for sustainability: a novel framing of the efficacy of green and prosocial entrepreneurship as intertwined with political visions and supportive institutions. In addition, the book offers reflections on the ways in which further digital robotizaton may enable transition to an ‘Agora Economy’ where productive efficiency is combined with expanded civic freedoms. Aimed primarily at researchers, academics, and students in the fields of political economy, business and society, corporate governance, business ethics, corporate social responsibility, and sustainability, the book will additionally be of value to practitioners, supplying them with information regarding the challenges associated with the shaping of sustainable or ‘civilised’ market capitalism for a better world.
Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.
Capitalism and Christianity, American Style is William E. Connolly’s stirring call for the democratic left to counter the conservative stranglehold over American religious and economic culture in order to put egalitarianism and ecological integrity on the political agenda. An eminent political theorist known for his work on identity, secularism, and pluralism, Connolly charts the path of the “evangelical-capitalist resonance machine,” source of a bellicose ethos reverberating through contemporary institutional life. He argues that the vengeful vision of the Second Coming motivating a segment of the evangelical right resonates with the ethos of greed animating the cowboy sector of American capitalism. The resulting evangelical-capitalist ethos finds expression in church pulpits, Fox News reports, the best-selling Left Behind novels, consumption practices, investment priorities, and state policies. These practices resonate together to diminish diversity, forestall responsibility to future generations, ignore urban poverty, and support a system of extensive economic inequality. Connolly describes how the evangelical-capitalist machine works, how its themes resound across class lines, and how it infiltrates numerous aspects of American life. Proposing changes in sensibility and strategy to challenge this machine, Connolly contends that the liberal distinction between secular public and religious private life must be reworked. Traditional notions of unity or solidarity must be translated into drives to forge provisional assemblages comprised of multiple constituencies and creeds. The left must also learn from the political right how power is infused into everyday institutions such as the media, schools, churches, consumption practices, corporations, and neighborhoods. Connolly explores the potential of a “tragic vision” to contest the current politics of existential resentment and political hubris, explores potential lines of connection between it and theistic faiths that break with the evangelical right, and charts the possibility of forging an “eco-egalitarian” economy. Capitalism and Christianity, American Style is William E. Connolly’s most urgent work to date.
This book argues that we are undergoing a transition from industrial capitalism to a new form of capitalism - what the author calls & lsquo; cognitive capitalism & rsquo;
What is the relationship between internal development and integration into the global economy in developing countries? How and why do state–market relations differ? And do these differences matter in the post-cold war era of global conflict and cooperation? Drawing on research in China, India, and Russia and examining sectors from textiles to telecommunications, Micro-institutional Foundations of Capitalism introduces a new theory of sectoral pathways to globalization and development. Adopting a historical approach, the book's Strategic Value Framework shows how state elites perceive the strategic value of sectors in response to internal and external pressures. Sectoral structures and organization of institutions further determine the role of the state in market coordination and property rights arrangements. The resultant dominant patterns of market governance vary by country and sector within country. These national configurations of sectoral models are the micro-institutional foundations of capitalism, which mediate globalization and development.
his monograph on the concept of capitalism is the intellectual core of a larger work, entitled Capitalism, Its Origins and Evolution as Ta System of Governance, due for publication November 2009. The purpose of this monograph is to put forth an original concept of ca- talism as a system of governance, including a theory of how it functions at any point in time and how it evolves through time. In the larger book, I present a theory of its origins and evolution and support this theory with a set of country case studies that span both time and geography. It was, in fact, my experience in studying these case studies that led me to the c- cept presented here as well as to the theory of capitalism’s origins and e- lution. In the larger book, I build on the present work, identifying and expla- ing capitalism as a system of governance for political entities such as - tion states. I then supplement these ideas with a description and expla- tion of three generic economic strategies. Taken together, my studies of economic strategies and specific capitalist systems of governance are - tended to enhance and enrich existing literature on “varieties of capit- ism”.