Claire Parfitt
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A history of capital’s moral economies and speculation
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Chapter one develops a selective survey of different moral economies throughout capitalism’s history, interwoven with a discussion of speculation and risk. This chapter establishes the materialist approach to ethics that the book adopts, anchoring a discussion of the moral economy in key moments of ethical and political struggles. From establishing the liberal philosophical foundations for capitalist accumulation, to the socialisation of capital via joint stock companies, to the monopolistic endeavours of the early twentieth century and the welfare state of the post-World War II era, this history focuses on the dynamic manifestations of moral economy and the politics of speculation, articulating the grounded and contested nature of ethics.

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False profits of ethical capital

Finance, labour and the politics of risk

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