The book analyzes capitalism’s growing destructiveness and the cost–benefit contradiction it generates. Its new conception of the surplus, which recognizes not just capitalist businesses but also households and the public sector as sites of surplus production, links capitalism’s destructiveness to that system’s use of the surplus. Capital’s use of the surplus turns scientific knowledge and technique into forces of destruction, and the book illustrates this dynamic by making reference to the growth of a consumerist culture, to massive military spending, and to other technologies that fuel a deepening ecological crisis. This crisis, along with economic and public health crises as well as a crisis of political democracy, are also analyzed as being intimately linked to capitalism’s use of the surplus. It is capitalism’s undemocratic control of the surplus by capitalist elites, moreover, that ultimately leads to the cost–benefit contradiction of contemporary societies: the futility of our consumerist culture no longer translates productive development into correspondingly growing human well-being, while the simultaneous growth of capitalism’s forces of destruction increasingly endangers human beings and the planet. Thus, this contradiction creates the potential for an opposition to capitalism and its exploitative and destructive nature by a wide range of social movements, both “old” (such as the labor and socialist movements) and “new” (for example, the feminist, anti-racist, ecological, and peace movements). To address capitalism’s contradiction, a democratic classless society is required, but the book also analyzes how capitalism’s operation obstructs the formation of an anti-capitalist coalition fighting for such an alternative.
This book analyses the MH17 catastrophe as a prism that refracts the broader historical context in which it occurred, arraying its distinct strands and their interrelations in a rare moment of clarity. It argues that in the new Cold War with Putin's Russia, the West operates from a perspective inspired by the mentality of extreme risk-taking that stems from the dominant role of finance in contemporary capitalism. The book also argues that the dividing lines established by the enlargement of the Ukrainian Soviet Republic in 1922 and the addition of Crimea to it in 1954, remained operational after independence. The armed seizure of power on 22 February 2014 occurred on the back of the demonstrations and put state power in the hands of Ukrainian ultra-nationalists and actual fascists. Based on the unpublished government and North Atlantic Treaty Organisation (NATO) documents, the book offers an analysis of global political economy and contemporary debates about Russia and East-West relations. It reviews the results of the official investigations into the MH17 disaster, which Ukraine delegated to the Netherlands. Both were profoundly compromised by granting the coup government in Kiev a veto over any outcomes, a novelty in the history of aviation disaster investigation that was considered shameful even in Ukraine. The book investigates how the coup regime, encouraged by its backers in Washington and Brussels, responded to the anti-Maidan movement among Russian-Ukrainians with extreme violence.
Karl Polanyi (1886–1964) returned to public discourse in the 1990s, when the Soviet Union imploded and globalization erupted. Best known for The Great Transformation, Polanyi’s wide-ranging thought anticipated twenty-first-century civilizational challenges of ecological collapse, social disintegration and international conflict, and warned that the unbridled domination of market capitalism would engender nationalist protective counter-movements. In Karl Polanyi and Twenty-First-Century Capitalism, Radhika Desai and Kari Polanyi Levitt bring together prominent and new thinkers in the field to extend the boundaries of our understanding of Polanyi's life and work. Kari Polanyi Levitt's opening essay situates Polanyi in the past century shaped by Keynes and Hayek, and explores how and why his ideas may shape the twenty-first century. Her analysis of his Bennington Lectures, which pre-dated and anticipated The Great Transformation, demonstrates how Central European his thought and chief concerns were. The next several contributions clarify, for the first time in Polanyi scholarship, the meaning of money as a fictitious commodity. Other contributions resolve difficulties in understanding the building blocks of Polanyi's thought: fictitious commodities, the double movement, the United States' exceptional development, the reality of society and socialism as freedom in a complex society. The volume culminates in explorations of how Polanyi has influenced, and can be used to develop, ideas in a number of fields, whether income inequality, world-systems theory or comparative political economy. Contributors: Fred Block, Michael Brie, Radhika Desai, Michael Hudson, Hannes Lacher, Kari Polanyi Levitt, Chikako Nakayama, Jamie Peck, Abraham Rotstein, Margaret Somers, Claus Thomasberger, Oscar Ugarteche Galarza.
The starting-point for the book is its chapter on methodology. Found here are not only critiques of conventional Soviet Marxism-Leninism and post-modernism, but also a new rethinking of the classic dialectic. For the most part, however, the book focuses on revealing the new quality now assumed by commodities, money, and capital within the global economy. The market has become not only global, but a totalitarian force that is not a ‘socially neutral mechanism of coordination’. It is now a product of the hegemony of corporate capital, featuring the growth of new types of commodity: information, simulacra, and so forth. The book demonstrates the new qualities acquired by value, use value, price, and commodity fetishism within this new market, while exploring the contradictions of non-limited resources (such as knowledge) and the commodity form of their existence. Money is now a virtual product of fictitious financial capital, possessing a new nature, contradictions, and functions. This analysis of the new nature of money helps to reveal the essence of so-called financialisation. Capital has become the result of a complex system of exploitation. In the twenty-first-century context this exploitation includes the ‘classic’ extraction of surplus value from industrial workers combined with internal corporate redistribution of income by ‘insiders’; international exploitation; and the exploitation of creative labour through the expropriation of intellectual rent.