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CapitalismEssays

Capitalism Studies: A Manifesto

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.

Economists cut economies loose from society, institutions, culture, and history. They repositioned their discipline upon models that assumed that rational, utility-maximizing individual parts represented and explained the behavior of the economy-as-a-whole. Many social scientists — especially in political science — embraced these rational-actor models. Others joined historians and humanities scholars in the “cultural turn.” …

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