Capitalism; How the left lost the argument

Capitalism; How the Left lost the argument.
Capitalism; How the Left lost the argument.

One might think that a crisis brought on by rapacious, unregulated capitalism would have changed a few minds about the fundamental nature of the global economy.

One would be wrong. True, there is no lack of anti-capitalist sentiment in the world today, particularly as a crisis brought on by the system’s worst excesses continues to ravage the global economy. If anything, we are witnessing an overload of critiques of the horrors of capitalism: Books, newspaper investigations, and TV reports abound, telling us of companies ruthlessly polluting our environment, corrupted bankers who continue to get fat bonuses while their banks are bailed out by taxpayer money, and sweatshops where children work overtime.

Yet no matter how grievous the abuse or how indicative of a larger, more systemic failure, there’s a limit to how far these critiques go. The goal is invariably to democratize capitalism in the name of fighting excesses and to extend democratic control of the economy through the pressure of more media scrutiny, parliamentary inquiries, harsher laws, and honest police investigations. What is never questioned is the bourgeois state of law upon which modern capitalism depends. This remains the sacred cow that even the most radical critics from the likes of Occupy Wall Street and the World Social Forum dare not touch.

[Extract. Appeared in Foreign Policy on October 8th 2012.]

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