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Ed Webb

The Sacrificial Rites of Capitalism We Don't Talk About | naked capitalism - 0 views

www.nakedcapitalism.com/...talism-we-dont-talk-about.html

capitalism analysis politics economy globalization empire history anthropology sociology eonomics

shared by Ed Webb on 31 Aug 19 - Cached
  • Supritha Rajan, an English professor at the University of Rochester, sees the dominant story of capitalism working in this way. Part of a wave of humanities scholars taking a closer look at the meaning and history of capitalism, her book, A Tale of Two Capitalisms, reveals how the fields of anthropology and economics, along with the literary form of the novel, which developed together in the late 18th and 19thcenturies, cross-pollinated each other and worked in tandem to investigate and offer new theories about human nature and culture. Together, they helped create a new story for the citizens of an emerging world.
  • Late 19th century economist Alfred Marshall went so far as to invoke the concept of medieval chivalry to explain how modern economic systems should function. In “The Social Possibilities of Economic Chivalry,” he criticized contemporary accounts of the free market and described a middle path between government non-interference and a systemic welfare state, calling on a “spirit of chivalry” which could drive people to combine self-interest with self-sacrifice. This model would function to uphold the paternalistic administration required for the British Empire.
  • Rajan started with a hunch that magical rites, sacrificial rituals, and sacred values were not just relics of a pre-modern past, but actually woven right into the story of capitalism from the beginning. They exist everywhere under our noses, popping up in everyday economic activities and permeating even the high-tech exchanges of the global marketplace. What we are taught to think of as irrational and rational are actually mobile, flexible categories that continuously overlap
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  • The great Victorian novelists, who were very much engaged with these developments, sensed that something was not quite right in the story. They noticed that capitalism was producing not just abundance and stability, but inequality, alienation and misery. Yet in criticizing the new system, they tended to accept and even buttress the separation of categories of experience insisted upon by social scientists. Thomas Carlyle’s famous condemnation of the “cash-payment” as “the sole nexus” of capitalism, for example, posited an economic realm as one in which ethical and religious values hold no sway.
  • in order for capitalism to work harmoniously in London, something of the religious sphere had to be added to the sauce. Dickens casts a woman, Lucie, as the person who takes the stink away from all the selfish business conducted by the men — a Victorian “angel in the house,” an emblem of all the non-utilitarian values that homo economicus supposedly had no use for. Lucie, like many other female characters in Victorian novels, is supremely compassionate and sacrifices for the greater good: she is homo communis
  • Dickens makes this female homo communis the servant of homo economicus, keeping his house and guiding his better nature. Like Mary’s role in the Catholic Church, she makes the official story of capitalism more palatable and helps conceal its failures
  • ideas of sacrifice and sacred values also come to play in theories of labor. Adam Smith described labor as “the most sacred and inviolable” form of property a person owned, positing it as a sacred source of the nation’s wealth, the pious foundation of the economic system itself: “We sacrifice ourselves in our labor in order to have the gift of ourselves in return,” he wrote in The Wealth of Nations. Labor is sacrificed, sacralized, and regenerated. British political economist David Ricardo, Mill, and Jevons followed him in describing a circular, gift-sacrifice economy embedded within the labor theory of value.
  • Anthropologists held that the relegation of the “irrational” to the margins was what distinguished advanced societies from the backward places where such activities remained central to life.
  • Market and non-market values always operate right alongside one another.
  • Clearly, the official story and what happens on the ground don’t match: Lots of people work hard but get little benefit, while plenty who do not work at all get rich.
  • if you can show the ethical ideas and the sacred, communal values baked into capitalism’s own paradigms and premises, you can begin to hold it accountable for those ideals in the globalized world economy
  • The slogan “We are the 99%” was a respite from the oppressive “I” — the painful anomie of individualism that the official story insists upon.
  • the financial crisis of 2007-8 was not just a failure of markets, but a failure of morality — for what else can you honestly call it when predatory banks escape justice as ordinary people suffer? We can question who is doing the sacrificing, and for whose good the system is working.
  • In Silicon Valley, executives instill eastern values like mindfulness and meditation into workplaces in a way that covers up the exploitation of employees and consumers that many companies are built around. A firm may spy on people to turn a profit, but the espousal of sacred values (recall Google’s former “Don’t be evil” motto) helps hide the exploitative mission.
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