By Michel Aglietta
Michel Aglietta’s path-breaking e-book is the 1st try at a rigorous historic concept of the entire improvement people capitalism, from the Civil battle to the Carter presidency. an important rfile of the “Regulation School” of heterodox economics, it used to be bought because the boldest e-book in its box because the vintage reports of Paul Baran, Paul Sweezy and Harry Braverman.
This edition features a mammoth postface via Aglietta, which situates legislation idea within the context of twenty-first-century capitalism.
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Extra resources for A Theory of Capitalist Regulation: The US Experience (Radical Thinkers)
Then, it is hoped that imposing loss on others will alleviate, if not remove, the feelings associated with loss not by retrieving what has been lost but by gaining the substitute gratification of being the agent who adjudicates loss rather than the victim on whom loss is imposed. The essential meaning of capitalism, then, is that it affords some the opportunity to be the arbiter of loss. The theme of adjudicating loss is an old one, certainly not peculiar to capitalism. What is distinctive to the capitalist version is not inequality or domination, but the relatively open competition over positions in relationships involving loss, and the possibility that individuals might opt out.
Yet, while the essential point is that wealth accumulation becomes an end in itself, there is also a sense in which wealth accumulation has an end, which is to realize in living an ethical ideal. According to Weber, “what is here preached is not simply a means of making one’s way in the world, but a peculiar ethic” (51). In this connection, Weber emphasizes the idea of duty. When acquisition of wealth represents the “performance of duty in a calling it is not only morally permissible, but actually enjoined” (163).
We have in this melding of opposites, I think, evidence of the dominance of an especially sharp and absolute opposition between the infinite and the finite, specifically between the absolute gratification promised by salvation and the worldly gratification that is treated with contempt. To imagine that worldly gratification has meaning is to diminish the otherworldly gratification and by so doing tarnish it as a goal and distance yourself from it. The impulse to conceive the matter this way remains powerful for the present-day capitalist, but the opposition between finite and infinite is not so absolute.
A Theory of Capitalist Regulation: The US Experience (Radical Thinkers) by Michel Aglietta