CAPITALISM’S DEATH IS GREATLY EXAGGERATED

Shared by Syed Ehtisham
Late last week, economic journalist Paul Mason, whose Channel 4 blog has been one of the best English-language sources for making sense of the ongoing Greek crisis, published an excerpt from his forthcoming book in The Guardian. It announces that the end of capitalism has begun and that (spoiler) it doesn’t look how we thought it might. The 20th century old/new leftist dream of some crisis-sparked proletarian revolt, he argues, has been battered by neoliberalism and, now, is being replaced by a steady trickle of viable, largely technology-fuelled alternatives to the current economy. “Capitalism, it turns out, will not be abolished by forced-march techniques,” Mason writes. “It will be abolished by creating something more dynamic that exists, at first, almost unseen within the old system, but which will break through, reshaping the economy around new values and behaviors.”
He contends that advances in information technology have “reduced the need for work, blurred the edges of work and free time and loosened the relationship between work and wages.” Stemming from the Wages for Housework campaign of the 1970s, feminist movements and scholars have for years highlighted the loose connection between work and pay, along with the blurry line between labor and leisure at home and in the workplace. And, as Doug Henwood rightly pointed out, there’s nothing inherent to technological innovation that means less work, especially for the market’s worst-off; in the last several years, the American economy has actually become more productive (that is, labor intensive) relative to GDP. To date, automation hasn’t so much reduced the need for jobs as it has expanded capitalism’s capacity to create more terrible ones.
Clearly, though, the economy is changing. For Mason, there are a few other factors driving this transition: an influx of abundant information at odds with capitalism’s drive to hoard scarce resources; the rise of “spontaneous production … that no longer respond[s] to the dictates of the market and the managerial hierarchy,” like Wikipedia; and, finally, the growth of alternative economic practices in the face of crisis — food co-ops, time banks, parallel currencies and other measures falling broadly under the umbrella of “free time, networked activity and free stuff.”
As austerity wears at its seams in southern Europe, all of the above are disrupting what Mason calls a “fifth long upswing for capitalism,” differentiated from the previous four by a lack of pressure from the workforce to herald in higher wages, new technology and more consumption. Increasingly, networks are replacing hierarchies and we’re all learning to share more, in cyber and real-space. In their beautiful abundance, these social and actual technologies chafe at ownership; influenced by technology, in turn, there is a new engine of change replacing the industrial worker: “the educated and connected human being.” Information technology and the networked social forms accompanying it are non-capitalist beasts just waiting to be let out of their stables to race toward a post-capitalist future.

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