【2018新书】Overripe Economy: American Capitalism and the Crisis of Democracy

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Overripe Economy: American Capitalism and the Crisis of Democracy
by Alan Nasser  (Author)

About the Author
Alan Nasser is Professor Emeritus of Political Economy and Philosophy at The Evergreen State College in Olympia, WA and has lectured at universities across the world, including Oxford University. His writing over the last thirty years has dealt with political and economic issues, as well as legal theory, philosophy and psychoanalysis. He is a frequent contributor to CounterPunch and Monthly Review, and is a member of the Union for Radical Political Econo-mists. He is the author of Overripe Economy (Pluto, 2018).

About this book
From industrialisation to the present day, Overripe Economy is a genealogy of the emergence of a finance-ridden, authoritarian, austerity-plagued American capitalism. This panoramic political-economic history of the country, surveys the ruthlessly competitive capitalism of the nineteenth century, the maturation of industrial capitalism in the 1920s, the rise and fall of capitalism's Golden Age and the ensuing decline towards the modern era. Alan Nasser shows why the emergence of the persistent austerity of financialised neoliberal capitalism is the natural outcome of mature capitalism's evolution, revealing both the key structural and political vulnerabilities of capitalism itself and points towards the kind of system that can transcend it. At the centre of the argument, is capitalism's ultimatum: either a 'new normal' of persistent austerity, declining democracy and a privatised state, or a polity and economy characterised by an economic democracy that can ensure both higher wages and a shorter working week.

Table of contents
Introduction 1

• The Ineffective Response to the Current Crisis 2
• The Origin of this Book 2
• Capitalism’s Two Historical Signature Incarnations: Free-Market and Social Democratic 4
• The Long-Term Historical Origins of the Post-Social-Democratic Settlement 5
• The Periodization of the Book’s Historical Genealogy 6
  

1. The Nineteenth Century: Framework Stimulants, Destructive Competition and the Making of Oligopoly Capitalism 14

• The First Industrial Revolution’s Framework Stimulants: The Steam Engine and the Railroad 15
• Competition and Crisis 17
• Railroads, Crises of Overinvestment and Overproduction and the Forging of Capitalist Class Consciousness 21
• The First Intervention: Consolidation as the Antidote to Overinvestment and Overproduction 25
• The Establishment of Oligopoly Capitalism 26
• Consolidation and Centralization in the Nineteenth Century: The Abiding Contradictions of Investment-led Growth and the Persistence of Destabilizing Competition 26
• The Second Intervention: Regulation 32
  

2. Working-Class Resistance, the State-Supported Capitalist Response, the Mechanization of Industry and the Defeat of Organized Labor 35

• The Early American Sense of Freedom and Equality 36
• Proletarianization, Workers’ Resistance and Private–Public Repression 37
• The Militarization of Repression 39
• Mechanization, the De-Skilling of the Proletarianized Labor Force and the Assault on Skilled Labor 41
• The First Wage-Push Profit Squeeze 43
• The Mechanical Counterpart of Proletarianization: The Assembly Line 47
• The End of the Railroad Age, the First World War and the Resurgence of Labor’s Militancy 49
• The Business Counterattack and the Defeat of Organized Labor 54
  

3. The 1920s: The Dynamics of Mature Industrial Capitalism 56

• Framework Stimulus: The Automobile Industry 58
• Production and Productivity in the 1920s 61
• The Advance of Productivity and the Ongoing Expulsion of Labor and Capital From Production: The Era of Disaccumulation 65
• Wages, Production, Prices and Profits in the 1920s 66
• The Ongoing Concentration and Centralization of Production and Distribution 68
• Excess Capacity, Underconsumption, Advertising, Credit and the Birth of American Consumerism 70
• Inequality and the Faux “Middle Class” of the 1920s 74
• Stagnation Tendencies in the 1920s 75
• Galloping Disaccumulation: The Long-Term Expulsion of Labor From Production, De-Skilling and Technological Unemployment 77
• Inequality, Surplus Capital and Speculation: Embryonic Financialization 79
• Investment and Employment in Mature Capitalism: The Displacement of Capital and Labor From Production and Wage-Driven Demand 82
  

4. The 1930s and the Great Depression 84

• Herbert Hoover’s Response 87
• Popular Dissent Overcomes the Political Apathy of the 1920s 88
• The Beginnings of Business Mobilization 90
• The 1932 Presidential Election 90
• The Third Intervention: The First New Deal and its Limitations 92
• Roosevelt’s Limitations as a New Dealer 92
• The Making of the First New Deal 94
• The National Industrial Recovery Act Births a New Labor Militancy 97
• Keynes’s Intercession 98
• The Fourth Intervention: Fed-Up Labor Resurgent 99
• The Fifth Intervention: The Plot to Overthrow Roosevelt 102
• The Sixth Intervention: The Second New Deal and its Paradigmatic Achievements 106
• Social Security and the Works Progress Administration: Major Casualties of Roosevelt’s Fiscal Conservatism 109
• The End of the Recovery and the Triumph of “Sound Finance” 114
• Was the Depression the Result of Overinvestment or Underconsumption? 120
• Systemic Problems and Secular Stagnation 122
  

5. The Rise and Fall of the Golden Age 124

• The Golden Age as Heir to the New Deal and the Great Society 124
• Would New Deal Victories Remain Permanent? 124
• Labor Struggles to Secure and Expand New Deal Gains 125
• The Persistence of the 1920s Stagnationist Settlement 127
• The Foundations of the U.S. Golden Age 128
• The Great Society: A Further Response to Persistent Poverty 134
• The Dusk of the Golden Age: The Withering of the Golden Age’s Stimulants 135
• The Seventh Intervention: The Taft–Hartley Act 138
• The Second Red Scare 139
• The Eighth Intervention: Deindustrialization 140
• Financialization: The First Stage 143
• The Changing Pattern of Investment and Employment and the Ongoing Expulsion of Labor From Production 145
• The Long Boom, Strengthened Labor and the Wage-Push Profit Squeeze 148
• The Political Significance of the Full-Employment Profit Squeeze 152
• The Ninth Intervention: The Political Counterrevolution of Capital, the Powell Memo and the “Quiet Coup” 153
  

6. The New Financialization: Debt, Investment and the Financialized Firm 158

• The Stagflation of the 1970s and the Beginnings of Neoliberalism 158
• The Tenth Intervention: Bill Clinton and the Reaganization of the Democratic Party 159
• The Era of Secular Stagnation – The Condition of Overripe Capitalism 162
• Summers, Krugman and Skidelsky on Secular Stagnation 163
• Securitization: Investment and Profits Without Production 165
• The New Financialization 167
• Financialization and the Growth of Leveraged Corporate Debt 168
• The Dot.com and Housing Bubbles 169
• The Eleventh Intervention: The Bailout as Declaration of Finance Capital’s Command of the State 172
• TARP and QE as Emblems of Financial Hegemony 173
• The Twelfth Intervention: Occupy 176
• Debt and the Transformed Nature of the Firm and of Investment Under Financialized Capitalism: LBOs, Private Equity and the Shareholder-Value Movement 177
• Financialized Capitalism’s Dependence on Burgeoning Debt 179
• Buybacks and the Debt-Driven, Private-Investment-Starved New Normal 180
  

7. The Landscape of Austerity: Polarization, the Destruction of Jobs, and the Emerging Police State 184

• The New Expulsion of Labor: AI, Robotization and Declining Investment Costs 184
• Ongoing Job Loss Since the End of the War and Into the Future 192
• Manufacturing and the Society of “Abundance” 194
• The Hollowing Out of the Middle Class and Job Polarization 196
• Jobless Recoveries and Wage and Employment Patterns in the Digitalized Economy 198
• Burgeoning Unstable Work and the Emerging Precariat 203
• The American Worker Becomes Marginal to the U.S. Economy 208
• The Development of Inequality 209
• The Shaping of American “Democracy” 212
• The Thirteenth Intervention: The Bernie Sanders Movement 216
• Anticipating Social Dislocation: The Decline of Democracy and the Emergence of the Repressive State 217
• The Suppression of Dissent 222
• Where Things Stand 224
  

8. Conclusion 225

• The Consciousness of the Working Class 226
• Actually Existing Tendencies of Resistance 227
• The Indispensability of the Left’s Contribution to Transcending Capitalism 232
  

Appendix A: Economic Maturity and Disaccumulation – A Mildly

• Wonkish Summation 234
• The Dynamics Of Investment 235
  

Appendix B: What Keynes Really Prescribed 243

• Neoclassical Economic Theory 243
• Keynes’s Critique of Neoclassical Theory: The General Theory of Employment, Interest and Money 246
• Keynes, Secular Stagnation and the Transition from Productive to Financial Investment 249
• Full Employment Means Full Employment: Why Aggregate Demand Policy is Misguided 253
• The Disconnect Between Stimulating Private Demand and Reducing Unemployment 254
• The Inequitable Distributional Effects of Conventional Pump Priming 257
• The Failure of Aggregate-Demand-Management Keynesianism and the Current Employment Crisis 258
• The Present Age of Abundance and the Withering Away of Necessary Labor 259
• How Well Has Keynes’s Forecast of an Economy of Abundance Held Up? 264
• Abundance, Leisure and Consumerism 267
• Productivity Growth: Abundance and Leisure or Superprofits and Inequality 269
• A Final Word on the Indispensability, Under Capitalism, of Substantial Deficits – Public or Private 270
  

Bibliography 272
Index 299

Length: 240 pages
Publisher: Pluto Press; 1 edition (June 20, 2018)
Language: English
ISBN-10: 9780745337937
ISBN-13: 978-0745337937

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关键词：Capitalism Democracy American America Capital

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slowry 发表于 2018-10-19 03:33
Overripe Economy: American Capitalism and the Crisis of Democracy
by Alan Nasser  (Author)

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