Marx’s (1844) estranged labor manuscript maps processes that stultify spontaneous human relations under the division of labor in the regime of capital accumulation. For Marx, negating absolutes would put ‘Man’ back on its natural trajectory toward positive freedom. Such evacuation of mediating ‘substances’ results in either frivolity or pragmatic barbarism rather than positive freedom. Marx’s political imaginary rejected philosophical mysticism but overlooked finer points of Hegel’s dialectic that contribute to an immanent critique of Marxist political ideology. Missing from Marx’s thought is the logic of post-capitalist mediation and a trace of the subjective modalities that correspond with the objective forms of alienation. Lacking an adequate psychology, Marx did not see that he had constructed a communism that mirrored the subjective spirit of bourgeois society. We draw upon philosophical, sociological, and psychoanalytic currents to remap the genome of Marxist political philosophy with a Whitmanesque imaginary congenial to free, poetic social mediation.
This article tracks the rise of a new speculative form of 'profit fetishism' in the American stock market in the late 20th century as the control of American corporations shifted decisively from production-oriented managers to earning-oriented stockholders. During these years, speculative capitalists made the trading price of corporate stock the primary focus of corporate management. The heightened focus upon stock price coincided with a convergence of stock market actors upon the capitalized earnings model as the primary frame used to value corporate stock, displacing two formerly dominant frames, which focused (respectively) on hard assets and dividend payouts. Despite the notoriously unreliable and unstable nature of speculative accounting with respect to projected future earnings, such accounting profits have become the fetish of an age of speculative finance capital. Keywords accounting, finance capital, labor, speculation, stock market Stock Prices and Accounting FetishismIn 2005 the stock price of Maytag Corporation, one of the USA's premier industrial corporations, plunged to a low of $9 per share triggering competing takeover offers from a Chinese manufacturer (Haier), a private-equity/hedge fund (Ripplewood Holdings) and a major global competitor, Whirlpool Corporation. Maytag began as a manufacturer of farm implements in Newton, Iowa, and after introducing its first washing machine in 1907 became a pioneering consumer appliance manufacturer, noted for high quality, high profit margins (15% in 1999, the highest in its industry) and remarkably strong brand recognition, partly solidified by its long-standing marketing mascot, the lonely Maytag repairman. Maytag was also noted for high-quality, unionized jobs in at least some of its production facilities. Like many other American industrial corporations, Critical Sociology 35(5) 657-675
Classical critical institutionalism is compared to recent 'neo-instititutionalism' in economics, sociology and organizational studies. Both approaches developed during a regime change within capitalism, crisis periods of economic change and destabilized relationships between capitalist sectors and social institutions. Unlike mainstream economics, institutional approaches map these changing connections between capitalist sectors (finance and industrial capital, for instance) and between economic and social institutions. The critical institutionalists were much more critical of society, mainstream economics and finance capital as a destructive force, a stance that has continuing utility for the analysis of global capitalism and neo-liberal finance capital. The new institutionalists, while uncritically positivist and administrative in their orientation to the capitalist system, have nevertheless devised useful concepts and theories of economic organization and structure. A new, condensed critical institutionalism is needed to better analyze neoliberal finance capital in this era of globalization.
In this essay, the emergence of the “New Synthesis” of economics and sociology is explored and analyzed in the context of the classical writings in economic sociology ("Old Synthesis"). The aim is not to provide an exhaustive survey, but rather a selective assessment that introduces readers to the most important questions, answers, and contributions of this emerging and important specialized literature. The essay seeks to i) translate faithfully the internal logic of this active specialty field into a language and problematic that can be appreciated by non‐specialists, ii) identify central assumptions and themes in the New Synthesis writings that seem particularly promising for the appreciation of contemporary economic happenings, and iii) indicate opportunities for the development of further theoretical richness by incorporating Old Synthesis approaches.
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