The Cancer Stage of Capitalism is a modern classic of critical philosophy and political economy, renowned for its depth and comprehensive research. It provides a step by step diagnosis of the continuing economic collapse in the US and Europe and has had an enormous influence on new visions of economic alternatives.

John McMurtry argues that our world disorder of unending crises is the predictable result of a cancerous economic system multiplying out of all control and destroying ecological, social and organic life - a process he describes as 'global ecogenocide'. In this updated edition he explains the ‘social immune response’ required to fight the ‘macro cancer’, something which has already been shown in developments such as the Occupy movement and the democratic social transformation of Latin America.

In an official global culture increasingly destructive of life, this book shows the necessity and possibility of building a sustainable society based on a universal commitment to life and nature.

The advent of economic neoliberalism in the 1980s triggered a shift in the world economy. In the three decades following World War II, now considered a golden age of capitalism, economic growth was high and income inequality decreasing. But in the mid-1970s this social compact was broken as the world economy entered the stagflation crisis, following a decline in the profitability of capital. This crisis opened a new phase of stagnating growth and wages, and unemployment. Interest rates as well as dividend flows rose, and income inequality widened.

Economists Gérard Duménil and Dominique Lévy show that, despite free market platitudes, neoliberalism was a planned effort by financial interests against the postwar Keynesian compromise. The cluster of neoliberal policies--including privatization, liberalization of world trade, and reduction in state welfare benefits--is an expression of the power of finance in the world economy.

The sequence of events initiated by neoliberalism was not unprecedented. In the late nineteenth century, when economic conditions were similar to those of the 1970s, a structural crisis led to the first financial hegemony culminating in the speculative boom of the late 1920s. The authors argue persuasively for stabilizing the world economy before we run headlong into another economic disaster.

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An Omidyar Network “8 Storytellers Informing How We’ve been Reimagining Capitalism” Selection

“Brilliant…Poses all the important questions about our future.”
—Gordon Brown

“A scholar of inequality warns that while capitalism may have seen off rival economic systems, the survival of liberal democracies is anything but assured.”
—The Economist

We are all capitalists now. For the first time in human history, the world is dominated by one economic system. At some level capitalism has triumphed because it works: it delivers prosperity and gratifies our desire for autonomy. But this comes at a moral price, pushing us to treat material success as the ultimate goal, and offers no guarantee of stability. While Western liberal capitalism creaks under the strains of inequality and excess, some are flaunting the virtues of political capitalism, exemplified by China, which may be more efficient, but is also vulnerable to corruption and social unrest.

One of the outstanding economists of his generation, Branko Milanovic mines the data to tell his ambitious and compelling story. Capitalism gets a lot wrong, he argues, but also much right—and it isn’t going away anytime soon. Our task is to improve it in the hopes that a more equitable capitalism can take hold.

“Erudite, illuminating…Engaging to read…As a virtuoso economist, Milanovic is superb when he is compiling and assessing data.”
—Robert Kuttner, New York Review of Books

“Leaves little doubt that the social contract no longer holds. Whether you live in Beijing or New York, the time for renegotiation is approaching.”
—Edward Luce, Financial Times

With socialism in eclipse and market economies gaining acceptance worldwide, a new kind of ethics is needed to address social injustice and inequity. Richard C. Bayer debunks the present direction of mainstream social ethical theory by advancing market systems themselves as a means toward promoting justice and meeting human needs.

Observing that the primary vehicle for Christian ethics since the New Deal has been the welfare state, Bayer argues instead that market systems can provide a basis for reconciling capitalism and Christianity in both theory and practice. He proposes Christian personalism as an ethical approach that emphasizes the dignity of the human person and promotes the achievement of personal development through participation in a modified market economy.

Bayer's work draws on Catholic social thought and orthodox economics, adopting a post-Keynesian approach that deemphasizes the role of the state in the achievement of economic justice. As an example of a personalist economic reform agenda, he describes a "share economy" that advances solidarity among workers, promises greater economic efficiency, and increases employee participation in profit-sharing and decision-making.

Capitalism and Christianity integrates moral arguments with economic analysis to challenge prevailing thought in contemporary Christian social ethics. By incorporating key insights of liberalism while providing constructive criticism of that perspective, it creatively addresses both personal development and the common good.

From the 1960s to the 1990s the ground-breaking Japanese economists Kozo Uno and Thomas Sekine developed a masterful reconfiguration of Marxist economics. The most well-known aspect of which is the levels of analysis approach to the study of capitalism.

Written in Japanese, the Uno-Sekine approach to Marx's work is little understood in West. John Bell seeks to correct this, explaining how problematic elements of Marxian Political Economy such as the law of value and the law of relative surplus population can be solved by using a more rigorous dialectical analysis.

Bell's clear and accessible synthesis provides economists with the tools to interrogate capitalism in a more powerful way than ever before.

The relationship between religion and modern culture remains a controversial issue within Christian theology. This book focuses on Paul Tillich's interpretation of modern culture and the influence of capitalism, highlighting the context of his work in relation to Karl Marx and the Critical Theory of the Frankfurt School. When Tillich moved to the United States he sharpened his focus on the cultural dimensions of capitalism. Using the concept of "cultural modernity," Francis Ching-Wah Yip reconstructs Tillich's interpretation of modernity with the key categories of autonomy, self-sufficient finitude, technical reason, objectification, and dehumanization, and shows that Tillich's notion of theonomy served to underscore the problems of modernity and to develop a response.

The final section of the book relates Tillich's theology to contemporary theological interpretations of global capitalism and modernity. Yip appeals to the work of Jürgen Moltmann to argue that one should go beyond Tillich's analysis by placing much more emphasis on the material-economic basis of culture and by moving away from the Eurocentric viewpoint to a more global perspective. Finally, he draws on Émile Durkheim to show the quasi-religious dimension of capitalism as a global civil religion and as the culture of modern society.

Using Marx as a touchstone, Timothy W. Luke warns that if communities are not to be overwhelmed by new class economic and political agendas, then the practice of democracy must be reconstituted on a more populist basis. However, the galvanizing force for this new, more community-centered populism will not be the proletariat, as Marx predicted, nor contemporary militant patriotic groups. Rather, Luke argues that many groups unified by a concern for ecological justice present the strongest potential opposition to capitalism.

Wide-ranging and lucid, Capitalism, Democracy, and Ecology is essential reading in the age of information.

More than 630 million Chinese have escaped poverty since the 1980s, reducing the fraction remaining from 82 to 10 percent of the population. This astonishing decline in poverty, the largest in history, coincided with the rapid growth of a private enterprise economy. Yet private enterprise in China emerged in spite of impediments set up by the Chinese government. How did private enterprise overcome these initial obstacles to become the engine of China’s economic miracle? Where did capitalism come from?

Studying over 700 manufacturing firms in the Yangzi region, Victor Nee and Sonja Opper argue that China’s private enterprise economy bubbled up from below. Through trial and error, entrepreneurs devised institutional innovations that enabled them to decouple from the established economic order to start up and grow small, private manufacturing firms. Barriers to entry motivated them to build their own networks of suppliers and distributors, and to develop competitive advantage in self-organized industrial clusters. Close-knit groups of like-minded people participated in the emergence of private enterprise by offering financing and establishing reliable business norms.

This rapidly growing private enterprise economy diffused throughout the coastal regions of China and, passing through a series of tipping points, eroded the market share of state-owned firms. Only after this fledgling economy emerged as a dynamic engine of economic growth, wealth creation, and manufacturing jobs did the political elite legitimize it as a way to jump-start China’s market society. Today, this private enterprise economy is one of the greatest success stories in the history of capitalism.

In the troubled days before the American Civil War, both Northern protectionists and Southern free trade economists saw political economy as the key to understanding the natural laws on which every republican political order should be based. They believed that individual freedom was one such law of nature and that this freedom required a market economy in which citizens could freely pursue their particular economic interests and goals.

But Northern and Southern thinkers alike feared that the pursuit of wealth in a market economy might lead to the replacement of the independent producer by the wage laborer. A worker without property is a potential rebel, and so the freedom and commerce that give birth to such a worker would seem to be incompatible with preserving the content citizenry necessary for a stable, republican political order.

Around the resolution of this dilemma revolved the great debate on the desirability of slavery in this country. Northern protectionists argued that independent labor must be protected at the same time that capitalist development is encouraged. Southern free trade economists answered that the formation of a propertyless class is inevitable; to keep the nation from anarchy and rebellion, slavery—justified by racism—must be preserved at any cost.

Battles of the economists such as these left little room for political compromise between North and South as the antebellum United States confronted the corrosive effects of capitalist development. And slavery's retardant effect on the Southern economy ultimately created a rift within the South between those who sought to make slavery more like capitalism and those who sought to make capitalism more like slavery.

Most scholarship on nineteenth-century America’s transformation into a market society has focused on consumption, romanticized visions of workers, and analysis of firms and factories. Building on but moving past these studies, Capitalism Takes Command presents a history of family farming, general incorporation laws, mortgage payments, inheritance practices, office systems, and risk management—an inventory of the means by which capitalism became America’s new revolutionary tradition.

When Deng Xiaoping launched China on the path to economic reform in the late 1970s, he vowed to build “socialism with Chinese characteristics.” More than three decades later, China’s efforts to modernize have yielded something very different from the working people’s paradise Deng envisioned: an incipient kleptocracy, characterized by endemic corruption, soaring income inequality, and growing social tensions. China’s Crony Capitalism traces the origins of China’s present-day troubles to the series of incomplete reforms from the post-Tiananmen era that decentralized the control of public property without clarifying its ownership.

Beginning in the 1990s, changes in the control and ownership rights of state-owned assets allowed well-connected government officials and businessmen to amass huge fortunes through the systematic looting of state-owned property—in particular land, natural resources, and assets in state-run enterprises. Mustering compelling evidence from over two hundred corruption cases involving government and law enforcement officials, private businessmen, and organized crime members, Minxin Pei shows how collusion among elites has spawned an illicit market for power inside the party-state, in which bribes and official appointments are surreptitiously but routinely traded. This system of crony capitalism has created a legacy of criminality and entrenched privilege that will make any movement toward democracy difficult and disorderly.

Rejecting conventional platitudes about the resilience of Chinese Communist Party rule, Pei gathers unambiguous evidence that beneath China’s facade of ever-expanding prosperity and power lies a Leninist state in an advanced stage of decay.

“A quite thorough and impressive work, not only a compelling defense of materialism but also a fair-minded if highly critical engagement with cultural theory. It isn’t clear how culturalists—especially the anti-Marxist ones—can effectively respond to this broadside, tightly and cogently argued as it is.”—Chris Wright, CounterPunch

“Chibber…has developed a sophisticated, elegant, and readable defense of the sociological significance of class structure in understanding and addressing the key problems inherent in capitalism.”—Choice

“[A] clear, compelling, and systematic statement of the view that class is an objective reality that predictably and rationally shapes human thought and action, one we need to grapple with seriously if we’re to comprehend contemporary society and its morbid symptoms.”—Jacobin

Following the collapse of the Soviet Union, theorists argued that social and economic life is reducible to culture—that our choices reflect interpretations of the world around us rather than the limitations imposed by basic material facts. Today, gross inequalities in wealth and power have pushed scholars to reopen materialist lines of inquiry. But it would be a mistake to pretend that the cultural turn never happened. Vivek Chibber instead engages cultural theory seriously, proposing a fusion of materialism and the most useful insights of its rival.

Chibber accommodates the main arguments from the cultural turn within a robust materialist framework, showing how one can agree that the making of meaning plays an important role in social agency while still recognizing the fundamental power of class structure and class formation. He vindicates classical materialism by demonstrating that it accounts for phenomena cultural theorists thought it was powerless to explain, while also showing that aspects of class are indeed centrally affected by cultural factors.

The Class Matrix does not seek to displace culture from the analysis of modern capitalism. Rather, in prose of exemplary clarity, Chibber gives culture its due alongside what Marx called “the dull compulsion of economic relations.”

These incisive writings link the fate of the labor movement to the transformations in the shape of world capitalism, to the rise of the civil rights movement, and to the activists and intellectuals who have played such important roles. Tracing broad patterns of political thought, Lichtenstein offers important perspectives on the relationship of labor and the state, the tensions that sometimes exist between a culture of rights and the idea of solidarity, and the rise of conservatism in politics, law, and intellectual life. The volume closes with portraits of five activist intellectuals whose work has been vital to the conflicts that engage the labor movement, public policy, and political culture.

The Conundrum of Russian Capitalism looks at the nature of Russian capitalism following the fall of the Soviet Union, showing how the system originated in the degenerated Soviet bureaucracy and the pressures of global capital. Ruslan Dzarasov provides a detailed analysis of Russian corporate governance, labour practices and investment strategies.

By comparing the practices of Russian companies to the typical models of corporate governance and investment behaviour of big firms in the West, Dzarasov sheds light on the relationship between the core and periphery of the capitalist world-system.

This groundbreaking study shows that Russia's new capitalism is not a break with the country's Stalinist past, but in fact the continuation of that tradition.

Thomas Frank coined the term ‘the conquest of cool’. This book shows how this conquest is at the heart of the dynamics of contemporary capitalism.

Jim McGuigan argues that 'cool capitalism' incorporates disaffection into capitalism itself, absorbing rebellion and thereby neutralising opposition to the present system of culture and society.

McGuigan explores a huge variety of cultural examples, from the sleek images of mainstream advertising, to the fringes of artistic production, offering a vigourous critique of our understanding of subversion, resistance and counter-culturalism.

Has capitalism really colonised our planet? McGuigan shows that there is still some space left for rebellion against the seductive power of the free market economy.

In Courts and Commerce, Deborah A. Rosen intertwines economic history, legal history, and the history of gender. Relying on extensive analysis of probate inventories, tax lists, court records, letter books, petitions to the governor, and other documents from the eighteenth century—some never before studied—Rosen describes the expansion of the market economy in colonial New York and the way in which the law provided opportunities for eighteenth-century men to expand their economic networks while at the same time constraining women's opportunities to engage in market relationships. The book is unusual in its range of interests: it pays special attention to a comparison of urban and rural regions, it examines the role of law in fostering economic development, and it contrasts the different experiences of men and women as the economy changed.

Courts and Commerce challenges the idealized image of colonial America that has dominated historiography on the colonial period. In contrast to scholars who have portrayed the colonial period as a golden age for communal values and who have described nineteenth-century developments as if they had no eighteenth-century precedents, Rosen demonstrates that the traditionally described communal model of eighteenth-century America is a myth, and that in many ways the two eras are marked more by continuity than by change.

Deborah Rosen demonstrates that a market economy based on arm’s-length relationships did not suddenly emerge in the nineteenth century but already existed during the eighteenth century; that women became marginalized from the economy well before industrialization sent their husbands off to factories; and that the law shaped economic development a century or more before judges began to redefine the substance of the law to protect manufacturers and railway owners against expensive lawsuits by injured employees, neighbors, and consumers.

This bold and thought-provoking work will find a welcome audience among scholars of colonial American history, economic, social, and legal history, and women's studies.

Following his timely and well-received A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009.

By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy.

As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government’s stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government’s energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.