Advertisement

Periodizing Really Existing Capitalism of the 1980s and 1990s

  • Richard Westra
Chapter
Part of the Palgrave Insights into Apocalypse Economics book series (PIAE)

Abstract

Beginning in the 1970s and continuing into the 1980s and 1990s a spate of largely non-Marxist writings attempted to capture momentous changes that major, advanced economies were undergoing. Particularly significant among the changes were the expansion of service sector employment as a percent of total employment and diminution of employment in industry, the emergence and spreading application of information and computer technologies, horizontal disintegration of corporate capital, transformation of the international financial architecture, and rise of a speculation economy. Sociologist cum futurist Daniel Bell, Scott Lash and John Urry, as well as Michael Piore and Charles Sabel all drew radical conclusions over the transformations which they believed vitiated Marx’s views on socialism supplanting capitalism. While the aforementioned writers produced theories of change predicated upon systematizing empirical history in stylized facts, Giovanni Arrighi and Carlota Perez treated the above changes in terms of new sweeping periodizations of capitalism over the course of several centuries.

Keywords

Post-industrial society Disorganized capitalism Flexible specialization Systemic cycles of accumulation Technological paradigms 

References

  1. Arrighi, G. 1995. The Long Twentieth Century. London: Verso.Google Scholar
  2. Arrighi, G., and J. Moore. 2001. Capitalist Development in World Historical Perspective. In Phases of Capitalist Development: Booms, Crises and Globalizations, ed. R. Albritton, M. Itoh, R. Westra, and A. Zuege. Basingstoke: Palgrave Macmillan.Google Scholar
  3. Bell, D. 1960. The End of Ideology: On the Exhaustion of Political Ideas in the Fifties. Glencoe, IL: Free Press of Glencoe.Google Scholar
  4. ———. 1973. The Coming of Post-Industrial Society. New York: Basic Books.Google Scholar
  5. ———. 1976. The Cultural Contradictions of Capitalism. New York: Basic Books.Google Scholar
  6. Lash, S., and J. Urry. 1987. The End of Organized Capitalism. Cambridge: Polity Press.Google Scholar
  7. Marx, K. 1977. Capital Volume I. New York: Vintage Books.Google Scholar
  8. Perez, C. 1985. Microelectronics, Long Waves and World Structural Change: New Perspectives for Developing Countries. World Development 13 (3): 441–463.CrossRefGoogle Scholar
  9. ———. 2002. Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages. Cheltenham, UK: Edward Elgar.CrossRefGoogle Scholar
  10. Piore, M., and C. Sabel. 1984. The Second Industrial Divide: Possibilities for Prosperity. New York: Basic Books.Google Scholar
  11. Screpanti, E., and S. Zamagni. 2005. An Outline of the History of Economic Thought. Oxford: Oxford University Press.CrossRefGoogle Scholar
  12. Went, R. 2014. Capitalism and Stages of Accumulation. In The Enigma of Globalization, Chapter 5. London: Routledge. Reprinted in McDonough, T., D. Kotz, and M. Reich. Social Structure of Accumulation Theory. Vol. I. Northampton: Edward Elgar.Google Scholar
  13. Westra, R. 2012. The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future. Atlanta, GA: Clarity Press.Google Scholar
  14. ———. 2016. Unleashing Usury: How Finance Opened the Door to Capitalism Then Swallowed It Whole. Atlanta, GA: Clarity Press.Google Scholar
  15. ———. 2018. Socialism in the Twenty-First Century. Hauppauge, NY: Nova Science Publishers.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Richard Westra
    • 1
  1. 1.Centre for Macau StudiesUniversity of MacauMacauChina

Personalised recommendations