After Capitalism (New Critical Theory) by David Schweickart

By David Schweickart

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In After Capitalism, David Schweickart strikes past the favourite arguments opposed to globalizing capitalism to give a contribution anything completely useful and lengthy overdue—a coherent imaginative and prescient of a potential, fascinating replacement to capitalism. He names the program financial Democracy, a successor-system to capitalism which preserves the potency strengths of a industry economic climate whereas extending democracy to the office and to the buildings of funding finance. Drawing on either theoretical and empirical examine, Schweickart indicates how and why this version is effective, dynamic, and more advantageous to capitalism alongside a variety of values.

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If the procedure is fair, then the outcome is just, whatever it may also lots of "legitimate" (however much it sometimes seems to be), but neither is it a fraud. Many in­ vestors, small as well as large, have made money on the stock market-Q lot more than have made money playing poker. The game-theory concept just introduced is a useful concept for under­ sum if the to­ be. Tossing a coin to decide which football team should kick off is an ex­ standing certain key features of capitalism. A game is positive ample of pure procedural justice, as is a poker game among (noncheating) tal expected gain from playing, computed according to probability theory, is friends.

Banks make grants, not loans, to business enterprises. These grants, how­ ever, do not represent "free money," since an investment grant counts as an addition to the capital assets of the enterprise, upon which the capital asset tax must be paid. Thus, the capital assets tax functions as an interest rate. A bank grant is essentially a loan requiring interest payments but no repayment of principal. Each bank receives a share of the investment fund allocated to the com­ munity, but this allocation is no longer governed by the principle of fair share.

The bank is protecting my savings: it is this service? Ideologically, the system is based on a lie. The productivity of the land is Let us ask the ethical question. Why should I receive interest on my sav­ not due to the prayers of the priests but to the hard work of the peasants ings? I put money in a bank There is no question of risk here. My savings ac­ themselves. 6 count is fully insured by the federal government. There is no question of en­ Without it, the people would in fact be worse off.

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