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Capitalism and Its Alternatives

Capitalism and Its Alternatives

Chris Rogers

(2014)

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Abstract

The global economic crisis has catalysed debates about the merits of capitalism as a system for organizing production, distribution and exchange. Political elites have argued that capitalism is not fundamentally pernicious or crisis-prone and can be successfully reformed with the right set of policies. Conversely, many have argued that a wholesale change of attitude towards the status and creation of wealth in contemporary society is required if crises of this kind are to be prevented in the future. In Capitalism and Its Alternatives, Chris Rogers provides a critical introduction to theories of capitalism and to the forms of its crises in historical and contemporary contexts, as well as reflecting on the practice of anti-capitalism and the ways that economic and social relations are shaped, reshaped and resisted. Crucially, the book asks two key questions: What alternatives to capitalism exist? And by what processes and through what institutions might they be achieved?
Chris Rogers is Associate Professor of Political Economy and Public Policy at University of Warwick. His first book, The IMF and European Economies: Crisis and Conditionality, was published in 2012.
'The ideas are clearly developed and there is an especially well-written section on the four economic analyses of capitalism. This is a short book covering a wide compass...good as an introduction.' Political Studies Review 'Through lucid argumentation and examples drawn from cooperative and occupy movements past and present, Capitalism and Its Alternatives demonstrates that a non-capitalist world is not a utopia, but a reality already in the making. Scholars and activists will find it a useful introduction to the contemporary debates in the anti-capitalist movement, but this book's clear exposition and cogent prose guarantee it will appeal to a broader public.' Silvia Federici, feminist activist and author of Revolution at Point Zero 'This is an exceptional book. It is clear and fresh and covers a range of approaches often neglected in discussions of this topic. It is an excellent critical introduction to the most important question in the world.' John Holloway, Professor of Sociology and author of Crack Capitalism 'Critically reviewing the crisis-ridden track record of contemporary capitalism, this book comprehensively explores (among others) libertarian, socialist and communist alternatives. Essential reading for anyone looking for a cogent analysis of the flaws of capitalism and the prospects for transcending it.' Alfredo Saad Filho, Professor of Political Economy, SOAS, University of London 'This is a very interesting book; it is also a very important book. We live in an age where hope is in relatively short supply, because the political space to think about how things might be different has been seriously squeezed. In what is a must-read contribution to the literature, Chris Rogers provides us with crucial insights about strategies to reactivate that space.' Professor Matthew Watson, Department of Politics and International Studies, University of Warwick 'Capitalism and Its Alternatives is an important and timely intervention in debates about the nature of capitalism and how to change it. It offers an account of capitalism's crisis tendencies that is both theoretically rich and widely accessible. It also presents a sophisticated argument about how to bring about alternative forms of social organization that avoids the romanticism of existing socialist alternatives. A powerful call to action!' Dr Adrienne Roberts, University of Manchester

Table of Contents

Section Title Page Action Price
Front cover Front cover
About the author i
Title Page iii
Copyright iv
Contents v
Acknowledgements vi
Introduction: Capitalism and Its Alternatives 1
Introduction 1
Traditions of resistance 4
1 Four Faces of Capitalism 17
Introduction 17
The political economy of Adam Smith 19
Karl Marx’s critique of political economy 27
Keynesian political economy 32
Hayek’s free economy and strong state 40
Conclusion 47
2 Capitalism and Its Crises 48
Introduction 48
The interwar collapse and the Great Depression 49
The break-up of Bretton Woods and the 1970s stagflation 57
The sub-prime crisis and the Great Recession 64
Crisis tendencies in capitalism 72
Conclusions 78
3 Alternatives to Capitalism 80
Introduction 80
A libertarian alternative capitalism 81
A cooperative alternative to capitalism 92
A socialist alternative to capitalism 103
Conclusions 113
4 Anti-Capitalism 115
Introduction 115
The capitalist state 116
Within the state 120
Through the state 128
Against the state 133
Challenges for anti-capitalism 142
Conclusions 145
Conclusions: From Here to There? 148
From here to there/What is to be done? 152
References 156
Index 165
Back cover Back cover