By David Schweickart

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In After Capitalism, David Schweickart strikes past the commonplace arguments opposed to globalizing capitalism to give a contribution anything completely beneficial and lengthy overdue—a coherent imaginative and prescient of a achievable, fascinating substitute to capitalism. He names the program monetary Democracy, a successor-system to capitalism which preserves the potency strengths of a marketplace economic system whereas extending democracy to the place of work and to the buildings of funding finance. Drawing on either theoretical and empirical learn, Schweickart indicates how and why this version is effective, dynamic, and more suitable to capitalism alongside various values.

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Extra info for After Capitalism (New Critical Theory)

Example text

The crucial thing to note about this counterstory, for our purposes, is that production was increased without anyone doing any prior saving. No one deferred consumption. Therefore, no one has to be rewarded for doing so. I am not suggesting here that a society should rely on governmental print­ ing presses to generate its funds for investment. ) The fundamental point I am making is this: In an advanced industrial society, business credit is nec­ essary for a healthy economy-but personal savings are not.

This would be a kind of laissez-faire s0cialism: let the market decide investment allocation. Banks would be charged a centrally determined interest rate on the funds they receive. They would be expected to make a profit, that is, to charge more than the base­ rate interest, adjusted according to risk. Bank officials, who are public offi­ cials, would be paid in accordance with performance. Banks would com­ pete, as they do now, trying to balance the riskiness of their loans against the interest rates they charge.

I can Consume pounded, is remarkable. John Maynard Keynes, somewhat whimsically, cal­ $60 more a year from now than I otherwise could, but you can consume $60 culated that the entire foreign investment of Britain, some £4 billion in 1928, less. Ancient and medieval philosophers may have found the transfer of could be derived from that portion of the treasure Sir Francis Drake stole from wealth from poor to rich repugnant. We may appreciate the convenience the Spanish which Queen Elizabeth invested in the Levant Company-some of being able to buy on credit.

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