Posts tagged Capitalism

According to Keynes, the nineteenth century had unleashed such a torrent of technological innovation—“electricity, petrol, steel, rubber, cotton, the chemical industries, automatic machinery and the methods of mass production”—that further growth was inevitable. The size of the global economy, he forecast, would increase sevenfold in the following century, and this, in concert with ever greater “technical improvements,” would usher in the fifteen-hour week. To Keynes, the coming age of abundance, while welcome, would pose a new and in some ways even bigger challenge. With so little need for labor, people would have to figure out what to do with themselves: “For the first time since his creation man will be faced with his real, his permanent problem—how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won.” The example offered by the idle rich was, he observed, “very depressing”; most of them had “failed disastrously” to find satisfying pastimes.

via http://www.newyorker.com/magazine/2014/05/26/no-time

Globalization was the driving force behind the growth miracle in emerging markets, lifting millions of people out of poverty over the past few decades. Now, a backlash against how the global income pie has been divided up is increasingly influencing the political affairs of developed markets. Globalization constituted a massive labor supply shock, allowing corporations to tap cheaper workers. The benefit to consumers in advanced economies took the form of downward price pressures on these goods. Along the way, however, the middle classes in developed nations failed to see this rising tide lift their boats. “The biggest losers (other than the very poorest 5 percent), or at least the ‘non-winners,’ of globalization were those between the 75th and 90th percentiles of the global income distribution whose real income gains were essentially nil,” according to Milanovic. “These people, who may be called a global upper-middle class, include many from former Communist countries and Latin America, as well as those citizens of rich countries whose incomes stagnated.” Toby Nangle, co-head of asset allocation at Columbia Threadneedle Asset Management, called this “globalization as an elephant” visual, “the most powerful chart of the last decade.”

via http://www.bloomberg.com/news/articles/2016–06–27/get-ready-to-see-this-globalization-elephant-chart-over-and-over-again

But, ‘human interfaces’ are actually quite costly to maintain. People are alive, and thus need food, sick leave, maternity leave and education. They also have a troublesome awareness of exploitation and an unpredictable ability to disobey, defraud, make mistakes or go rogue. Thus, over the years corporate managers have tried to push the power balance in this hybrid model towards the machine side. In their ideal world, bank executives would get rid of as many manual human elements as possible and replace them with software systems moving binary code around on hard drives, a process they refer to as 'digitisation’. Corporate management is fond of digitisation – and other forms of automation – because it is a force for scale, standardisation and efficiency – and in turn lowers costs, leading to enhanced profits.

via http://suitpossum.blogspot.be/2016/03/digital-banking-dark-side.html?m=1

this is about social sadism – deliberate, invested, public or at least semi-public cruelty. The potentiality for sadism is one of countless capacities emergent from our reflexive, symbolising selves. Trying to derive any social phenomenon from any supposed ‘fact’ of ‘human nature’ is useless, except to diagnose the politics of the deriver. Of course it’s vulgar Hobbesianism, the supposed ineluctability of human cruelty, that cuts with the grain of ruling ideology. The right often, if incoherently, acts as if this (untrue) truth-claim of our fundamental nastiness justifies an ethics of power. The position that Might Makes Right is elided from an Is, which it isn’t, to an Ought, which it oughtn’t be, even were the Is an is. If strength and ‘success’ are coterminous with good, what can their lack be but bad – deserving of punishment?

via http://salvage.zone/in-print/on-social-sadism/

Accelerationism is, for me, worth studying briefly, as it seems to me to be a response to pervasive capitalism brought on by the mental illnesses that capitalism has induced in people. (Schizophrenia is talked about, a lot, e.g. “in Nietzsche’s ‘schizo’ delirium he announced ‘I am all the names of history’”) Noys himself calls them “the fetishists of capital” at one point, but I have a feeling, and Noys often implies, that it’s a deeper malaise. Capitalism is lately cast as that Lovecraftian force that some people should not look directly at for fear of going completely mad and being banged up in the Arkham Sanitarium. Maybe meditating upon it as some Dark God From Beyond Space that is crushing the world into new shapes just leads some people to rub their mouths on it and plead for it to go faster. And never stop. (Also: accelerationism, like speculative realism and its surrounding notions, kind of strikes me as Science Fiction Condition philosophical enterprise. its roots may indeed go back to the 19th Century, but the modern conception is something else.)

http://morning.computer/2015/01/malign-velocities/