CAPITALISM

Sociologyindex, Books on Capitalism, State Capitalism, Spirit of

Capitalism, Capitalism, Sociology Books 2011, Relative Autonomy

Capitalism is an economic system in which capital (the goods or wealth used to produce
other goods for profit) is privately owned and profit is reinvested so as to accumulate
capital. The dynamics of the economic exchange in capitalism are unique.

In a barter system of economic activity a producer may grow a pound of potatoes and
barter them for an equivalent amount of honey produced by someone else. In this
exchange the goods bartered are of roughly equal value. In capitalism, however, a person
uses capital to produce goods and then sells those goods for cash. The amount of cash
received is greater than the value of the good produced such that a profit is created
allowing for reinvestment in the capital stock and to support the owner and producers.

Why was the rise of capitalism in Germany and Japan associated not with liberal
institutions and democratic politics, but rather with statist controls and authoritarian rule?

The histories of German and Japanese capitalism demonstrate that capitalism's structural
forms and functional relations evolve by means of different processes with different
goals.

Relative autonomy perspective assumes that the state can and does play a limited
independent role in the maintenance and stabilization of capitalist society.

John David Rose, quoting capitalism's icon Adam Smith, points out that "Adam Smith's
famous 'invisible hand' is just as apt to push present chiefs of industry into fraud as
honest productivity. Under the pressure of villainous competition, good apples may join
bad apples at the bottom of the moral barrel. It's not a lack of character. They have no
choice. The financial market demands it. Their stockholders demand it."

The Economic Sociology of Capitalism: Weber and Schumpeter

Richard Swedberg, Cornell University, USA
This article points to a distinct puzzle in the analyses of capitalism that can be found in
the works of Weber and Schumpeter, and gives a new introduction to their analysis of
capitalism. Both Weber and Schumpeter wrote voluminously on capitalism, as testified to
by such giant works as Economy and Society (Weber, 1978c [1922]) and Business
Cycles (Schumpeter, 1939). One can also discern a distinct development in their thought
over time: from emphasizing the role of various voluntaristic elements (such as the spirit
of capitalism and the spirit of entrepreneurship) to stressing the role of institutions. The
puzzle that one can find in their writings is as follows. Weber and Schumpeter both argue
that a vigorous and healthy capitalism requires certain economic and non-economic
institutions, in addition to something else. An absence of this 'something else' may lead to
capitalist petrification or collapse, according to both authors. The answers of Weber and
Schumpeter to the above puzzle, it is shown in the article, is somewhat different in their
early and in their later works. - jcs.sagepub.com/cgi/content/abstract/2/3/227

Schumpeter and Weber on the Institutions of Capitalism

Solving Swedberg's `Puzzle'
Geoffrey Ingham, University of Cambridge, gki1000@hermes.cam.ac.uk
In a `new introduction' to their work, Richard Swedberg (2002) argues that Weber and
Schumpeter's `economic sociology of capitalism' contains a `puzzle'. Weber and
Schumpeter are said to believe that a vigorous capitalism requires `something else' in
addition to the institutions outlined in their respective ideal types and theories. Dynamic
capitalism requires individuals who possess a distinctive `mentality' or `inner motivation'
- that is, a `capitalist or entrepreneurial spirit'. This new introduction is entirely consistent
with the tenor of existing sociological interpretations of Weber and Schumpeter. But,
more importantly, both Swedberg and the sociological tradition of which he is critical
completely ignore the institutional source of dynamism that is central to Schumpeter's
Theory of Economic Development and figures in Weber's General Economic History.
Both saw that a differentia specifica of capitalism is the production of an elastic supply of
credit-money by banks and states, without which entrepreneurial activity could not take
place. - jcs.sagepub.com/cgi/content/abstract/3/3/297

IS GLOBAL CAPITALISM MORALLY DEFENSIBLE?

John H. Dunning, Reading and Rutgers Universities
This article first makes the case for responsible global capitalism, and the role of belief
systems in advancing or inhibiting economic efficiency and socially acceptable
behaviour. It then goes on to illustrate how the content and effectiveness of three
contemporary elements of the global economy, viz, corporate social responsibility, the
achievement of the millennium development goals and the opening up of centrally
planned economies to market forces, are being, or might be, effected by the appropriate
`bottom up' and `top down' incentive structures and enforcement mechanisms devised by
the society of which they are part. - cpe.oxfordjournals.org/cgi/content/abstract/24/1/135

The Challenge For Capitalism

Do we want a world in which greed is the dominant driving force of the economic
system?
Abstract: This Web site explores the human condition that writers write about, and
economic systems are a major part of the human condition.
This article series is about destructive tendencies within the capitalist economic system
and the need to control the system so that it works for us, but not against us. Some
specific ways are mentioned to gain control, however solutions are more typically
worked out in the realm of consensus opinion. Topics examine economics, the role of
business, the role of government regulation, competing against ourselves, the business
tendency to create non-competitive arenas, the lack of business and personal
responsibility, the effect of a "games" mentality by business and the public toward
economics, and strategies for controlling the system without damaging it. The
fundamental issue raised is that excessive competition hurts us all. -
visualwriter.com/WhatKindWorld/ChallengeCap.htm

The Political Economy of Post-Industrial Capitalism

George Liagouras, University of the Aegean (Greece), g.liagouras@fme.aegean.gr
The hypothesis of this article is that industrial capitalism, as conceptualized by a series of
authors from Smith and Marx to Weber and Sombart, and then to Galbraith and Chandler,
is outdated. We are entering a new era of information or ‘post-industrial capitalism’. The
term used in the article is post-industrial capitalism. This is mainly because the notion of
information capitalism does not define explicitly what is really new regarding the history
of capitalism. Information capitalism can be either post-Fordist, or post-industrial, or
even a transition period towards a post-capitalist society. The argument of the article is
developed in two parts. The first offers a systematic comparison between the basic
features of industrial and post-industrial capitalism. The second explores three main
contradictions of post-industrial capitalism. The general idea behind this exploration is
that the future of post-industrial capitalism remains open. It depends on how the
contradictions of this new form of capitalism will be resolved. This, in turn, implies a
critical position towards approaches that either extrapolate the economic patterns of the
last two decades into the 21st century, or, by adopting sophisticated versions of
technological determinism, propose a monistic scenario for the future. -
the.sagepub.com/cgi/content/abstract/81/1/20

The varieties of capitalism paradigm: not enough variety?

Matthew Allen - Correspondence: m.m.allen@bham.co.uk
Institute for German Studies, European Research Institute, Birmingham University,
Birmingham B15 2TT, UK
This paper attempts to shed light on some of the unstated assumptions of the varieties of
capitalism framework by comparing it with its ‘close relative’—that is, transaction cost
economics—as well as neoclassical economics. These comparisons show that, within the
varieties of capitalism approach, actors' strategic preferences are assumed to be
endogenous to the institutional environment in which they operate. Moreover, important
institutions are assumed to be uniformly spread across firms within a national economy.
This latter presupposition ultimately makes the varieties of capitalism framework a
structuralist approach. Despite its claims to the contrary that it is an actor-centred
approach, the varieties of firms paradigm treats the varieties of firms as irrelevant. It is
this variety that is lacking in the approach, and that needs to be addressed in any
empirical assessments of it.

Varieties of Capitalism in an Internationalized World

Domestic Institutional Change in European Telecommunications
Mark Thatcher, London School of Economics
This article examines how internationalization affects domestic decisions about the
reform of market institutions. A developing literature argues that nations maintain
different "varieties of capitalism" in the face of economic globalization because of
diverse domestic settings. However, in an internationalized world, powerful forces for
change applying across border scan affect decision making within domestic arenas. The
article therefore analyzes how three factors (transnational technological and economic
developments, overseas reforms, and European regulation) affected institutional reform
in a selected case study of telecommunications regulation in Britain, France, Germany,
and Italy between the 1960s and 2002. The author argues that when different forms of
internationalization are strong and combined, they can overwhelm institutional inertia
and the effects of different national settings to result in rapid change and cross-national
convergence in market institutions. Hence different varieties of capitalism may endure
only when international pressures are low and/or for limited periods of time. -
cps.sagepub.com/cgi/content/abstract/37/7/751

Varieties of capitalism in the twentieth century

R Dore, W Lazonick and M O'Sullivan
Abstract: Of the world's multiple national variations on a basically capitalist system, the
paper compares the century's history of the British and American, the two 'pioneers'
whose institutions and economic behaviour patterns most closely confirm to, and those of
Germany and Japan whose institutions most significantly deviate from, the prescriptions
of neo-classical textbooks. There is no obvious story of a long and steady process of
gradual convergence-capitalist rationality slowly washing out the effects of differing
cultural traditions. All four societies have changed in key respects; finance and corporate
control structures were arguably more similar in the 1920s than later. By the end of the
post-war golden age, there were signs of convergence on similar forms of managerial
capitalism. The crucial, and for us unpredictable, question is how far the transition to
shareholder capitalism in Britain and America over the last two decades will be
duplicated in Germany and Japan. -
oxrep.oxfordjournals.org/cgi/content/abstract/15/4/102

Class Struggles and the Reinvention of American Capitalism in the Second Half of
the Twentieth Century
Victor D. Lippit
Department of Economics, University of California, Riverside, Riverside, CA 92521,
USA
American capitalism has changed dramatically in the last fifty years. During the 1950s,
one of its principal characteristics was a capital-labor accord with workers in major
industries receiving many benefits in exchange for ceding management broad rights.
From 1970 to 2000, by contrast, struggles between labor and capital intensified, with
capital gaining overwhelming strength. This article examines some of the principal
factors involved in this process, which played a major role in the transformation of
American capitalism. - rrp.sagepub.com/cgi/content/abstract/36/3/336

FEUDALISM AND THE ORIGINS OF CAPITALISM

Rodney Hilton
In spite of preoccupation with the war, there began in 1940 a lively discussion among
English Marxists about the origins of the capitalist mode of production, its political
system and its culture. Seminal to this discussion was Christopher Hill's short book The
English Revolution: 1640*, published for the tercentenary of the Long Parliament, the
beginning of the end of England's ancien regime. Naturally the discussion did not get
properly under way until 1946 but from that year began a series of debates many of them
focussing on the problem of the nature of late feudal society in England and the timing of
its transformation. Some took the view that there was already a bourgeois state in the
16th century and that consequently the civil war of mid-17th century was the defeat of a
counter-revolution. The strongest current of opinion was that which identified the so-
called Puritan Revolution as a bourgeois revolution of the same kind as the French
Revolution at the end of the 18th century. In addition, however, to these debates which
were concerned mainly with the interpretation of events in the 17th century, problems
about the nature of feudal society were also raised and no work was more influential than
Maurice Dobb's Studies in the Development of Capitalism. This book, in turn, provoked
the critical review of Dobb's ideas about feudalism by Paul Sweezy in the American
Marxist journal Science & Society, giving rise to the famous Dobb-Sweezy controversy,
which has been re-edited, with additions, including this introduction, and is being
published this year by New Left Books. -
hwj.oxfordjournals.org/cgi/content/abstract/1/1/9

Bunco Sharks and the Big Store: Understanding Capitalism Through Gilded Age
Fraud and Corruption - Jane G. Haigh
The growth of capitalism in the Gilded Age was marked by the increasing organization
and complexity of business and economic systems: the rise of corporate structures,
vertically integrated resource industries, and increasingly sophisticated banking and
finance instruments. My subjects are the Gilded Age confidence games and bunco sharks:
the dark underside of capitalism, if you will. The increasing organization and complexity
of these gaming systems parallels that of the legitimate economy. The era's emphasis on
entrepreneurial capitalism was embraced wholeheartedly by an gamblers, and con men,
as they sought to both exploit and subvert the new rules, while using many of the same
innovations and structures as the bankers and business owners. They subtly took
advantage of a limnal state as questions about the legitimacy of futures markets and
bucket shops wound through the courts. Bunco sharks and con men practiced their games
nationwide, and formed an extensive network that traded information on the conditions
favorable for their operations. Like elite businessmen, and often with their cooperation,
they participated in corrupting local officials in their efforts to continue their operations.
In addition, bunco games and "big cons," in particular developed new technologies:
specific, narrative structures which worked nearly infallibly to fleece a potential victim,
in effect akin to software, and similar to the development of the new financial
instruments of banking. I would like to acquaint those at the conference with this
phenomenon, as I suggest it may have something to teach us about capitalism and
especially its relationship to information. I use examples from the well documented
activities of con men in Denver and their participation in the corruption of municipal
elections 1889-1896,and the relation of this corruption to corruption in the Colorado
legislature and the U.S. Senate. - fas.harvard.edu/~polecon/conference/papers.shtml

Will Limited Needs Kill Capitalism?

Gilles Saint-Paul, Université des Sciences Sociales de Toulouse
Gilles Saint-Paul (2006) "Will Limited Needs Kill Capitalism?," Capitalism and Society:
Vol. 1: No. 1, Article 4
Abstract: This paper argues that a number of ``unorthodox" analyses of capitalism can be
understood from the point of view of orthodox economic theory. Our argument is based
on the assumptions of monopolistic competition and that utility derived from consuming
an individual good is bounded. The model's predictions are consistent with some popular
heterodox views, such as ``In modern capitalist society, productivity is so high that many
people are nearly saturated with goods;" ``Productivity growth reduces the real
consumption wage of workers;" and ``The benefits from growth are appropriated by
symbol manipulators." Furthermore, depending on relative levels of product diversity and
physical productivity, globalization may harm poorer workers in LDCs, rather than
unskilled workers in developed countries, as is usually predicted. -
bepress.com/cas/vol1/iss1/art4

Varieties of welfare capitalism

Alexander Hicks and Lane Kenworthy
Department of Sociology, Emory University, Atlanta, USA
Despite the considerable influence of Esping-Andersen's categorization of three "worlds"
of welfare capitalism, researchers have largely neglected investigation of his dimensions
of welfare state policy and politics. Building on and extending the foundations provided
by Esping-Andersen, we explore the identities and consequences of welfare state regime
dimensions. Our principal components analyses identify two such dimensions. The first,
which we label "progressive liberalism", rearranges Esping-Andersen's separate "social
democratic" and "liberal" dimensions into two poles of a single dimension. Its positive
pole is characterized by extensive, universal and homogeneous benefits, active labour
market policy, government employment and gender-egalitarian family policies. The
second, which we label "traditional conservatism", is similar to but broader than Esping-
Andersen's conservative dimension. It features not only occupational and status-based
differentiations of social insurance programmes and specialized income security
programmes for civil servants, but also generous and long-lasting unemployment
benefits, reliance on employer-heavy social insurance tax burdens and extensions of
union collective bargaining coverage. Pooled cross-section time-series regressions
covering 18 countries over the 1980s and 1990s suggest that progressive liberalism is
associated with income redistribution and greater gender equality in the labour market.
The principal consequence of traditional conservatism appears to be weakened
employment performance. - ser.oxfordjournals.org/cgi/content/abstract/1/1/27

The Crisis of German and Japanese Capitalism

Stalled on the Road to the Liberal Market Model?
STEVEN K. VOGEL, University of California, Berkeley
German and Japanese opinion leaders demand a decisive move toward the liberal market
model, yet their governments have been slow to act. Why can't Germany and Japan
reform? To unravel this puzzle, we must understand how the German and Japanese
models of capitalism bind the potential winners from liberal reform, such as competitive
manufacturing exporters, to the potential losers, such as workers and protected service
industries. Competitive exporters are reluctant to embrace reforms that might undermine
valued relationships with workers, financial institutions, and other business partners.
Moreover they cannot forge a strong reform coalition because they must work through
industry associations and political parties that represent both competitive and protected
sectors. As a result, Germany and Japan proceed cautiously with reform; they package
delicate compromises, often compensating the potential losers; they design reforms to
preserve core institutions; and they seek novel ways to build on the strengths of these
models. - cps.sagepub.com/cgi/content/abstract/34/10/1103

The Legitimation of Capitalism in the Postcommunist Transition Public Opinion

about Market Justice, 1991—1996
James R. Kluegel, David S. Mason and Bernd Wegener
Department of Sociology, University of Illinois at Urbana-Champaign 702 S. Wright St.,
Urbana, IL 61801. e-mail: jkluegel@uiuc.edu
This paper examines change in economic justice attitudes in five former communist states
(Bulgaria, the Czech Republic, eastern Germany, Hungary, and Russia), using data from
opinion surveys conducted in 1991 and 1996. We examine the implications of theory and
research concerning the popular legitimation of western capitalism for change in support
for ‘market justice’ beliefs and norms among postcommunist publics. Our analyses show:
first, that in the Czech Republic and eastern Germany, public opinion is moving closer to
market justice as found in western capitalism, but socialist justice remains strong or is
increasing in the other three countries; secondly, that in postcommunist countries
correlations between support for market justice norms and the perceived fairness of the
existing economic order have become stronger over time; and thirdly, that privatesector
employment, and retrospective, current and prospective standard-of-living evaluations
each shape market justice beliefs and norms. We conclude that (1) theory of the public
legitimation of capitalism in the West does apply in postcommunist states; (2) change in
market/socialist justice is a function of both collective and individual level factors; and
(3) we have entered a second stage of the transition where popular economic justice
evaluations are more clearly subject to ‘empirical test’. -
esr.oxfordjournals.org/cgi/content/abstract/15/3/251

Coverture and Capitalism

Amy Louise Erickson, amyerickson@blueyonder.co.uk
This article looks at the role of gender in the creation of a capitalist economy in England
in the early modern period. Most capital in this period was both accumulated and
transferred by means of marriage and inheritance, so it stands to reason that the laws
governing marriage and inheritance played a role in structuring the economy. English
property law was distinctive in two respects: first, married women under coverture were
even more restricted than in the rest of Europe; second, single women enjoyed a position
unique in Europe as legal individuals in their own right, with no requirement for a male
guardian. I suggest these peculiarities had two consequences for the development of
capitalism. First, the draconian nature of coverture necessitated the early development of
complex private contracts and financial arrangements, accustoming people to
complicated legal and financial concepts and establishing a climate in which the concept
of legal security for notional concepts of property (the bedrock of capitalism) became
commonplace. Second, without the inhibiting effect of legal guardianship, England had
up to fifty per cent more people able to move capital purely because that market included
the unmarried half of the female population in addition to the male population. This area
needs a great deal more research and three comparative European approaches to single
women's financial activity are offered: public investment records; court records of debt
litigation; and individual biography of single female entrepreneurs. The connections
proposed between marital property law and economic development are suggestive and
deserve further consideration. - hwj.oxfordjournals.org/cgi/content/abstract/59/1/1

Turning Modes of Production Inside Out

Or, Why Capitalism is a Transformation of Slavery
David Graeber, Department of Anthropology, Yale University, David.Graeber@yale.edu
Marxist theory has by now largely abandoned the (seriously flawed) notion of the ‘mode
of production’, but doing so has only encouraged a trend to abandon much of what was
radical about it and naturalize capitalist categories. This article argues a better conceived
notion of a mode of production - one that recognizes the primacy of human production,
and hence a more sophisticated notion of materialism - might still have something to
show us: notably, that capitalism, or at least industrial capitalism, has far more in
common with, and is historically more closely linked with, chattel slavery than most of us
had ever imagined. - coa.sagepub.com/cgi/content/abstract/26/1/61

The Problem of `Crony Capitalism': Modernity and the Encounter with the
Perverse
Joel S. Kahn, La Trobe University. j.kahn@latrobe.edu.au
Francesco Formosa, School of Social Sciences, La Trobe University
f.formosa@latrobe.edu.au
This article provides some reflections on the problem posed by ostensibly perverse
phenomena like political patronage, corruption and crony capitalism for modernising
narratives, which are currently enjoying a renewed popularity. In the light of an
ethnographic example from Indonesia, it is argued that the continual attempt to relocate
such phenomena to terrains not properly modern precludes the possibility of serious
analysis or moral/political assessment of these phenomena. The starting point for any
genuine engagement with these issues is the recognition that these phenomena are as
internal to modernity as the modernist discourses that seek to externalise them. -
the.sagepub.com/cgi/content/abstract/69/1/47

Books:

Understanding Capitalism: Competition, Karaoke Capitalism : Daring to Be

Command, And Change Different in a Copycat World
by Samuel Bowles, Richard Edwards, Frank by Jonas Ridderstrale, Kjell A. Nordstrom -
Roosevelt - April 30, 2005 March 30, 2005

Understanding Capitalism, provides an We all know that the rules by which

introduction to economics with extensive business is conducted have changed. But by
attention to the global economy, inequality, how much? The dot.commers who threw out
the information revolution, the exercise of the playbook and tried to reinvent
power and the historical evolution of everything crashed and burned. "Back-to-
economic institutions and individual basics" and "execution" are refrains
preferences. Its 'three dimensional approach' reverberating down corporate hallways. And
focuses on competition in markets, yet there is still a sense of unease. Jonas
command in firms, governments and Ridderstrale and Kjell Nordstrom, the
international relations, and change as a outspoken authors of the international
permanent feature of a capitalist economy bestseller, Funky Business, present a
promoted by technical innovation and provocative analysis of the social and
conflict over the distribution of income. cultural forces that are defining the business
Understanding Capitalism, 3/e, is designed landscape--in particular, the fundamental
for introductory undergraduate courses in relationships between employers and
economics and students of political employees and between companies and
economy throughout the social sciences. customers. Covering a huge terrain--from
the impact of high tech to the ever-widening
gaps between the haves and the have-nots,
and with references from Adam Smith to
Janis Joplin--the authors bring into focus the
challenges of business leadership in a world
increasingly defined by individualism.
"Karaoke" capitalism refers to the
philosophy of imitation, engrained into the
corporate mindset by such popular concepts
as benchmarking and best practice. For
Organizing America : Wealth, Power, Ridderstrale and Nordstrom, the only way to
and the Origins of Corporate Capitalism survive is to chuck convention, to embrace
by Charles Perrow - April 1, 2005 your company's individual personality and
promote it through everything you do,
American society today is shaped not nearly constantly honing what works and
as much by vast open spaces as it is by vast, abandoning what doesn't. Ultimately, the
bureaucratic organizations. Over half the authors argue that armed with imagination it
working population toils away at enterprises is possible to sustain profitable businesses
with 500 or more employees--up from zero while contributing to the well-being of
percent in 1800. Is this institutional customers, communities, and the society at
immensity the logical outcome of large.
technological forces in an all-efficient
market, as some have argued? In this book,
the first organizational history of nineteenth-
century America, Yale sociologist Charles
Perrow says no. He shows that there was
nothing inevitable about the surge in
corporate size and power by century's end.
Critics railed against the nationalizing of the
economy, against corporations' monopoly
powers, political subversion, environmental
destruction, and "wage slavery." How did a
nation committed to individual freedom,
family firms, public goods, and Culture, Capitalism, and Democracy in
decentralized power become transformed in the New America
one century? by Richard Brown - April 10, 2005
Bountiful resources, a mass market, and the
industrial revolution gave entrepreneurs “Richard Brown is one of the few thinkers in
broad scope. In Europe, the state and the the United States who could credibly
church kept private organizations small and undertake this important subject. He has
required consideration of the public good. In produced a masterpiece.”—Ronnie Dugger,
America, the courts and business-steeped cochairman and founder of the Alliance for
legislators removed regulatory constraints Democracy and founding editor of The
over the century, centralizing industry and Texas Observer
privatizing the railroads. Despite resistance,
the corporate form became the model for the The United States is in transit from an
next century. Bureaucratic structure spread industrial to a postindustrial society, from a
to government and the nonprofits. Writing in modern to postmodern culture, and from a
the tradition of Max Weber, Perrow national to a global economy. In this book
concludes that the driving force of our Richard Harvey Brown asks how we can
history is not technology, politics, or culture, distinguish the uniquely American elements
but large, bureaucratic organizations. of these changes from more global
influences. His answer focuses on the ways
Perrow, the author of award-winning books in which economic imperatives give shape
on organizations, employs his witty, to the shifting experience of being
trenchant, and graceful style here to American.
maximum effect. Colorful vignettes abound:
today's headlines echo past battles for Drawing on a wide knowledge of American
history and literature, the latest social
unchecked organizational freedom; socially
science, and contemporary social issues,
responsible alternatives that were tried are
explored along with the historical Brown investigates continuity and change in
contingencies that sent us down one roadAmerican race relations, politics, religion,
conception of selfhood, families, and the
rather than another. No other book takes the
role of organizations in America's arts. He paints a vivid picture of
development as seriously. The resultant contemporary America, showing how
insights presage a new historical genre.postmodernism is perceived and felt by
individuals and focusing attention on the
The Rise Of Regulatory Capitalism:: The strengths and limitations of American
Global Diffusion Of A New Order (The
Annals of the American Academy of
Political and Social Science Series) by
David Levi-Faur, Jacint Jordana (Editors) -
March 31, 2005
As the papers in this issue of The Annals
suggest, the current economic order is
anything but free of regulation. Indeed,
many policy changes seem to have expanded
and extended regulation – in a global sense.
The international arena is increasingly
legalized, and new layer of regulatory
controls is being created at still another level
of policymaking as regulatory solutions
adopted in North America and Europe have
spread across continents.
Instead of accepting the position of a neo-
liberal hegemony, this volume of the annals
examines the complex relationship between
markets, regulation, private property, and
public institutions and closely studies the
reasons for policy changes in the
environment of regulatory capitalism.
Going beyond the national case based
approach, the authors in this issue take
diffusion approaches, which hold a
combination of horizontal, international and
domestic explanations that will give readers
a new understanding of how the global
move to regulatory capitalism occurred and
what the sources of its success are.
Divided into three major parts, this issue
includes articles covering globalization and
diffusion in the following areas of analysis:
Theoretical Frameworks: The Diffusion of
Regulatory Capitalism
The Diffusion of Economic Regulations
The Diffusion of Social Regulations
Taken together, these topics create a
comprehensive image of the many
dimensions of the world-wide regulatory
capitalism and a clearer understanding of its
emerging characteristics. Scholars and
policymakers in political science, sociology,
democracy.
Multinationals And Global Capitalism:
From The Nineteenth To The Twenty-
first Century
by Geoffrey Jones - March 31, 2005
This book provides a unique contribution to
contemporary globalization debates by
providing an accessible survey of the growth
and role of multinational enterprises in the
world economy over the last two hundred
years. The author shows how entrepreneurs
built a global economy in the nineteenth
century by creating firms that pursued
resources and markets across borders. It
demonstrates how multinationals shifted
strategies as the first global economy
disintegrated in the political and economic
chaos between the two world wars, and how
they have driven the creation of the
contemporary global economy. Many of the
issues of the global economy have been
encountered in the past. This book shows
how entrepreneurs and managers met the
political, ethical, cultural and organizational
challenges of operating across national
borders at different times and in different
environments. The role of multinationals is
placed within their wider political and
economic context. There are chapters on the
impact of multinationals, and on relations
with governments. The focus on the shifting
roles of firms and industries over time rather
than abstract trade and capital flows
provides compelling evidence on the
diversity and discontinuities of the
globalization process. The book explains the
history of multinationals across a wide
spectrum of manufacturing, service and
natural resource industries from an
international perspective, which ranges
widely across different countries. It provides
an essential historical framework for
understanding global business. An
and economics will find this an invaluable
resource in understanding the enormous
impact that increased regulation has had on
the global social and economic fabric.
Stefan Bruggemann: Capitalism and
Schizophrenia
by Stefan Bruggemann, Alexandra Garcia -
March 30, 2005
Ah, capitalism and schizophrenia.
Everyone's favorite two topics, or at least
Deleuze and Guattari's--and now Stefan
Brüggemann's, too. Brüggemann, a young
contemporary artist of the Mexican variety,
makes witty text installations and other
conceptual projects, as if Jenny Holzer and
Bruce Nauman got together south of the
border and had a baby. One text piece,
installed in the form of a neon sign at the
Lisson Gallery in London, proclaims, "I
Can't Explain And I Won't Even Try." A
wall piece in silver block text notes,
"Everybody Is Thinking Outside This
Room." Capitalism and Schizophrenia, the
book, is divided into three sections, the first
of which represents Brüggemann's artwork
in a format as close as possible to the artist's
actual work. Included are his Notes
(magazine pages and A4 sheets on which he
writes), various truisms, and stills from his
Video Notes. The second section includes
critical texts, an interview with the artist,
Hans Ulrich Obrist, and Pedro Reyes, a
visual intervention by Martin Creed, and a
accessible survey of the history of
international business worldwide, this book
will be key reading for students taking
courses in International Business, Business
History, Multinationals, and
Entrepreneurship; and of interest to
academics and researchers working in these
areas.
Varieties Of Capitalism, Varieties Of
Approaches - by David Coates (Editor) -
March 16, 2005
Though the emerging sub-discipline of
comparative political economy is now rich
in studies of different advanced capitalisms,
it still lacks a systematic consideration of the
organizing frameworks and methodologies
underpinning those studies. This definitive
volume outlines the two great debates
currently shaping the analysis of advanced
capitalism. It makes the case for a greater
awareness of underlying theoretical issues in
the design of empirical research, and
demonstrates the value of exploring the
interconnections between competing
intellectual approaches.
PART 1: THE APPROACHES
EXPLAINED
PART 2: THE APPROACHES APPLIED
PART 3: THE APPROACHES
EVALUATED
A Civil Republic: Beyond Capitalism And
Nationalism
photo essay . The third section offers by Severyn T. Bruyn - March 1, 2005
documentation of the artists exhibition
installations. "A welcome illumination of the boundary
between civil society and the social
economy." --Jon Van Til
Rutgers University, Camden
"Since human beings live in communities,
which are shaped by tradition and values,
they need to participate, engage, contribute.
Only an economy and a polity which makes
this possible can be truly human. Bruyn
shows that such a society is not just a
utopian dream, but is possible an doable."
--Harvey Cox, Harvard Divinity School
The Origins Of Nonliberal Capitalism: Evokes a realistic vision of globalization
Germany And Japan In that fuses the core human values of "civil
Comparison (Cornell Studies in Political society" and the market aspects of "political
Economy) March 1, 2005 economy."
by Wolfgang Streeck (Editor), Kozo Investigates how components of civil
Yamamura (Editor) society are indebted to corporate interests,
"There have been many observations of and and how they can move beyond conventions
conjectures about the similarities and of capitalism and nationalism.
differences of Japanese and German In A Civil Republic, Severyn T. Bruyn
capitalism, but few systematic and argues that the United States, and the world
interdisciplinary analyses of the subject. The at large, is on the verge of a radical shift--
Origins of Nonliberal Capitalism takes us a dangerous but also full of opportunity. In a
long way in that direction."--Masahiko world of injustice, ecological destruction,
Aoki, Stanford University violence and instability, weapons of mass
Why was the rise of capitalism in Germany destruction, and the rise of authoritarian
and Japan associated not with liberal government, our ability to craft a secure
institutions and democratic politics, but future lies in creating a "civil republic."
rather with statist controls and authoritarian Bruyn envisions a system of governance that
rule? A stellar group of international merges core human values of civil society
scholars addresses this classic issue in into a political economy that has reigned
political development. supreme since the end of the Cold War. He
In The Origins of Nonliberal Capitalism, sees a world in which religious institutions,
German sociologists and American and health-care systems, businesses, media, and
Japanese political scientists draw governments could support values of
extensively on the work of economists and honesty, justice, and public health rather
historians from their home countries, as well than stand subservient to corporate interests
as from the United Kingdom and France. and those of markets and nation-states. He
The contributors discuss the potential explores ways to implement a new model--
disappearance, evolution, and reconstitution one of public policy that builds a civil
of nonliberal capitalism in Germany and society beyond the conventions of
Japan by analyzing its historical origins
from two perspectives: the emergence and
survival of nonliberal capitalism, and the
causes of differences between the systems of
Germany and Japan. They also outline the
requirements for internally coherent national
models of an embedded capitalist economy.
The histories of German and Japanese
capitalism demonstrate that capitalism's
structural forms and functional relations
evolve by means of different processes with
different goals.--This text refers to the
Hardcover edition.
Rescuing Capitalism From Corporatism:
Greed And The American Corporate
Culture
by John David Rose - January 31, 2005
A refreshing, clear-eyed assessment of our
highly flawed corporate culture, how it got
that way and what we can do about it. A
"must read" for any investor, student of
business, director, CEO and political
leaders. Highly readable, entertaining and
challenging of conventional wisdom.
The United States clearly identifies itself as
a capitalist nation, begins this heavily
documented, extensively researched
deconstruction of the corporate institution
by John David Rose.
Popularly, if not constitutionally, the right to
"do business" is given equal weight to
freedom of speech and religion.
Most Americans, if not all business people,
believe that "corporate America is
capitalism and nationalism.
Capitalism at the Crossroads : The
Unlimited Business Opportunities in
Solving the World's Most Difficult
Problems - February 15, 2005
by Stuart L. Hart
Global capitalism stands at a crossroads—
facing international terrorism, worldwide
environmental change, and an accelerating
backlash against globalization. Today's
global companies are at a crossroads, too:
finding new strategies for profitable growth
has never been more challenging. Both sets
of problems are intimately linked, says
Stuart L. Hart—and so are the solutions.
In Capitalism at the Crossroads, Hart shows
companies how to identify sustainable
products that can drive new growth as they
also help solve today's most crucial social
problems. Drawing on his experience
consulting with top companies and NGOs
worldwide, Hart shows how to integrate new
technology to deliver profitable solutions
that reduce poverty and protect the
environment at the same time. Along the
way, you'll learn how to become truly
indigenous to all your markets—and avoid
the pitfalls of traditional "greening" and
"sustainability" strategies.
This book transcends yesterday's stale
America." They view the growth of
corporations into globe-spanning giants of
commerce as the natural order; see them as
shedding conveniences and opportunities on
the many even as they lavish Pharaoh-size
riches on the few.
Noting that Americans enjoy a higher
standard of living than most nations, Rose
asks, "what's the problem?" then answers
with several examples of un-repentant
corporate criminals to initiate his argument.
Most of the public's assumptions about
corporations are wrong, asserts Rose: that
corporations were blessed by our founding
fathers; that stockholders own the
corporation; that corporations encourage
competition.
Rose challenges multi-million compensation
packages with, "If stockholders own a
corporation and CEOs are employed to
manage it, why do the hired hands come out
so far ahead and the owners so far behind?"
What could be heavy subject matter in other
hands is made easily digestible with Rose's
clear exposition and unpretentious tone. As
much sociology as economic philosophy, he
frequently drives home his points with a
Dilbert or New Yorker cartoon. Stimulated
by the Enron, World Com, Global Crossing
scandals, Fortune magazine's Shawn Tully
wrote: "You can’t trust companies. Can’t
trust auditors. Can’t trust analysts."
But "trust is essential to capitalism," Rose
stresses. "Without it no rational person will
give a portion of his or her wealth to another
to manage."
Quoting extensively from historical and
contemporary business sources, Rose builds
a compelling case that the problems of
corporatism stem not from "bad apples," but
from the corporate creation itself.
Quoting capitalism's icon, Rose points out
that "Adam Smith's famous 'invisible hand'
is just as apt to push present chiefs of
industry into fraud as honest productivity."
debates about globalization, pointing the
way toward a capitalism that's more
inclusive, more welcome, and far more
successful. But great ideas aren't enough.
Hart presents on-the-ground techniques for
transforming them into reality, helping
leaders re-ignite innovation, growth, and
profitability in their own businesses, starting
today.
Making Globalization Good: The Moral
Challenges of Global Capitalism
by John H. Dunning (Editor) - January 30,
2005
Gordon Brown, Jonathan Sacks, Joseph
Stiglitz, Hans Kung, Shirley Williams, and a
dozen other leading thinkers in international
business and ethics identify the pressing
moral issues which global capitalism must
answer. How can we develop a global
economic architecture, which is efficient,
morally acceptable, geographically inclusive
and sustainable over time? If global
capitalism-arguably the most efficient
wealth creating system currently known to
man-is to be both economically viable and
socially acceptable, each of its four
constituent institutions (markets,
governments, supranational agencies and
civil society) must not only be technically
competent, but also be buttressed and
challenged by a strong moral ethos. The
book includes contributions from leading
academics, politicians, and moralists.
Recognizing that solutions will not come
Capitalism requires governance, Rose from any one quarter, and that any serious
explains, "that trumps the human discussion of a just and equitable system
motivations and temptations of corporate will touch on questions of ethics and faith,
managers ... encourages pursuit of industry the book approaches the issues from a range
while minimizing the damage overzealous of different disciplines and forums.
pursuit may cause."
Clearly a lover of free enterprise and small
business, Rose compares the morality of
corporate executives with business people
dealing face to face with their customers,
suppliers, employees, and stockholders.
"Pressure to stay within the community’s
code of ethics does not exist for executives
of corporations dealing with people at a
distance. They make their decisions shielded
by the wall of corporate anonymity, with Bruges, Cradle of Capitalism, 1280-1390
enormous legal resources, political, and by James M. Murray - January 20, 2005
financial power to keep them from seeing or
sensing the human costs." Medieval Bruges provides an early model of
More than an anti-corporate screed, Rose a great capitalist city. This book examines
concludes his extensively footnoted, 300 the factors which contributed to Bruges'
page book with six Limits on corporate economic success such as the shift to sea-
power he believes critical to the rescue of borne commerce and the efforts of the city's
capitalism, then finishes up with Seven population to fashion a great commercial
Proposals to move from laissez faire to free center. With its study of diverse topics such
enterprise. as the city's political history, its
advantageous communications position, the
Globalization and Change : The wool, cloth and gold trade and the role of
Transformation of Global Capitalism women in the market, the volume offers a
by Berch Berberoglu - December 28, 2004. case-study in medieval economic history as
"This sterling collection of essays by well as a social and cultural history of
premier political economists exposes medieval Bruges.
the real nature of globalization and
capitalism. Well analyzed, well edited,
and much needed, this book will benefit
laypersons and academics alike."
-- Michael Parenti, author of THE
ASSASSINATION OF JULIUS
CAESAR and SUPERPATRIOTISM
"This book, highlighting the capitalist nature
of globalization and the exploitativenature
of the reorganization of
production and labor on a world scale, Karaoke Capitalism: Management For
provides an excellent analysis of the Mankind
globalization process and is a welcome by Jonas Ridderstrale, Kjell Nordstrom -
contribution to the current literature."
--Martha Gimenez, Professor of Sociology,
University of Colorado,
Boulder.
"The daily shockwaves of war, poverty,
environmental devastation, protest and
revolt leave many of us at a loss to
understand, let alone take action, against
capitalist globalization. This collection of
superb essays provides a succinct
framework to expose the contradictions of
this process, the human cost of global
capitalist expansion, and the
mobilization of millions of people to
confront the global empire." -- Judy Aulette,
Professor of Sociology, University of North
Carolina, Charlotte and University of the
Western Cape, Cape Town, South Africa
This book examines the origins,
development and transformation of global
capitalism from a critical perspective. It
analyzes the dynamics and contradictions of
the global political economy through a
comparative-historical approach based on
the class analysis model. After providing a
brief overview of the historic context within
which capitalism has developed and
expanded throughout the world, the book
examines the class forces that have come to
define the nature of class relations and class
struggles and thereby set the stage for the
emergence of the contradictions and crises
of global capitalism throughout the course of
the twentieth century. These contradictions,
focused on the exploitation of labor under
capitalist globalization, have come to define
the nature and scope of the class struggle
between labor and capital on a world scale
and have led to the worldwide popular
resistance against capital. The book
contends that, these developments are
creating the conditions for the
transformation of capitalist relations of
production across the world which, in turn,
will eventually politically challenge and
December 31, 2004
"If you loved Funky Business as much as I
did, you'll love Karaoke Capitalism. Weird?
Most certainly. Different? Most definitely.
But, if you want to re-imagine your
organization and your career it's a thought-
provoking place to start."
Tom Peters
In the long-awaited follow up to their
internationally acclaimed Funky Business,
Kjell Nordström and Jonas RidderstrSle
have delivered a thought-provoking,
workout for the wits in Karaoke Capitalism.
A book that challenges individuals,
businesses and nations to create originals
rather than cover versions. Management
guru Tom Peters said "If you loved Funky
Business as much as I did, you’ll love
Karaoke Capitalism."
The karaoke economy is dominated by
individuals with endless choice. The trouble
for business is that the karaoke club is also
home to institutionalized imitation. Copy-
cats abound. Only imagination and
innovation place societies, organizations and
individuals center-stage.
Karaoke Capitalism is a call to arms. Kjell
and Jonas are rebels with a cause. With their
unorthodox combination of academic rigor,
forceful logic and funky free-thinking they
once again re-write the rules for
revolutionaries. This is a true work-out for
the wits.
The book teaches us how to successfully
compete on competencies, create capitalism
with character, and how to have a great life
while also making a living. It is required
reading for all those wanting to be a first-
rate version of themselves rather than a
second-rate version of someone else.
Capitalism, Social Privilege and
Managerial Ideologies
by ERNESTO R. GANTMAN - February 1,
transform the entire global capitalist system. 2005

This book analyzes the evolution of

administrative thought from the
nineteenth century to the present,
considering it as ideological discourse.
Rather than merely being a succession of
fads, Gantman shows how each
successive discourse about the organization
of work serves to legitimate
social interests.
The book's compelling conclusion is that
instead of a tendency towards
increasing theoretical refinement, what is
more evident is a trend towards
fictionalization, which ends in the
contemporary paradigm of flatter, more
participative and democratic organizational
forms.
Students and scholars interested in
organization theory, management history,
the sociology of work or critical
management will gain many new insights
from this historical reconstruction of the
evolution of management thought.

Monday - February 23, 2004 at 03:37 AM in Business Ethics

Is Ethical Capitalism Possible?

There is a meme, particularly fashionable since, oh, 1995 or so, that it is

impossible to be both ethical and a practicing capitalist. This idea has become
even more popular since the corporate scandals of the past few years. As an
entrepreneur, CEO, and (I believe) and ethical person, I argue that it is not
only possible for a company or businessperson to behave ethically, it
is imperative. This is the first of a series of essays in which I will lay out what it
means to be ethical in business, and how to behave ethically.
There are really two reasons typically given that ethical capitalism is impossible.
First, that the corporation (and any similar legal structure) has no inherent ethical
compass; and second, that the profit motive prevents people from behaving
ethically.

Corporations Have No Ethical Compass

The argument that corporations inherently have no ethics is based on the idea
that it is easier for one person to misbehave when he can cast the blame on a
group he belongs to, rather than when he must bear full responsibility for his
actions. This is clearly true, and is one of the things which allows mobs of people
to do things which no individual in the group would normally do.

Corporations (and similar legal structures like partnerships, LLC's, etc.) are
essentially groups of people, gathered together for a common purpose. But the
dynamics of most corporations are much different than those of a rioting mob or
a group like the KKK. Perhaps most importantly, business do hold individual
employees accountable for their actions. In many companies, this is a formalized
review process, but even when no formal process is in place, employees are
expected to behave in a manner consistent with what the company expects.

The real question is, what kind of behavior does the company expect from its
employees? Does it expect employees to behave in a way consistent with core
values; or is lying, cheating, and stealing acceptable as long as employees bring
in revenue? When an employee steps over the line of acceptable behavior, any
of a range of things typically happen, from a mild correction by a peer, all the way
to a formal reprimand or even firing.

A corporation's values come from its leadership, and are institutionalized by

longtime employees. People within the company notice what kinds of behavior
are tolerated by management, what gets people into trouble, what gets someone
promoted, and what gets someone fired. Rather than saying that corporations
have no ethical compass, it is more correct to say that corporations magnify the
ethics of their leaders. The corporation as a whole will care about those things
which its leadership cares about, and encourage the behavior its leaders
encourage. As a result, unethical behavior by corporations is not inherent in the
corporate structure, but the result of leadership which doesn't care about ethics.

The Profit Motive Prevents Ethical Behavior

But why should leaders care about ethics, when it is so much easier to make a
buck by being unethical?

It is true that there are a number of shortcuts one can take in business which are
both unethical and more profitable than doing things right, but these shortcuts
tend to hurt in the long run. The reason is that a company does not exist in an
ethical vacuum: it must be responsive to the concerns of its customers,
employees, and community--however broadly those groups are defined.

A company which behaves in ways inconsistent with the values of its customers,
employees, or community will find itself being corrected in any number of ways,
ranging from losing individual customers or employees, to formal boycotts, to
legal action. Trying to increase profitability by ignoring ethical concerns will
eventually wind up costing the company money, negating any short-term benefit.

This is particularly true today, when information can spread rapidly through the
Internet, and both customers and employees have an enormous range of
options. It is difficult to try to sell a new car for $2,000 over the sticker price when
the customer knows both the sticker price, the invoice price, and has two other
offers from different dealers. The customer will decide what an acceptable level
of profit is, and the dealer has to work to justify its margins.

Sometimes, behaving ethically may require a company to take a longer view, and
sacrifice some profit today for the sake of building goodwill and a strong
reputation. This, however, is entirely consistent with capitalism. Capitalism
means working to make a profit; it does not require sacrificing all else for the
maximum possible profit at every moment in time. Investing in goodwill for the
future (after your unethical competitors have disappeared) is a completely
rational business strategy.

Or, stated another way, nobody worries about competing against Enron
anymore.

Ethical Capitalism Is Possible

Neither of the two arguments against ethical capitalism hold up under scrutiny. It
is possible to behave ethically, while working to earn a profit in a corporate
structure. In fact, ethical behavior makes sense as a business strategy, since it
tends to create goodwill among customers, employees, and the community.

he Ethics and Methodology of Capitalism

by Neil Parille

The two most prominent schools of thought for those committed to

laissez-faire capitalism are Objectivism (the neo-Aristotelian
philosophy of Ayn Rand) and the Austrian School of Economics
founded by Carl Menger.

An essential difference between these schools is that Objectivism is

a full-orbed philosophy which contains an explicit political and ethical
justification for capitalism. Austrian Economics, on the other hand,
presents itself as an explicitly value-free system of thought. Austrians
argue that while capitalist economies will increase wealth and benefit
the public at large, any ethical justification for capitalism is not
intrinsic to the Austrian method. For example, Ludwig von Mises
considered ethics outside the domain of science and made his ethical
case (to the extent one could call it that) for capitalism on utilitarian
grounds. In addition, Mises was explicitly Kantian in his epistemology
and considered his methodology (which he called praxeology) to be
based on Kantian assumptions. And while we tend to associate
Austrian Economics with laissez-faire capitalism, some Austrians have
not been consistent defenders of free enterprise. One thinks of
Friedrich von Hayek, whom Rand bitterly opposed.

Nonetheless, Rand praised the economic writings of Mises while

noting her disagreements with the philosophical sections of her work.
However, as her posthumously publishedMarginalia indicate, she was
in fact downright hostile to his ethical and epistemological theories.
Rand believed that Mises’ utilitarianism and Kantianism could not
provide the appropriate methodological foundation for economics or
provide a philosophical foundation for a free society. In fact (if
her Marginalia constitutes her reasoned evaluation of Mises) she
considered him a “neo-mystic” because of his Kantian approach. One
need not be an expert on Rand’s thought to know that “mystic” was
one of the harshest terms in the Randian lexicon. Things went from
bad to worse in her eyes with Mises’ American follower Murray
Rothbard. Although Rothbard was an Aristotelian whose ethics
shared similarities to Rand’s, he helped launch the modern libertarian
movement and advocated anarcho-capitalism. Rand’s hostility toward
libertarianism has continued in much of the Objectivist movement
today, and some of it has spilled over into hostility toward Austrian
Economics as such.

The Austrian attitude toward Objectivism is less uniform. Many

Austrians appreciate Rand as an important advocate of capitalism and
are grateful for her advocacy of Mises’ books, but consider her
thought insufficiently rigorous to be considered philosophy. Others,
such as George Reisman, have sought to combine Austrian Economics
and Objectivism, as in his magisterial work Capitalism.

Professor Edward Younkins thinks its time for a détente if not a

rapprochement. By looking back to the Aristotelianism of Carl
Menger and forward to a potential synthesis of Rand and Austrianism,
he thinks he can break the impasse. If Austrians understand their
Mengerian (and therefore Aristotelian) roots better, and if Objectivists
do a better job of understanding Austrian methodology, perhaps some
of the distrust that has placed these two schools at loggerheads can
be broken.

This collection of essays (of which Younkins contributes four)

revolves around the theme of the methodological and ethical
justification for capitalism. As some of the essays show, much of the
dispute between Objectivism and Austrian Economics is based on
different terminology. What Austrians mean by “subjective” and what
Objectivists mean by “subjective” isn’t always the same. Since
subjectivism is the opposite of objectivism, some Objectivists have
expressed a certain skepticism toward Austrian Economics from the
get go. However, Younkins isn’t advancing the thesis that “we are
saying the same thing using different words.” Real differences remain
and many of the essays critique opposing positions or attempt
reconciliation.

Of particular interest is Barry Smith’s essay on Austrian

methodology. Many Randians find Mises’ Kantianism indefensible.
Yet, as Smith writes, there are two types of Kantianism, which he
labels “reflectionism” and “impositionism.” The impositionist
(somewhat similar to the Randian interpretation of Kant) argues that
the human mind “imposes” certain categories of thought on the
world. The reflectionist, on the other hand, believes that the logical
structures of the human mind “reflect” the nature of the real world.
The reflectionist approach is more consistent with Aristotelianism;
the impositionist with Kantianism. Menger was clearly a
reflectionist. Mises, on the other hand, is more difficult to
categorize. He explicitly embraces impositionism, but his
methodology is reflectionist.

Among other standout essays are Chris Sciabarra’s “The Growing

Industry in Rand Scholarship” and Richard C. B. Johnsson’s “Austrian
Subjectivism vs. Objectivism”. Sciabarra updates readers on recent
works in Objectivism, drawing attention to Roderick Long’s
overlooked monograph on Rand title Reason and Value published by
The Objectivist Center. Johnsson attempts to reconcile Austrian value
theory with Objectivism and shows that even Mises’ views on value
may be read in a way more or less consistent with Rand’s.

Philosophers of Capitalism is a timely collection of essays that

anyone interested in capitalism, Ayn Rand and Austrian Economics
will want to have in his library.