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Transformations of Capitalism
Economy, Society, and the State in Modern Times
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A diverse, complex, and stable, yet volatile system, capitalism has undergone fundamental transformations over the twentieth century. Entrepreneurial capitalism has become increasingly managerial and corporate in nature. The influence of laissez-faire policies waned for decades, only to experience a renaissance. No longer dominated by industrial production, capitalist economies are now based on information technologies and geared toward
supplying services. An economy based on individual companies is being replaced by complex relationships between state, economy, and multinational corporations.
Modern capitalism is by no means monolithic - witness the differences among American, British, German, French, Italian, Japan, and Korean capitalisms. Moreover, the emergence of distinctive global concentrations of capitalism has subverted the idea of a global economy as a unified and homogeneous system. Focusing on the structural shifts in advanced political economies, this volume brings to light trends that occur 'below' the surface of economic activity. The essays identify the basic patterns of those transformations and their implications - social, political, and economic - for contemporary and future capitalisms.
Series Preface; R.Jackall & A.J.Vidich
Acknowledgements
Notes on the Contributors
Introduction; H.F.Dahms
PART I: THE RISE OF 'BIG BUSINESS': INDUSTRIAL SOCIETY BETWEEN ECONOMIC CONCENTRATION AND FINANCE CAPITALISM
The Role of Business in the United States: A Historical Survey; A.D.Chandler, Jr.
The Industrial System of the New Order: Business vs. Manufacturing; T.Veblen
The Concentration of Economic Power; A.A.Berle & G.C.Means
Industrial Society: On the Convergence of Capitalism and Socialism; R.Aron
PART II: LAISSEZ-FAIRE IN DECLINE: FROM THE GREAT DEPRESSION INTO THE POST-WAR ERA
The End of Laissez-Faire; J.M.Keynes
An Explanation of the 1929 Depression; C.P.Kindleberger
Our Obsolete Market Mentality; K.Polanyi
Capitalism in the Postwar World; J.A.Schumpeter
PART III: THE GOLDEN AGE OF CAPITALISM: LARGE CORPORATIONS AND THE REGULATORY STATE
The Technostructure and the New Industrial State; J.K.Galbraith
The Military-Industrial Complex and the New Industrial State; W.Adams
Planning, Corporatism, and the Capitalist State; B.Jordan
Some Contradictions of the Modern Welfare State; C.Offe
PART IV: RESTRUCTURING BUSINESS, LABOR AND GOVERNMENT: DEINDUSTRIALIZATION, ENTREPRENEURIALISM, AND THE DECLINE OF LABOUR
Closed Plants, Lost Jobs: Consequences of Deindustrialization; B.Bluestone & B.Harrison
Toward a Policy Agenda for Competitiveness; S.S.Cohen & J.Zysman
Restructuring Employment; J.Kolko
The Social Construction of Efficiency; N.Fligstein
PART V: MULTINATIONAL CORPORATIONS PREPARE THE GLOBAL ECONOMY: THE INTEGRATION OF MARKETS AND THE EROSION OF THE NATION-STATE
The International Monetary Order in Crisis; F.Block
American Society Since the Golden Age of Capitalism; J.Bensman & A.J.Vidich
The Multinational Corporations and International Production; R.Gilpin
The New Global Economy: Problems and Prospects; G.K.Helleiner
Capitalisms in Conflict?: The United States, Europe, and Japan in the Post-Cold War World; B.Stallings & W.Streeck
Epilogue; H.F.Dahms
Index
HARRY F. DAHMS is Associate Professor and Director of Graduate Studies at University of Tennessee, where he teaches courses in social theory and economic sociology. He received his Ph.D. in sociology at the New School for Social Research in New York in 1993 and his M.A. in sociology, economics and statistics at the University of Konstanz, Germany, in 1986. He has written numerous articles on capitalism and social theory. He is currently completing a book on Schumpeter's theory of entrepreneurship.
Description
A diverse, complex, and stable, yet volatile system, capitalism has undergone fundamental transformations over the twentieth century. Entrepreneurial capitalism has become increasingly managerial and corporate in nature. The influence of laissez-faire policies waned for decades, only to experience a renaissance. No longer dominated by industrial production, capitalist economies are now based on information technologies and geared toward
supplying services. An economy based on individual companies is being replaced by complex relationships between state, economy, and multinational corporations.
Modern capitalism is by no means monolithic - witness the differences among American, British, German, French, Italian, Japan, and Korean capitalisms. Moreover, the emergence of distinctive global concentrations of capitalism has subverted the idea of a global economy as a unified and homogeneous system. Focusing on the structural shifts in advanced political economies, this volume brings to light trends that occur 'below' the surface of economic activity. The essays identify the basic patterns of those transformations and their implications - social, political, and economic - for contemporary and future capitalisms.
Contents
Series Preface; R.Jackall & A.J.Vidich
Acknowledgements
Notes on the Contributors
Introduction; H.F.Dahms
PART I: THE RISE OF 'BIG BUSINESS': INDUSTRIAL SOCIETY BETWEEN ECONOMIC CONCENTRATION AND FINANCE CAPITALISM
The Role of Business in the United States: A Historical Survey; A.D.Chandler, Jr.
The Industrial System of the New Order: Business vs. Manufacturing; T.Veblen
The Concentration of Economic Power; A.A.Berle & G.C.Means
Industrial Society: On the Convergence of Capitalism and Socialism; R.Aron
PART II: LAISSEZ-FAIRE IN DECLINE: FROM THE GREAT DEPRESSION INTO THE POST-WAR ERA
The End of Laissez-Faire; J.M.Keynes
An Explanation of the 1929 Depression; C.P.Kindleberger
Our Obsolete Market Mentality; K.Polanyi
Capitalism in the Postwar World; J.A.Schumpeter
PART III: THE GOLDEN AGE OF CAPITALISM: LARGE CORPORATIONS AND THE REGULATORY STATE
The Technostructure and the New Industrial State; J.K.Galbraith
The Military-Industrial Complex and the New Industrial State; W.Adams
Planning, Corporatism, and the Capitalist State; B.Jordan
Some Contradictions of the Modern Welfare State; C.Offe
PART IV: RESTRUCTURING BUSINESS, LABOR AND GOVERNMENT: DEINDUSTRIALIZATION, ENTREPRENEURIALISM, AND THE DECLINE OF LABOUR
Closed Plants, Lost Jobs: Consequences of Deindustrialization; B.Bluestone & B.Harrison
Toward a Policy Agenda for Competitiveness; S.S.Cohen & J.Zysman
Restructuring Employment; J.Kolko
The Social Construction of Efficiency; N.Fligstein
PART V: MULTINATIONAL CORPORATIONS PREPARE THE GLOBAL ECONOMY: THE INTEGRATION OF MARKETS AND THE EROSION OF THE NATION-STATE
The International Monetary Order in Crisis; F.Block
American Society Since the Golden Age of Capitalism; J.Bensman & A.J.Vidich
The Multinational Corporations and International Production; R.Gilpin
The New Global Economy: Problems and Prospects; G.K.Helleiner
Capitalisms in Conflict?: The United States, Europe, and Japan in the Post-Cold War World; B.Stallings & W.Streeck
Epilogue; H.F.Dahms
Index
Authors
HARRY F. DAHMS is Associate Professor and Director of Graduate Studies at University of Tennessee, where he teaches courses in social theory and economic sociology. He received his Ph.D. in sociology at the New School for Social Research in New York in 1993 and his M.A. in sociology, economics and statistics at the University of Konstanz, Germany, in 1986. He has written numerous articles on capitalism and social theory. He is currently completing a book on Schumpeter's theory of entrepreneurship.
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