By Yann Moulier-Boutang
We are living in a time of transition, argues Yann Moulier Boutang. however the irony is this isn't really a transition to a brand new form of society known as 'socialism', as many at the Left had assumed; fairly, it's a transition to a brand new form of capitalism. Socialism has been left in the back of by means of a brand new revolution in our midst. 'Globalization' successfully corresponds to the emergence, in view that 1975, of a 3rd type of capitalism. It doesn't have a lot to do with the commercial capitalism which, on the element of its delivery (1750-1820), broke with prior sorts of mercantile capitalism. the purpose of this publication is to explain and clarify the features of this 3rd age of capitalism. Boutang cash the time period 'cognitive capitalism' to explain this new type of capitalism. whereas this thought continues to be a operating speculation, it already presents a few easy orientations and anchor issues that are indispensible for political motion. The political financial system which was once born with Adam Smith now not deals us the potential for knowing the truth that is being built sooner than our eyes - particularly the price, wealth and complexity of the area financial system D and it additionally doesn't allow us to accommodate the demanding situations that anticipate humanity, even if ecological or social. This ebook hence seeks to place us onto the trail of a provisional politics and morality able to facing this new nice Transformation.
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Additional info for Cognitive Capitalism
The main interest of the market allocation being to encourage a mode of financing from entrepreneurs or from invested capital as these are expecting a revenue, this solution is doomed to failure. The second difficulty with this ‘everything as commodity’ principle is the increasing complexification of systems that involve the intervention of human action and economic tradeoffs. It becomes technically very difficult, even if prices are allocated through a market mechanism, not to have a constant interference of fixed prices.
2 W h at cognitive capitalism is not The changes taking place in capitalism are too obvious not to have been noticed by the analysts. Several explanations have been pro posed to account for them. Although unsatisfactory at an overall level (and I shall examine their limitations below), each in its own way grasps individual aspects of the transformations underway. These analyses can be classified into two categories: those offering us old wine in new bottles and those offering us new wine in old bottles.
It now finds itself compelled to extend spatially, on a global scale - but also on an inter-temporal one. In relation to this aspect, people have suggested that finance capital thinks only in the short term. Nothing could be further from the truth. In the short 16 The new frontiers of political economy term the only things that count are liquidity, the strict instantaneous equivalent and the spot market (also instantaneous). This was an area in which deposit banks ruled the roost. For its part, the finance sector dealt mainly with credit and its foundations.