The Gates/Ellison Unemployment Trap. I.e., productivity v. unemployment or the Productivity Trap or the more the US economy innovates the more the US economy creates unemployment. The thesis here is that in United States (U.S.) capitalism, unemployment is 'sticky' at 9+% permanently regardless of U.S. government fiscal policy or even Federal Reserve Bank monetary policy.
Why did modern capitalism not arise in late imperial China? One famous answer comes from Max Weber, whose The Protestant Ethic and the Spirit of Capitalism gave a canonical analysis of religious and cultural factors in early modern European economic development. In The Religions of China, Weber contended that China lacked the crucial religious impetus to capitalist growth that Protestantism gave Europe. The preeminent historian Ying-shih Yü offers a magisterial examination of religious and cultural influences in the development of China’s early modern economy, both complement and counterpoint to Weber’s inquiry. The Religious Ethic and Mercantile Spirit in Early Modern China investigates how evolving forms of Buddhism, Confucianism, and Daoism created and promulgated their own concepts of the work ethic from the late seventh century into the Qing dynasty. The book traces how religious leaders developed the spiritual significance of labor and how merchants adopted this religious work ethic, raising their status in Chinese society. However, Yü argues, China’s early modern mercantile spirit was restricted by the imperial bureaucratic priority on social order. He challenges Marxists who championed China’s “sprouts of capitalism” during the fifteenth through eighteenth centuries as well as other modern scholars who credit Confucianism with producing dramatic economic growth in East Asian countries. Yü rejects the premise that China needed an early capitalist stage of development; moreover, the East Asian capitalism that flourished in the later half of the twentieth century was essentially part of the spread of global capitalism. Now available in English translation, this landmark work has been greatly influential among scholars in East Asia since its publication in Chinese in 1987.
The relationship between religion and modern culture remains a controversial issue within Christian theology. Using the concept of “cultural modernity,” Francis Ching-Wah Yip reconstructs Paul Tillich’s interpretation of modernity and shows that Tillich’s notion of theonomy served to underscore the problems of modernity and to develop a response.
The Christian religion is deeply imbued with the imagery of water, and water plays a central role in its religious practices, not least in baptism. Yet the wider role of water in Christianity has been little explored. In this pioneering book, Terje Oestigaard uses the dramatic changes that took place in perceptions of water during the Reformation to reveal the importance that water played in structuring society and religion in the post-Reformation period. Prior to the Reformation, most common people believed misfortune and catastrophe were caused by the devil, and sought protection in the use of holy water blessed by the local priest. Holy water and holy wells gave laypeople a powerful weapon which could be used to keep the devil away, cure illness and protect fields, property and family. But with the Reformation, the nature of holy water was challenged and belief in the efficacy of holy water and holy wells was attacked as Popish magic and superstition: the status of holy water became one of the main battlegrounds between Protestants and Catholics. The author explores these conflicting views on the spiritual qualities of water and their consequences for society at large. He traces the changing views of nature that arose with Enlightenment developments in the scientific understanding of water and the hydrological cycle, and shows how the emergence of a natural theology helped encourage a belief in the Protestant work ethic whereby wealth and economic success equated with religious excellence. The author concludes by examining - and challenging - Weber's claim that the protestant work ethic and capitalist spirit of enterprise that was so important to the later success of the Industrial Revolution came about when magic and superstition were eliminated from religion by the Reformation. The result is a highly original work that provides one of the most detailed explorations of the importance of the role of water in structuring society and religion in post-Reformation England. Offering fresh insights into the development of society and religion, it will be welcomed by all those with an interest in water, religion, sociology, and the Reformation period.
“An extraordinary work of intellectual history as well as a scholarly tour de force, a bracing polemic, and a work of Christian prophecy...McCarraher challenges more than 200 years of post-Enlightenment assumptions about the way we live and work.” —The Observer At least since Max Weber, capitalism has been understood as part of the “disenchantment” of the world, stripping material objects and social relations of their mystery and magic. In this magisterial work, Eugene McCarraher challenges this conventional view. Capitalism, he argues, is full of sacrament, whether one is prepared to acknowledge it or not. First flowering in the fields and factories of England and brought to America by Puritans and evangelicals, whose doctrine made ample room for industry and profit, capitalism has become so thoroughly enmeshed in the fabric of our society that our faith in “the market” has become sacrosanct. Informed by cultural history and theology as well as management theory, The Enchantments of Mammon looks to nineteenth-century Romantics, whose vision of labor combined reason, creativity, and mutual aid, for salvation. In this impassioned challenge to some of our most firmly held assumptions, McCarraher argues that capitalism has hijacked our intrinsic longing for divinity—and urges us to break its hold on our souls. “A majestic achievement...It is a work of great moral and spiritual intelligence, and one that invites contemplation about things we can’t afford not to care about deeply.” —Commonweal “More brilliant, more capacious, and more entertaining, page by page, than his most ardent fans dared hope. The magnitude of his accomplishment—an account of American capitalism as a religion...will stun even skeptical readers.” —Christian Century
Capitalism in Chaos explores an often-overlooked consequence and paradox of the First World War—the prosperity of business elites and bankers in service of the war effort during the destruction of capital and wealth by belligerent armies. This study of business life amid war and massive geopolitical changes follows industrialists and policymakers in Central Europe as the region became crucially important for German and subsequently French plans of economic and geopolitical expansion in the late nineteenth and early twentieth centuries. Based on extensive research in sixteen archives, five languages, and four states, Máté Rigó demonstrates that wartime destruction and the birth of "war millionaires" were two sides of the same coin. Despite the recent centenaries of the Great War and the Versailles peace treaties, knowledge of the overall impact of war and border changes on business life remains sporadic, based on scant statistics and misleading national foci. Consequently, most histories remain wedded to the viewpoint of national governments and commercial connections across national borders. Capitalism in Chaos changes the static historical perspective by presenting Europe's East as the economic engine of the continent. Rigó accomplishes this paradigm shift by focusing on both supranational regions—including East-Central and Western Europe—as well as the eastern and western peripheries of Central Europe, Alsace-Lorraine and Transylvania, from the 1870s until the 1920s. As a result, Capitalism in Chaos offers a concrete, lively history of economics during major world crises, with a contemporary consciousness toward inequality and disparity during a time of collapse.
Just Capitalism is a Christian moral defense of economic globalization as a system that is well-suited to provide the necessary material needs that are prerequisite for human community and flourishing. Global-based market exchange offers the development and distribution of the goods of creation for humans to enjoy and share. Globalization also offers "the most realistic and promising way of exercising a preferential option for the poor." Waters argues that economic globalization, and thus capitalism, is a necessary condition for sustaining human life but not a sufficient condition for enabling human flourishing. Even though globalization is generally compatible with Christian theological and moral claims and can realistically facilitate the well-being of the human family, it must be reoriented toward koinoniahuman community, communication, fellowshipas the global economy's primary goal in order to help actualize human flourishing. Readers will gain insight about how economic globalization (and thus capitalism) is good for the human family and can be made better by certain reorientations that are compatible with Christian moral values. Waters provides a mature and civil counterargument against knee-jerk condemnations of economic globalization and capitalism.
For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.
The essays in this book shed interdisciplinary and multicultural light on a hypothesis that helps to account for such an unexpected convergence of enlightenment and religion in our times: Religion has reentered the public sphere because it puts into question the relation between God and the concept of political sovereignty.
The wake of the financial crisis has inspired hopes for dramatic change and stirred visions of capitalism’s terminal collapse. Yet capitalism is not on its deathbed, utopia is not in our future, and revolution is not in the cards. In Capitalism on Edge, Albena Azmanova demonstrates that radical progressive change is still attainable, but it must come from an unexpected direction. Azmanova’s new critique of capitalism focuses on the competitive pursuit of profit rather than on forms of ownership and patterns of wealth distribution. She contends that neoliberal capitalism has mutated into a new form—precarity capitalism—marked by the emergence of a precarious multitude. Widespread economic insecurity ails the 99 percent across differences in income, education, and professional occupation; it is the underlying cause of such diverse hardships as work-related stress and chronic unemployment. In response, Azmanova calls for forging a broad alliance of strange bedfellows whose discontent would challenge not only capitalism’s unfair outcomes but also the drive for profit at its core. To achieve this synthesis, progressive forces need to go beyond the old ideological certitudes of, on the left, fighting inequality and, on the right, increasing competition. Azmanova details reforms that would enable a dramatic transformation of the current system without a revolutionary break. An iconoclastic critique of left orthodoxy, Capitalism on Edge confronts the intellectual and political impasses of our time to discern a new path of emancipation.
