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Capitalism

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The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries. ~ Winston Churchill
Capitalism attacks and destroys all the finer sentiments of the human heart; it ruthlessly sweeps away old traditions and ideas opposed to its progress, and it exploits and corrupts those things once held sacred. ~ Daniel De Leon
Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society. This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who, for all practical purposes, separate the electorate from the legislature. The consequence is that the representatives of the people do not in fact sufficiently protect the interests of the underprivileged sections of the population. ... Private capitalists inevitably control, directly or indirectly, the main sources of information (press, radio, education). It is thus extremely difficult, and indeed in most cases quite impossible, for the individual citizen to come to objective conclusions and to make intelligent use of his political rights. ~ Albert Einstein
The capitalists soon had everything in their hands and nothing remained to the workers. ~ Friedrich Engels
While the earnings of a minority are growing exponentially, so too is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. Consequently, they reject the right of states, charged with vigilance for the common good, to exercise any form of control. A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. ... The thirst for power and possessions knows no limits. In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which become the only rule. ~ Pope Francis
Freedom in this instance clearly came along with the free market and the development of capitalist institutions. ... History suggests only that capitalism is a necessary condition for political freedom. ~ Milton Friedman
I think it is only because capitalism has proved so enormously more efficient than alternative methods that it has survived. ~ Milton Friedman
Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. ~ Alan Greenspan
The model for us rich guys should be Henry Ford. When Ford famously introduced the $5 day, which was twice the prevailing wage at the time, he didn't just increase the productivity of his factories, he converted exploited autoworkers who were poor into a thriving middle class who could now afford to buy the products that they made. Ford intuited what we now know is true... Raising wages increases demand, which increases hiring, which in turn increases wages and demand and profits, and that virtuous cycle of increasing prosperity is precisely what is missing from today's economic... ~Nick Hanauer
Greed is not good. Being rapacious doesn't make you a capitalist, it makes you a sociopath. And in an economy as dependent upon cooperation at scale as ours, sociopathy is as bad for business as it is for society.... Neoliberal economic theory has sold itself to you as unchangeable natural law, when in fact it's social norms and constructed narratives based on pseudoscience. If we truly want a more equitable, more prosperous and more sustainable economy, if we want high-functioning democracies and civil society, we must have a new economics. ~Nick Hanauer
The systems advocated by professed upholders of laissez-faire are in reality permeated with coercive restrictions of individual freedom. ... In protecting property the government is doing something quite apart from merely keeping the peace. It is exerting coercion wherever that is necessary to protect each owner, not merely from violence, but also from peaceful infringement of his sole right to enjoy the thing owned. ~ Robert Lee Hale
I am a capitalist, and after a 30-year career in capitalism... I'm not just in the top one percent, I'm in the top .01 percent of all earners. Today, I have come to share the secrets... here's the dirty secret. There was a time in which the economics profession worked in the public interest, but in the neoliberal era, today, they work only for big corporations and billionaires... It isn't capital that creates economic growth, it's people... it isn't self-interest that promotes the public good, it's reciprocity; and it isn't competition that produces our prosperity, it's cooperation. ~Nick Hanauer
Capitalism relies on maintaining an artificial scarcity of essential goods and services (like housing, healthcare, transport, etc), through processes of enclosure and commodification. We know that enclosure enables monopolists to raise prices and maximize their profits (consider the rental market, the US healthcare system, or the British rail system). But it also has another effect. When essential goods are privatized and expensive, people need more income than they would otherwise require to access them. To get it they are compelled to increase their labour in capitalist markets, working to produce new things that may not be needed (with increased energy use, resource use, and ecological pressure) simply to access things that clearly are needed, and which are quite often already there. ~Jason Hickel
The failure of capitalism is still much better than the success of socialism. ~ Garry Kasparov
The evils of capitalism are as real as the evils of militarism and evils of racism. ~ Martin Luther King Jr.
Capitalism and the market are presented as synonymous, but they are not. ~ Dave Korten
The Speech...“Let’s face it...it’s a dog-eat-dog world... Every man for himself...everyone’s just interested in their own skin. It’s a rat race. Look at all the progress... You can thank capitalism for that... These basic elements... form the foundation of the predominant worldview... so pervasive that most of us never question them. We feel they must be based on solid facts .. Like fish that don’t realize they’re swimming in water because it’s all they know... rather than recognizing it’s a constructed lens that shapes our thoughts and ideas into certain preconditioned patterns... ~ Jeremy Lent
I want every man to have the chance, and I believe a black man is entitled to it, in which he can better his condition. When he may look forward and hope to be a hired laborer this year and the next, work for himself afterward, and finally to hire men to work for him! That is the true system. ~ Abraham Lincoln
It is impossible for capitalism to survive, primarily because the system of capitalism needs some blood to suck. Capitalism used to be like an eagle, but now it's more like a vulture. It used to be strong enough to go and suck anybody's blood whether they were strong or not. But now it has become more cowardly, like the vulture, and it can only suck the blood of the helpless. ~ Malcolm X
It's impossible for a white person to believe in capitalism and not believe in racism. ~ Malcolm X
The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his “natural superiors,” and has left no other bond between man and man than naked self-interest, than callous “cash payment.” It has drowned the most heavenly ecstasies of religious fervor, of chivalrous enthusiasm, of philistine sentimentalism, in the icy water of egotistical calculation. It has resolved personal worth into exchange value, and in place of the numberless indefeasible chartered freedoms, has set up that single, unconscionable freedom—Free Trade. ~ Karl Marx
The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism. ~ Ludwig von Mises
An economic system of pure evil, in capitalism, your narrowest interests are advanced by cooperation. A genius system. ~ Jay Nordlinger
Capitalism is an art form. ~ Camille Paglia
The essence of capitalism is to turn nature into commodities and commodities into capital. The live green earth is transformed into dead gold bricks, with luxury items for the few and toxic slag heaps for the many. The glittering mansion overlooks a vast sprawl of shanty towns, wherein a desperate, demoralized humanity is kept in line with drugs, television, and armed force. ~ Michael Parenti
When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based. ~ Thomas Piketty
Capitalism is not merely the 'practical', but the only moral system in history. ~ Ayn Rand
Capitalism’s gratuitous wars and sanctioned greed have jeopardized the planet and filled it with refugees. Much of the blame for this rests squarely on the shoulders of the government of the United States. ...Over these last few years, given the wars it has waged, and the international treaties it has arbitrarily reneged on, the US Government perfectly fits its own definition of a rogue state. ~ Arundhati Roy
Any sense of talk of equality or justice seems to just have the same effect that blasphemy has in religious societies. That is what capitalism has become—a form of religion that will brook no questioning. ~Arundhati Roy
One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them. ~ Jim Stanford

Capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets. In a capitalist market economy, decision-making and investment are determined by the owners of the factors of production in financial and capital markets, and prices and the distribution of goods are mainly determined by competition in the market.

Arranged alphabetically by author or source:
A · B · C · D · E · F · G · H · I · J · K · L · M · N · O · P · Q · R · S · T · U · V · W · X · Y · Z · See also · External links

A

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  • Socialism is not the invention of an individual. It is essentially the outcome of economic and social conditions. The evils that Capitalism brings differ in intensity in different countries, but, the root cause of the trouble once discerned, the remedy is seen to be the same by thoughtful men and women. The cause is the private ownership of the means of life; the remedy is public ownership.
    • Clement Attlee, The Labour Party in Perspective (Left Book Club, 1937), p. 15
  • The economic impact of the UBI together with the three tax changes in the US would be roughly as follows. First, bank deposits from UBI would increase significantly. Experience says that low-income beneficiaries would first pay off their high-cost credit card loans and student loans (though maybe not all at once). Money left over after that would be spent on household goods and services... Private debt would fall, but overall the government debt might increase equally, perhaps by US$500 billion per annum... UBI would actually cut some existing government costs, both for targeted welfare services that would become redundant, and even for prisons and police. Higher personal incomes available to spend on goods and services would also generate more tax revenues for the government. It is unclear how much would be added to the current intake, probably less than the net cost of the UBI. But the net deficit at the end of the day might be quite small or even non-existent.
    A viable democratic social system must not allow a "winner takes all" approach... It is time to consider another way of getting money into the system, without funneling it directly through the banks to the wealthy....
    • Robert Ayres, in How Universal Basic Income could save capitalism, Forbes Asia, (28 Aug 2020)

B

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  • We live in a contradiction, a brutal state of affairs, profoundly inegalitarian – where all existence is evaluated in terms of money alone – is presented to us as ideal. To justify their conservatism, the partisans of the established order cannot really call it ideal or wonderful. So instead, they have decided to say that all the rest is horrible. Sure, they say, we may not live in a condition of perfect Goodness. But we’re lucky that we don’t live in a condition of Evil. Our democracy is not perfect. But it’s better than the bloody dictatorships. Capitalism is unjust. But it’s not criminal like Stalinism. We let millions of Africans die of AIDS, but we don’t make racist nationalist declarations like Milosevic. We kill Iraqis with our airplanes, but we don’t cut their throats with machetes like they do in Rwanda, etc.
  • 'But whom do I treat unjustly,' you say, 'by keeping what is my own?' Tell me, what is your own? What did you bring into this life? From where did you receive it? It is as if someone were to take the first seat in the theater, then bar everyone else from attending, so that one person alone enjoys what is offered for the benefit of all in common — this is what the rich do. They seize common goods before others have the opportunity, then claim them as their own by right of preemption. For if we all took only what was necessary to satisfy our own needs, giving the rest to those who lack, no one would be rich, no one would be poor, and no one would be in need.
    • Basil of Caesarea, Homily 6, “I Shall Tear Down My Barns,” C. P. Schroeder, trans., in Saint Basil on Social Justice (2009), p. 69
  • A religion may be discerned in capitalism—that is to say, capitalism serves essentially to allay the same anxieties, torments, and disturbances to which the so-called religions offered answers.
    • Walter Benjamin, "Capitalism as Religion" (1921), translated by Rodney Livingstone in Walter Benjamin: Selected Writings, Volume 1 (Harvard: 1996)
  • Capitalism is presumably the first case of a blaming, rather than a repenting cult. ... An enormous feeling of guilt not itself knowing how to repent, grasps at the cult, not in order to repent for this guilt, but to make it universal, to hammer it into consciousness and finally and above all to include God himself in this guilt.
    • Walter Benjamin, "Capitalism as Religion" (1921), translated by Chad Kautzer in The Frankfurt School on Religion: Key Writings by the Major Thinkers (2005), p. 259
  • The whole economic system of Capitalism is an offshoot of a devouring and overwhelming lust, of a kind that can hold sway only in a society that has deliberately renounced the Christian asceticism and turned away from Heaven to give itself over exclusively to earthly gratifications. ... It is the result of a secularization of economic life, and by it the hierarchical subordination of the material to the spiritual is inverted. The autonomy of economics has ended in their dominating the whole life of human societies: the worship of Mammon has become the determining force of the age. And the worst of it is that this undisguised “mammonism” is regarded as a very good thing, an attainment to the knowledge of truth and a release from illusions. Economic materialism formulates this to perfection when it brands the whole spiritual life of man as a deception and a dream.
    • Nikolai Berdyaev, The End of Our Time (1919), as translated by Donald Atwater (1933), p. 92
  • The termination of the Bretton Woods financial system and the collapse of the Soviet Union followed in the wake of centuries of capital-driven globalization. Neoliberal capitalism has become the new paradigm of permanent growth. The implications of the neoliberal stage of capitalist marketization are enormous, as capitalism universalizes its rule, throws off "superfluous" and "injurious" constraints on "free trade," and increasingly realizes the goal of purity of function and purpose through the autonomization of the economy from society, so that the social is the economic. Over the last few decades, Takis Fotopoulos notes, "A neoliberal consensus has swept over the advanced capitalist world and has replaced the social-democratic consensus of the early post-war period." Not only have "existing socialist societies" been negated in the global triumph of capitalism, so too have social democracies and the bulk of institutional networks designed to protect individuals from the ravages of privatization and the relinquishment of responsibilities to people in need to case them into barbaric barrenness of the "survival-of-the-fittest."
    • Steven Best, "Introduction: Pathologies of Power and the Rise of the Global Industrial Complex", in Steven Best; Richard Kahn; Anthony J. Nocella II; Peter McLaren (eds.). The Global Industrial Complex: Systems of Domination. 2011. p. xviii
  • In the aftermath of 10,000 years of incessant growth and endless wars that humanity waged upon itself, other species, and the earth, we now live amidst unsustainable global capitalism and a system of growth that is driving natural systems to an irreversible tipping point.
    • Steven Best, The Politics of Total Liberation: Revolution for the 21st Century (2014), p. 162
  • Washington's violent anticommunist crusade destroyed a number of alternative possibilities for world development. The Third World movement fell apart partly because of its own internal failures. But it was also crushed. These countries were trying to do something very, very difficult. It doesn't help when the most powerful government in history is trying to stop you. It's hard to say how they might have reshaped the world if they were truly free to experiment and build something different. Maybe, the countries of the developing world would have been able to come together and insist on changing the rules of global capitalism. Perhaps many of these countries would not be capitalist at all.
  • Capitalism is a mode of socio-economic organization in which a class of entrepreneurs and entrepreneurial institutions provide the capital with which businesses produce goods and services and employ workers. In return the capitalist extracts profits from the goods created. Capitalism is frequently seen as the embodiment of the market economy, and hence may result in the optimum distribution of scarce resources, with a resulting improvement for all; this optimism is countered by pointing to the opportunity for exploitation inherent in the system.
    • Simon Blackburn ed. (1996) Oxford Dictionary of Philosophy. Lemma "Capitalism"
  • There was a time when people of the rich nations of the world regarded poverty as a "natural condition" for those living in the poor nations of the world. ... Today we have largely been stripped of this pseudo-innocence. We know that the poor are so poor because the rich are so rich, that the causes of poverty can be traced to deliberate decisions and deliberate economic and political policies designed to benefit the rich and powerful. We know that poverty and unemployment are not just accidents of history but deliberate, even indispensable, components of capitalism as an economic system.
  • He's Sen Joe Manchin) beholden to his donors. He’s beholden to dark money... to special interests. And by “dark money,” we mean big donors that cannot be tracked or traced. And special interests have been heavily involved... The pharmaceutical lobby has spent more money lobbying this year than it ever has in its history — hundreds of millions of dollars. Senator... Manchin... has raised more money this year than he ever has in his career. So has Senator Sinema, by the way... we’re not talking about senators who are responding to the needs of their people... Senator Manchin is not talking about the people of West Virginia or the people of America; he’s talking — he’s responding to big special interests and his donors... this is a senator who believes that this is OK, that this is business as usual and there’s no problem at all with his family benefiting from investments in and payments from the pharmaceutical lobby... Unfortunately, he is not the only one. Many of my colleagues in the House and the Senate think it’s OK for big money to continue to control how Congress behaves. You know, this is capitalism.
  • Many of my colleagues are capitalists, and they celebrate this, and they are completely OK with this. You know, they’re OK with Citizens United. They’re OK with corporations being designated as people and money being designated as free speech. This is the problem with Washington... And as we build back better in an equitable way and work together to save our democracy, we have to look special interests and big money directly in the face and deal with it and change how we do business in Washington. We cannot have a democracy with this level of inequality and this behavior happening in Washington. We just had an insurrection on January 6th, partly because we have a system that allowed someone like Donald Trump to get to the White House in the first place. And now we have 20 million, at least, people radicalized across the country, ready to fight for, you know, their liberties and freedoms as white nationalists. So, this is all connected and correlated, and Manchin is representative of all of that, as well as an old patriarchy that doesn’t want to support women getting back to work, particularly women of color, doesn’t want to support paid leave, doesn’t want to support universal child care and all the things that would benefit historically marginalized and disenfranchised people.
  • The United States is the Darwinist capital of the capitalist world. A head afraid is a head haunted. A head haunted is a head hunted. Run for your life. Run from the guillotine to a head hunter who saves your head and raises your salary — so you’ll be caught in the red of the fish-market buying gadgets to distract your fragile imagination that is cut in the red market of blood—running and escaping — running again — changing your resume to update the fear you feel of being unemployed tomorrow — in the streets — and from there to welfare — and from there to begging.
  • Workers every day face their own personal crises – lack of money to pay the rent or the possibility of defaulting on their mortgage because the boss didn’t call them in for work this week, overdue utility bills that must be paid or risk being cut off, expenses for children’s education that fall due, the fear of redundancy. These are crises that are experienced personally but are really a collective crisis of everyday life for working class people. But when we ask for governments to respond, we are told that addressing these things collectively is not possible, and that this is just the way things are. But when the capitalist system goes into crisis, governments act promptly. It turns out that political decisions about the economy are possible and it is wholly possible for governments to tell the markets to go jump. [...] So, in an economic emergency, few of the usual rules apply. Governments can marshal the resources and can threaten the narrow interests of private businesses. Hardcore libertarians despise these measures as rampant socialism. From their perspective, they’re right: the very existence of such programs is condemnation of the free market capitalist model that they promote. But they are best seen only as another approach to the management of the capitalist economy. The fact that governments across the OECD are now prepared to spend trillions of dollar to save the financial system from collapse only confirms that the world economy cannot be left safely in the hands of “the market”. And, the situation clearly confirms that when the capitalist class and governments deem it necessary to save their system, lots of measures they once denounced as “unaffordable”, not permitted by the condition of “the economy”, are actually affordable and permitted. Governments can act when required. The ideological justifications of yesterday are revealed as threadbare. But nor are government interventions of this nature geared towards the interests of the working class, only the interests of the bosses.

C

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  • Like cancer, capitalism grows until it murders the host body. During this pandemic shutdown, it’s not getting the growth it needs and parts of it are becoming benign...For years...we’ve been lost in the frenetic pace of lives based on non-events, never pausing to reassess or recess. The spastic motion of avoidance filled the ether — afraid if we stop to truly think about it, we may find our scant few years of consciousness are pissed away as slaves at often meaningless jobs. They, the pustulant corporate owners, suck away our lives...And now, with life on holiday, we see almost none of it was essential... As our planet disintegrates under the weight of consumption and greed, most people are trapped in extreme poverty. And that’s how the system of capitalism is designed. Slightly altering capitalism will not change this reality... If we take away the false promises of capitalism and just say to people, “Private luxury is only for a few humans. You will never have it and won’t even have the chance at getting it” – if we admit that – then the entire justification for capitalism evaporates... The pandemic shutdown has shown us the problem. It has revealed what the world looks like without as much pollution, without the chaos and roar of mostly meaningless “work” performed by the exploited, using materials stolen from the abused, for the benefit of the pampered and oblivious. Another world is possible, and we’ve just gotten a glimpse of it.
  • Let’s cut to the chase — and I’m sorry if the next statement upsets you — but in order to stop climate change and create a sustainable world, it requires the end of capitalism. I know I’m not “allowed” to say that. Saying such a thing would be heresy on one of the corporate media dog-and-pony bullshit infotainment hours. If I spoke that unholy fact on CNN or Fox News or CBS or NPR, a tranquilizer dart would immediately hit me in the neck, and they’d cut to a commercial while my lifeless body was dragged off. But let’s take our intellectual honesty out for a spin, shall we? As Guardian columnist George Monbiot said, “Capitalism has three innate characteristics that drive us towards destruction… firstly, that it generates and relies upon perpetual growth.” Endless growth on a planet with finite resources. Such a thing is physically impossible, no more scientifically feasible than Secretary of State Mike Pompeo touching his toes. The reason we’re now in the largest economic crisis since the Great Depression is because capitalism requires nonstop growth, much like cancer. Also, like cancer, it grows until it murders the host body. And during this pandemic shutdown, it’s not getting the growth it screams out for. During this brief respite, many parts of capitalism are benign.
  • Vulgar libertarian apologists for capitalism use the term "free market" in an equivocal sense: they seem to have trouble remembering, from one moment to the next, whether they’re defending actually existing capitalism or free market principles. So we get the standard boilerplate article arguing that the rich can’t get rich at the expense of the poor, because "that’s not how the free market works"—implicitly assuming that this is a free market. When prodded, they’ll grudgingly admit that the present system is not a free market, and that it includes a lot of state intervention on behalf of the rich. But as soon as they think they can get away with it, they go right back to defending the wealth of existing corporations.
    • Kevin Carson, Studies in Mutualist Political Economy (2007), Chapter 4
  • Is it the right of this, our generation, in its selfish materialism, to destroy these things because we are blinded by the dollar sign? Beauty-and all the values the derive from beauty-are not measured and evaluated in terms of the dollar.
    • Rachel Carson Speech (1954) In Lost Woods: The Discovered Writing of Rachel Carson (1998)
  • It is really impressive what a filthy system capitalism is, that can't guarantee its own people employment, nor health, nor adequate education; that cannot prevent youth from being corrupted by drugs, gamble, and all kind of vices.
  • Everyday I become more convinced, there is no doubt in my mind, as many intellectuals have said, that it is necessary to transcend capitalism. But capitalism can not be transcended through capitalism itself; it must be done through socialism, true socialism, with equality and justice. I’m also convinced that it is possible to do it under democracy, but not in the type of democracy being imposed by Washington.
  • The new community which the capitalists are now constructing will be a very complete and absolute community; and one which will tolerate nothing really independent of itself.
  • Covid-19 has revealed glaring failures and monstrous brutalities in the current capitalist system. It represents both a crisis and an opportunity. Contests for controlling the narratives around the meaning of this pandemic will be the terrain of struggle for either a new, more humane common sense and society or a return to the status quo ante. The outcome of those contests is uncertain; everything depends on the actions that people take into their hands.
    • Noam Chomsky and Marv Waterstone, Consequences of Capitalism: Manufacturing Discontent and Resistance (2021), p. 344
  • I hear Republicans and Libertarians and so forth talking about property rights, but they stop talking about property rights as soon as the subject of American Indians comes up, because they know fully well, perhaps not in a fully articulated, conscious form, but they know fully well that the basis for the very system of endeavor and enterprise and profitability to which they are committed and devoted accrues on the basis of theft of the resources of someone else. They are in possession of stolen property. They know it. They all know it. It's a dishonest endeavor from day one.
  • The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries.
  • The French Revolution qualitatively transformed all aspects of human culture, including science, for better or worse. The institutional ideological changes wrought in French science by the Revolution and its aftermath shaped the subsequent course of modern science everywhere. The essential underlying factor, as the Hessen thesis maintains, was the victory of capitalism, which the Revolution consolidated. The new social order spread to Europe and the rest of the world, everywhere subordinating the further development of science to capitalist interests.
  • The goal of the future is full unemployment, so we can play. That’s why we have to destroy the present politico-economic system.
    • Arthur C. Clarke, interview with Los Angeles Free Press, pp. 42–43, 47 (25 April 1969)
  • I just don’t trust any of it. Every time I read something about how there’s been another ridiculous climb of the Dow Jones, there’s a part of me that goes, “This can’t be good.” None of this is real money. You know what I mean? It’s not like there’s actually more of anything. It’s just ideas. When people are getting richer and richer but they’re not actually producing anything, it can’t end well.
Even after 9/11, during the darkest moment of our recent history, the President told us, “Go shopping.” That’s how we were told to uphold American values; go out and fucking buy more shit. So what were we supposed to do?

D

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  • Whereas Marx identified the essential condition of capitalism as one of enforced servitude (wage slavery), the Frankfurt School alluded to something even more insidious: a willingness in people to inscribe themselves within the very system that oppresses them; to defer to the widespread mythology of those who have 'made it': the rags-to-riches millionaire, the lottery winner, the pop/sports idols and so on. Contemporary subjectivity is thus one of perverse collaboration. ... Late capitalism is a kind of Stockholm syndrome writ large: a skewed and rather desperate faith in our own socio-economic betrayal.
    • Glyn Daly, in The Routledge Companion to Critical and Cultural Theory (Routledge: 2013), p. 42
  • Our society is excessively individualistic. Markets reduce everything to a question of individual calculation and selfishness. We have become obsessed with money and acquisition at the expense of our social relationships and our own human fulfillment. Capitalism spreads a plague of materialism, which undermines our contentedness, leaving many of us isolated and lonely. Unless we can rediscover the art of sharing, our society will fragment altogether, making trust impossible. Unless we can recover the values associated with friendship and altruism, we will descend into a state of nihilistic ennui.
    • William Davies, The Happiness Industry (2015)
  • Capitalism is not necessarily more immoral than previous social systems with regard to cruelty to humans and the gratuitous destruction of nature. As a mode of production and a social system, however, capitalism requires people to be destructive of the environment. Three destructive aspects of the capitalist system stand out when we view this system in relation to the extinction crisis: 1) capitalism tends to degrade the conditions of its own production; 2) it must expand ceaselessly in order to survive; 3) it generates a chaotic world system, which in turn intensifies the extinction crisis.
  • The issue is Socialism versus Capitalism. I am for Socialism because I am for humanity. We have been cursed with the reign of gold long enough. Money constitutes no proper basis of civilization. The time has come to regenerate society — we are on the eve of universal change.
    • Eugene V. Debs, in an open letter to the American Railway Union, Chicago Railway Times (1 January 1897).
  • Ignorance alone stands in the way of Socialist success. The capitalist parties understand this and use their resources to prevent the workers from seeing the light. Intellectual darkness is essential to industrial slavery. Capitalist parties stand for Slavery and Night. The Socialist Party is the herald of Freedom and Light.
    • Eugene Debs, "The Socialist Party and the Working Class" (1904), in Classics of American Political and Constitutional Thought, Volume 2: Reconstruction to the Present, p. 288
  • Capitalism is the exploitation of man by man. Yes? Well socialism is exactly the reverse.
  • These vaccines were created through public money — nearly $500 million of German public money from taxpayers to BioNTech, nearly a billion dollars in money from U.S. taxpayers through the government to Moderna, several billions of dollars after that in exchange for buying back vaccines at high prices. So these are very much the people’s vaccines. It’s just that they are private property.... when the Moderna CEO says, “Oh, anyone can make the Moderna vaccine,” he’s being a bit disingenuous... It’s not really possible to do that. The way vaccines work and the way regulation around vaccines work is that they need to be made with authorization and a license. Moderna and Pfizer or BioNTech... need to authorize companies to make their vaccine... to share an instruction manual as to how to do it... The problem is... it loosens Moderna and Pfizer and BioNTech’s stranglehold on these vaccines... It undercuts the massive tens of billions of dollars of profit and revenue that they can earn off selling to poor countries in the next couple of years, once they’re done with rich countries... which is why we’re asking the U.S. and German governments instead to say, “Look, in the face of this intransigence, it’s time to use emergency laws... that you can use, that you have the moral and legal power to put into effect, and end this pandemic for us and bring us out of this incredible cycle of hell.
  • While the balance of class power remains heavily tilted in favour of capital in its homelands, the balance of international power is tilting markedly away from capitalism, driving all outside the charmed circle of the United States, Europe, Japan and the settler colonies bit by bit, with advances and reverses, steadily away from the major capitalist countries and probably, from capitalism. This process began with the Russian Revolution and, after the reverses of the 1990s, resumed in the new century as an alliance of countries seeking to assert their economic and security sovereignty—including Russia, Venezuela, Cuba and Iran—began forming with China as its economic centre. The pandemic and the war have accelerated these processes. The United States’ proxy war on Russia acts as a prism that refracts the key elements of the underlying unfolding of the geopolitical economy of capitalism and socialism. It constitutes a resumé of the state of the United states’-declining imperial project, of the balance between US capacities and the possibilities and constraints imposed by the world’s geopolitical economy.
  • As for the explanation that fascism is a last desperate attempt of capitalism to delay the socialist revolution, it simply is not true. It is not true that ‘big business’ promoted fascism. On the contrary, both in Italy and in Germany the proportion of fascist sympathizers and backers was smallest in the industrial and financial classes. It is equally untrue that ‘big business’ profits from fascism; of all the classes it probably suffers most from totalitarian economics and Wehrwirtschaft.
    • Peter Drucker, The End of Economic Man, The John Day Company, The End of Economic Man (1939) p. 7
  • [P]rofits are so completely subordinated in [Nazi] Germany and [Fascist] Italy to requirements of a militarily conceived national interest and of full employment that the maintenance of the profit principle is purely theoretical. Profits have lost their autonomy as an independent, not to say the supreme, goal of economic activity.
    • Peter Drucker, The End of Economic Man, The John Day Company, The End of Economic Man (1939) p. 149

E

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  • We face a probable future of nuclear-armed states warring over a scarcity of resources; and that scarcity is largely the consequence of capitalism itself. For the first time in history, our prevailing form of life has the power not simply to breed racism and spread cultural cretinism, drive us into war or herd us into labour camps, but to wipe us from the planet. Capitalism will behave antisocially if it is profitable for it to do so, and that can now mean human devastation on an unimaginable scale. What used to be apocalyptic fantasy is today no more than sober realism. The traditional leftist slogan "Socialism or barbarism" was never more grimly apposite.
  • Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society because under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information.
    This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists
  • Under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information (press, radio, education). It is thus extremely difficult, and indeed in most cases quite impossible, for the individual citizen to come to objective conclusions and to make intelligent use of his political rights.
  • The economic anarchy of capitalist society as it exists today is, in my opinion, the real source of the evil. We see before us a huge community of producers the members of which are unceasingly striving to deprive each other of the fruits of their collective labour – not by force, but on the whole in faithful compliance with legally established rules. ... I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals...
  • Clarity about the aims and problems of socialism is of greatest significance in our age of transition. Since, under present circumstances, free and unhindered discussion of these problems has come under a powerful taboo
  • The profit motive, in conjunction with competition among capitalists, is responsible for an instability in the accumulation and utilization of capital which leads to increasingly severe depressions. Unlimited competition leads to a huge waste of labor, and to that crippling of the social consciousness of individuals. ... This crippling of individuals I consider the worst evil of capitalism. Our whole educational system suffers from this evil. An exaggerated competitive attitude is inculcated into the student, who is trained to worship acquisitive success as a preparation for his future career.
  • The owner of the means of production is in a position to purchase the labor power of the worker. By using the means of production, the worker produces new goods which become the property of the capitalist. The essential point about this process is the relation between what the worker produces and what he is paid, both measured in terms of real value. Insofar as the labor contract is “free,” what the worker receives is determined not by the real value of the goods he produces, but by his minimum needs and by the capitalists’ requirements for labor power in relation to the number of workers competing for jobs. It is important to understand that even in theory the payment of the worker is not determined by the value of his product.
  • The institution of Capitalist property, moreover, permits a minority of the population to control and to regulate access to, and the use of all socially produced wealth and natural resources. You have to pay for the land, water, and the fresh air to some giant utility company or real estate firm. This controlling group may be a separate economic class or the State itself, but in either case the institution of property leads to a set of social and economic relations, Capitalism, in which a small sector of society reaps enormous benefits and privileges at the expense of the laboring minority. The Capitalist economy is based, not upon fulfilling the needs of everyone, but on amassing profit for a few.
  • * Capital is money, but money as a process, which reproduces and increases its value. Capital arises only when the owner of the means of production finds workers on the market as sellers of their own labor power. Capitalism developed as the form of private property that shifted from the rural agricultural style to the urban, factory style of labor. Capitalism centralizes the instruments of production and brings individuals closely alongside of others in a disciplined work force. Capitalism is industrialized commodity production, which makes goods for profit, not for social needs. This is a special distinction of capital and capital alone. We may understand Capitalism and the basis of our observations, as Capital endowed with will and consciousness. That is, as those people who acquire capital, and function as an elite, moneyed class with enough national and political power to rule society. Further, that accumulated capital is money, and with money they control the means of production that is defined as the mills, mines, factories, land, water, energy and other natural resources, and the rich know that this is their property. They don’t need ideological pretensions, and are under no illusions about “public property.”

F

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  • Capitalism across the world still relies heavily on the idea of different categories of men’s work and women’s work, in which ‘women’s work’ (such as housework, child-rearing and emotional labour) is either poorly paid or not paid at all. In order for this categorization to function, it needs to rest on a clear idea of how to divide men and women. Capitalism also requires a certain level of unemployment to function. If there were enough work to go round, no worker would worry about losing their job, and all workers could demand higher wages and better conditions. The ever-present spectre of unemployment, on the other hand, enables employers to dictate conditions. Equally, in times of severe crisis this ‘reserve army’ of unemployed people can be called into employment as and when the economy requires it. This system of deliberate unemployment needs ways to mark who will work and who will be left unemployed. In our society this is principally achieved through race, class, gender and disability.
  • To say that capitalism is a failed system is not, of course, to suggest that its breakdown and disintegration is imminent. It does, however, mean that it has passed from being a historically necessary and creative system at its inception to being a historically unnecessary and destructive one in the present century.
  • While the earnings of a minority are growing exponentially, so too is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. Consequently, they reject the right of states, charged with vigilance for the common good, to exercise any form of control. A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. Debt and the accumulation of interest also make it difficult for countries to realize the potential of their own economies and keep citizens from enjoying their real purchasing power. To all this we can add widespread corruption and self-serving tax evasion, which have taken on worldwide dimensions. The thirst for power and possessions knows no limits. In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which become the only rule.
  • I think it is only because capitalism has proved so enormously more efficient than alternative methods that it has survived at all. (...) I'm not sure capitalism is the right word. There is a sense in which every society is capitalist. The Soviet Union was capitalist, but it was state capitalism. Latin American societies in the past have been capitalist, but it has been oligarchic capitalism. So what we really need to talk about is not capitalism but free market or competitive capitalism which is the system that we would like to have adopted, not just capitalism.
    • Milton Friedman, Interview with Parker in Randall E. Parker(ed.), Reflections on the Great Depression (2002).
  • It is true that if you simply have market capitalism not embedded in a true democratic system, then you will get increasing inequality... And that is why every modern capitalist system has a welfare state and in Europe these welfare states consume 50 percent of GDP, redistribute it in fairer ways. I have always thought the European Union represented a truer embodiment of what I would regard as something like the end of history... The United States' model is a little bit more liberal and therefore we do less redistribution than, let's say, Holland or Sweden, but all modern states do that.

G

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  • Like the nuclear war that never came, the revival and eventual triumph of democratic capitalism was a surprising development that few people on either side of the ideological divide in 1945 would have foreseen. Circumstances during the first half of the 20th century had provided physical strength and political authority to dictatorships. Why should the second half have been different? The reasons had less to do with any fundamental shift in the means of production, as a Marxist historian might have argued, than with a striking shift in the attitude of the United States toward the international system. Despite having built the world's most powerful and diversified economy, Americans had shown remarkably little interest, prior to 1941, in how the rest of the world was governed. Repressive regimes elsewhere might be regrettable, but they could hardly harm the United States. Even involvement in World War I had failed to alter this attitude, as Wilson discovered to his embarrassment and chagrin. What did change it, immediately and irrevocably, was the Japanese attack on Pearl Harbor. That event shattered the illusion that distance ensured safety: that it did not matter who ran what on the other side of the ocean. The nation's security was now at risk, and because future aggressors with air and naval power could well follow the Japanese example, the problem was not likely to go away. There was little choice, then, but for the United States to assume global responsibilities. Those required winning the war against Japan and Germany—Hitler having declared war on the United States four days after Pearl Harbor—but they also meant planning a postwar world in which democracy and capitalism would be secure.
  • It is rotten and dismal that a world of so many hundred million people should be ruled by a single caste that has the power to lead millions to life or to death, indeed on a whim...This caste has spun its web over the entire earth; capitalism recognizes no national boundaries. ... Capitalism has learned nothing from recent events and wants to learn nothing, because it places its own interests ahead of those of the other millions. Can one blame those millions for standing up for their own interests, and only for those interests? Can one blame them for striving to forge an international community whose purpose is the struggle against corrupt capitalism? Can one condemn a large segment of the educated Stürmer youth for protesting against the greatest ability? Is it not an abomination that people with the most brilliant intellectual gifts should sink into poverty and disintegrate, while others dissipate, squander, and waste the money that could help them? … You say the old propertied class also worked hard for what it has. Granted, that may be true in many cases. But do you also know about the conditions under which workers were living during the period when capitalism “earned” its fortune?
    • Joseph Goebbels letter to Anka Stalherm (14 April 1920), quoted in Ralph Georg Reuth, Goebbels (Harvest, 1994), pp. 33-34.
  • Capitalism is the immoral distribution of capital … Germany will become free at that moment when the thirty millions on the left and the thirty millions on the right make common cause. Only one movement is capable of doing this: National Socialism, embodied in one Führer – Adolf Hitler.
    • Joseph Goebbels, “Lenin or Hitler,” speech delivered on September 17, 1925
  • It would be better for us to go down with Bolshevism than live in eternal slavery under capitalism.
    • Joseph Goebbels, The Devil’s Disciples: Hitler’s Inner Circle by Anthony Read (2004) p. 142, diary entry Oct. 23, 1925
  • We and we alone [the Nazis] have the best social welfare measures. Everything is done for the nation. . . .The Jews are the incarnation of capitalism.
    • Joseph Goebbels, as quoted in I Will Bear Witness: A Diary of the Nazi Years, 1942-1945, Victor Klemperer, Vol. 2 , Random House, Inc. (2001) p. 317. Goebbels’ “Our Socialism” editorial was written on April 30, 1944.
  • Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.

H

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  • Those of us now in isolation, in spite of our fear and frustrations, in spite of our grief ⁠— for those who have died or may die, for the life we once lived, for the future we once hoped for ⁠— there is also a sense we are cocooned, transforming, waiting, dreaming. [...] But when the Spring comes, as it must, when we emerge from hibernation, it might be a time of profound global struggle against both the drive to “return to normal” ⁠— the same normal that set the stage for this tragedy ⁠— and the “new normal” which might be even worse. Let us prepare as best we can, for we have a world to win. [...] I imagine that struggles to come will be defined by either the desperate drive to “return to normal,” or a great refusal of that normal. But this is no manichean melodrama. On the one hand, there will be those who seek to return us to the order of global revenge capitalism to which we had become accustomed: a nihilistic system of global accumulation that appears to be taking a needless, warrantless vengeance on so many of us, though without any one individual intending any particular malice, and one which breeds the worst kind of revenge politics.
  • We should expect the demand that we return to the vindictive normal from the beneficiaries of that system ⁠— the wealthy, the political elite ⁠— who have everything to gain from business as usual. But we should also expect it from millions of those oppressed, exploited, and alienated by that system, whose lives have been reduced to slow death under it. After months of chaos, isolation and fear, the desire to return to normal, even if normal is an abusive system, may be extremely strong. The stage is set for this desire to be accompanied by a frantic revanchism. Will we want someone to blame, especially those of us who lose loved ones? Must there be blood, figurative or literal?: a baptism by fire so that the old order ⁠— which, of course, created the conditions of austerity and inequality that made this plague so devastating⁠ — can be reborn in purified form.
  • Against all these fateful outcomes there will be those among us who refuse to return to normal, or to embrace the “new normal,” those of us who know that “the trouble with normal is it only gets worse.” Already, in the state of emergency that the crisis has unleashed, we are seeing extraordinary measures emerge that reveal that much of the neoliberal regime’s claims to necessity and austerity were transparent lies. The God-like market has fallen, again. In different places a variety of measures are being introduced that would have been unimaginable even weeks ago. [...] We are discovering, against the upside-down capitalist value paradigm which has enriched the few at the expense of the many, whose labor is truly valuable: care, service, and frontline public sector workers. There has been a proliferation of grassroots radical demands for policies of care and solidarity not only as emergency measures, but in perpetuity. Right-wing and capitalist think-tanks are panicking, fearful that half a century of careful ideological work to convince us of the necessity of neoliberalism ⁠— the transformation of our very souls ⁠— will be dispelled in the coming weeks and months. The sweet taste of freedom ⁠— real, interdependent freedom, not the lonely freedom of the market ⁠— lingers on the palate like a long-forgotten memory, but quickly turns bitter when its nectar is withdrawn. If we do not defend these material and spiritual gains, capitalism will come for its revenge.
  • The systems advocated by professed upholders of laissez-faire are in reality permeated with coercive restrictions of individual freedom. ... What is the government doing when it “protects a property right”? Passively, it is abstaining from interference with the owner when he deals with the thing owned; actively, it is forcing the non-owner to desist from handling it, unless the owner consents. Yet Mr. Carver would have it that the government is merely preventing the non-owner from using force against the owner. This explanation is obviously at variance with the facts—for the non-owner is forbidden to handle the owner's property even where his handling of it involves no violence or force whatever. ... In protecting property the government is doing something quite apart from merely keeping the peace. It is exerting coercion wherever that is necessary to protect each owner, not merely from violence, but also from peaceful infringement of his sole right to enjoy the thing owned.
    • Robert Lee Hale, “Coercion and Distribution in a Supposedly Non-Coercive State,” Political Science Quarterly, Vol. 38, No. 3 (Sep., 1923), pp. 470-494
  • Capitalism is the greatest social technology ever invented for creating prosperity in human societies, if it is well managed, but capitalism, because of the fundamental multiplicative dynamics of complex systems, tends towards, inexorably, inequality, concentration and collapse. The work of democracies is to maximize the inclusion of the many in order to create prosperity, not to enable the few to accumulate money. Government does create prosperity and growth, by creating the conditions that allow both entrepreneurs and their customers to thrive. Balancing the power of capitalists like me and workers isn't bad for capitalism. It's essential to it. Programs like a reasonable minimum wage, affordable healthcare, paid sick leave, and the progressive taxation necessary to pay for the important infrastructure necessary for the middle class like education, R and D, these are indispensable tools shrewd capitalists should embrace to drive growth, because no one benefits from it like us.
  • The problem isn't that we have some inequality. Some inequality is necessary for a high-functioning capitalist democracy. The problem is that inequality is at historic highs today and it's getting worse every day. And if wealth, power, and income continue to concentrate at the very tippy top, our society will change from a capitalist democracy to a neo-feudalist rentier society like 18th-century France. That was France before the revolution and the mobs with the pitchforks. So I have a message for my fellow plutocrats and zillionaires and for anyone who lives in a gated bubble world: Wake up. Wake up. It cannot last. Because if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us, for no free and open society can long sustain this kind of rising economic inequality.
    All highly prosperous capitalist democracies are characterized by massive investments in the middle class and the infrastructure that they depend on.
  • I am a capitalist, and after a 30-year career in capitalism... I'm not just in the top one percent, I'm in the top .01 percent of all earners. Today, I have come to share the secrets of our success, because rich capitalists like me have never been richer... How do we manage to grab an ever-increasing share of the economic pie every year? ... here's the dirty secret. There was a time in which the economics profession worked in the public interest, but in the neoliberal era, today, they work only for big corporations and billionaires... We could choose to enact economic policies that raise taxes on the rich, regulate powerful corporations or raise wages for workers... But neoliberal economists would warn that all of these policies would be a terrible mistake, because raising taxes always kills economic growth, and any form of government regulation is inefficient, and raising wages always kills jobs.
    Well, as a consequence of that thinking, over the last 30 years, in the USA alone, the top one percent has grown 21 trillion dollars richer while the bottom 50 percent have grown 900 billion dollars poorer, a pattern of widening inequality that has largely repeated itself across the world. And yet, as middle class families struggle to get by on wages that have not budged in about 40 years, neoliberal economists continue to warn that the only reasonable response to the painful dislocations of austerity and globalization is even more austerity and globalization.
  • The landlord, qua landlord, performs no function in the economy of industry or of food production. He is a rent receiver; that, and nothing more. Were the landlord to be abolished, the soil and the people who till it would still remain, and the disappearance of the landowner would pass almost unnoticed. So too with the capitalist. ... By capitalist, I mean the investor who puts his money into a concern and draws profits there from without participating in the organisation or management of the business. Were all these to disappear in the night, leaving no trace behind, nothing would be changed.
  • Imperialism, taking tribute from conquered races, the accumulation of great fortunes, the development of a population which owns no property, and is always in poverty. Land has gone out of cultivation and physical deterioration is an alarming fact. An so we Socialists say the system which is producing these results must not be allowed to continue. A system which has robbed religion of its saviour, destroyed handicraft, which awards the palm of success to the unscrupulous, corrupts the press, turns pure women on the streets and upright men into mean-spirited time-servers, cannot continue. In the end it is bound to work its own overthrow. Socialism with its promise of freedom, its larger hope for humanity, its triumph of peace over war, its binding of the races of the earth into one all-embracing brotherhood, must prevail. Capitalism is the creed of the dying present; socialism throbs with the life of the days that are to be. It has claimed its martyrs in the past, is claiming them now, will claim them still; but what then? Better to "rebel and die in the twenty worlds sooner than bear the yoke of thwarted life."
    • Keir Hardie, From Serfdom to Socialism (1907), p. 103–104.
  • [Harvey defined capitalism in terms of three features: it is growth-oriented] a steady state of growth is essential for the health of a capitalist economic system... growth in real values rests on the exploitation of living labor in production... [and it is] necessarily technologically and organizationally dynamic.
  • Bill Clinton and his two treasury secretary enablers, Robert Rubin and Larry Summers, instituted a system of unregulated capitalism that has resulted in financial anarchy. This anarchic form of capitalism, where everything, including human beings and the natural world, is a commodity to exploit until exhaustion or collapse, is justified by identity politics. It is sold as “enlightened liberalism” as opposed to the old pro-union class politics that saw the Democrats heed the voices of the working class. Financial anarchy and short-term plunder have destroyed long-term financial and political stability. It has also pushed the human species, along with most other species, closer and closer towards extinction.
  • But the rise of capitalism also depended on something else. It needed labour. Lots of it, and cheap. Enclosure solved this problem too. With subsistence economies destroyed and commons fenced off, people had no choice but to sell their labour for wages - not to earn a bit of extra income, as under the previous regime, nor to satisfy the demands of a lord, as under serfdom, but simply in order to survive. They became, in a word, proletarians.
    • Jason Hickel, Less is More: How Degrowth Will Save the World (2021), p. 47
  • Capitalism rose on the back of organized violence, mass impoverishment, and the systematic destruction of self-sufficient subsistence economies. It did not put an end to serfdom; rather, it put an end to the progressive revolution that had ended serfdom. Indeed, by securing virtually total control over the means of production, and rendering peasants and workers dependent on them for survival, capitalists took the principles of serfdom to new extremes. People did not welcome this new system with open arms; on the contrary, they rebelled against it. The period 1500 to the 1800s, right into the Industrial Revolution, was among the bloodiest, most tumultuous times in world history.
    • Jason Hickel, Less is More: How Degrowth Will Save the World (2021), p. 48
  • Capitalism relies on maintaining an artificial scarcity of essential goods and services (like housing, healthcare, transport, etc), through processes of enclosure and commodification. We know that enclosure enables monopolists to raise prices and maximize their profits (consider the rental market, the US healthcare system, or the British rail system). But it also has another effect. When essential goods are privatized and expensive, people need more income than they would otherwise require to access them. To get it they are compelled to increase their labour in capitalist markets, working to produce new things that may not be needed (with increased energy use, resource use, and ecological pressure) simply to access things that clearly are needed, and which are quite often already there.
  • The rise of socialism in the East inspired socialist movements in the West (most famously in Germany, which came to the brink of a socialist revolution during the Spartacist and Ruhr uprisings of 1919–20). These revolutionary movements posed a real threat to capitalism in the core. Capitalism survived in part by crushing these movements—quite often violently, but also by making concessions to working-class demands, including wage improvements and some public services, although never conceding to the core demands for decommodification and economic democracy. Thus, the rise of the social democratic welfare state. Capital accumulation requires cheap labor, however, and these concessions would have brought capitalism in the core to its knees were it not for the fact that capitalists were able to obtain cheap labor instead in the periphery, through colonial and neocolonial forms of appropriation, which continue to this day.
  • As the Marxist movement splintered and mutated into new forms, Left intellectuals and activists began to look for new ways to attack capitalism. Environmental issues, alongside women’s and minorities’ issues, came to be seen as a new weapon in the arsenal against capitalism.
  • It is probably true that business corrupts everything it touches. It corrupts politics, sports, literature, art, labor unions and so on. But business also corrupts and undermines monolithic totalitarianism. Capitalism is at its liberating best in a noncapitalist environment.
    • Eric Hoffer, "Thoughts of Eric Hoffer, Including: 'Absolute Faith Corrupts Absolutely'", The New York Times Magazine (April 25, 1971), p. 50.

J

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  • Someone once said that it is easier to imagine the end of the world than to imagine the end of capitalism. We can now revise that and witness the attempt to imagine capitalism by way of imagining the end of the world.
  • There are no good aspects of monopoly capital, so no reservations need be recognized in its destruction. Monopoly capital is the enemy. It crushes the life force of all of the people. It must be completely destroyed, as quickly as possible, utterly, totally, ruthlessly, relentlessly destroyed.
  • The essence of a U.S.A. totalitarian socio-political capitalism is concealed behind the illusion of a mass participatory society. We must rip away its mask. Then the debate can end, and we can enter a new phase of struggle based on the development of an armed revolutionary culture that will triumph.
  • We are quite obviously faced with a need to organize some small defenses to the more flagrant abuses of the system now. ... While we await the precise moment when all of capitalism's victims will indignantly rise to destroy the system, we are being devoured. ... Some of us are going to have to take our courage in hand and build a hard revolutionary cadre for selective retaliatory violence.
  • Most of the fascist functionaries live as unguarded as I do. I could slip a knife between Max Rafferty's ribs. The Agnews and Du Ponts, the Rockefellers and Morgans, all of the Getty, Hunt, and Hughes types who sneak around in armored cars and jets are just as reachable. ... Hell will be their reward.
  • When you are poor you don’t have any social respect or social worth because everything is defined in terms of money and how much of it you have. This is what capitalism does. It turns all values into commercial values, even the value of life itself.
    • Kevin Rashid Johnson, Defying the Tomb: Selected Prison Writings and Art of Kevin Rashid Johnson (2010)

K

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  • an assumption deeply integral to capitalism has been absorbed by all of us, since it is reflected in so much of what we see. I have called this the Scarcity Theory, not enough to go around: not enough love, not enough time, not enough appointments at the foodstamps office, not enough food stamps, not enough money, not enough seats on the subway. It's pervasive. We learn mistrust of each other, bone deep: everything is skin off somebody's nose.
    • Melanie Kaye/Kantrowitz To Be a Radical Jew in the Late 20th Century in The Tribe of Dina: A Jewish Women's Anthology (1986)
  • The decadent international but individualistic capitalism, in the hands of which we found ourselves after the War, is not a success. It is not intelligent, it is not beautiful, it is not just, it is not virtuous - and it doesn't deliver the goods. In short, we dislike it and we are beginning to despise it. But when we wonder what to put in its place, we are extremely perplexed.
  • I worked at a factory owned by Germans, at coal pits owned by Frenchmen, and at a chemical plant owned by Belgians. There I discovered something about capitalists. They are all alike, whatever the nationality. All they wanted from me was the most work for the least money that kept me alive. So I became a communist.
  • I understand that you have an economic system in America known as Capitalism. Through this economic system you have been able to do wonders. You have become the richest nation in the world, and you have built up the greatest system of production that history has ever known. All of this is marvelous. But Americans, there is the danger that you will misuse your Capitalism. I still contend that money can be the root of all evil. It can cause one to live a life of gross materialism. I am afraid that many among you are more concerned about making a living than making a life. You are prone to judge the success of your profession by the index of your salary and the size of the wheel base on your automobile, rather than the quality of your service to humanity.
The misuse of Capitalism can also lead to tragic exploitation. This has so often happened in your nation. They tell me that one tenth of one percent of the population controls more than forty percent of the wealth. Oh America, how often have you taken necessities from the masses to give luxuries to the classes. If you are to be a truly Christian nation you must solve this problem. You cannot solve the problem by turning to communism, for communism is based on an ethical relativism and a metaphysical materialism that no Christian can accept. You can work within the framework of democracy to bring about a better distribution of wealth. You can use your powerful economic resources to wipe poverty from the face of the earth. God never intended for one group of people to live in superfluous inordinate wealth, while others live in abject deadening poverty. God intends for all of his children to have the basic necessities of life, and he has left in this universe "enough and to spare" for that purpose. So I call upon you to bridge the gulf between abject poverty and superfluous wealth.
  • True compassion is more than flinging a coin to a beggar. A true revolution of values will soon look uneasily on the glaring contrast of poverty and wealth with righteous indignation. It will look across the seas and see individual capitalists of the West investing huge sums of money in Asia, Africa, and South America, only to take the profits out with no concern for the social betterment of the countries, and say, "This is not just." It will look at our alliance with the landed gentry of Latin America and say, "This is not just."
  • I am conviced that capitalism has seen its best days in American, and not only in America, but in the entire world. It is a well known fact that no social institut can survive when it has outlived its usefullness. This, capitalism has done. It has failed to meet the needs of the masses.
  • We have not done the things that are necessary to lower emissions because those things fundamentally conflict with deregulated capitalism. ... We are stuck because the actions that would give us the best chance of averting catastrophe—and would benefit the vast majority—are extremely threatening to an elite minority that has a stranglehold over our economy, our political process, and most of our major media outlets. ... It is our great collective misfortune that the scientific community made its decisive diagnosis of the climate threat at the precise moment when those elites were enjoying more unfettered political, cultural, and intellectual power than at any point since the 1920s.
  • My claim is that we do not have a market economy, but a capitalist economy. Capitalism and the market are presented as synonymous, but they are not. Capitalism is both the enemy of the market and democracy. Capitalism is not about free competitive choices among people who are reasonable equal in their buying and selling of economic power. It is about concentrating capital, concentrating economic power in very few hands, using that power to trash everyone who gets in their way. … This is not a market, and definitely not a democracy. The basic principle of democracy is "one person one vote" and in the capitalistic society, we have "one dollar one vote."
    • David Korten, in an interview with Alexander M. Duke, as quoted in Globalization and After (2006) edited by Samir Dasgupta and Ray Kiely, p. 32
  • In the 1980s capitalism triumphed over communism. In the 1990s it triumphed over democracy and the market economy.
    • David Korten, in The Post Corporate World : Life After Capitalism (1999)
  • Although liberal capitalism has generated many social, political, and environmental challenges, it has freed hundreds of millions from the widespread servility, entrenched cruelty, and capricious regimes that have dominated most of history. The material conditions of life have improved dramatically, not only in Europe and America, but throughout much of the world. In the five hundred years up to around 1700, economic output per capita was flat, which means that a person of median income in 1700 was no better off, economically speaking, than the average person in 1200. By the mid-1800s, particularly in the West, economic output had increased markedly; the growth accelerated after 1940 and spread to the rest of the world.
    • Joel Kotkin, The Coming of Neo-Feudalism: A Warning to the Global Middle Class (2020), pp. 4-5
  • No doubt, free enterprise is a harsh system; it demands real men. But socialism, which appeals to envious people craving for security and afraid to decide for themselves, impairs human dignity and crushes man utterly.
  • For over a century, popular struggles in the democracies have used the nation-state to temper raw capitalism. The power of voters has offset the power of capital. But as national barriers have come down in the name of freer commerce, so has the capacity of governments to manage capitalism in a broad public interest. So the real issue is not 'trade' but democratic governance.
    • Robert Kuttner, "Globalization and Its Critics", The American Prospect, vol. 12 no. 12, July 2-16, 2001

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  • The Speech... “Let’s face it...it’s a dog-eat-dog world... Every man for himself. For all your ideas about making the world a better place, when it comes down to it, everyone’s just interested in their own skin. It’s a rat race. That’s the way all of nature works... The survival of the fittest... People like you want to change the world. But when you’ve had the experience I’ve had, you’ll know better. Our society is structured this way simply because that’s what works best... This type of conversation...channels the themes we hear every day from those in a position of authority — from talking heads on TV, from successful businesspeople, from teachers, from school textbooks... its ideas seep into our daily thoughts... They infuse much of what is accepted as indisputably true in most conversations that take place about world affairs. They are so pervasive that most of us never question them...
    In fact, every one of those building blocks is flawed. ...This worldview has accomplished a lot. It wrested intellectual control from the hidebound superstitions of traditional Christian theology, and laid the foundation for modern science — one of humanity’s greatest achievements.
    It has also been an underlying cause of the horrendous devastation suffered by non-European peoples and cultures, and boundless destruction of the natural world. And the fundamental flaws in its construction have now become so gaping that they threaten the very survival of our civilization—and much of the living Earth...Many people across the globe are realizing that there is something terribly wrong with the direction our world is headed.
  • Like fish that don’t realize they’re swimming in water because it’s all they know, we tend to assume that our worldview simply describes the world the way it is—rather than recognizing it’s a constructed lens that shapes our thoughts and ideas into certain preconditioned patterns...
    The reason a worldview is so important is that it imbues virtually every aspect of the way people think, what they value, and how they act—without them even realizing it. Worldviews lead different cultures to respond to their reality in fundamentally different ways. If you believe that all living beings are family, you will treat them in a different way than if you think the natural world is a resource to be exploited. If you think other humans are inherently cooperative, you’ll approach a person differently than if you think that, ultimately, everyone is selfish and competitive. If you presume that technology can fix our biggest problems, you won’t feel the need to consider the underlying systems that caused those problems to arise in the first place.
  • Capitalism attacks and destroys all the finer sentiments of the human heart; it ruthlessly sweeps away old traditions and ideas opposed to its progress, and it exploits and corrupts those things once held sacred.
  • As a poodle may have his hair cut long or his hair cut short, as he may be trimmed with pink ribbons or with blue ribbons, yet he remains the same old poodle, so capitalism may be trimmed with factory laws, tenement laws, divorce laws and gambling laws, but it remains the same old capitalism. These “humanitarian parts” are only trimming the poodle. Socialism, one and inseparable with its “antirent and anticapital parts,” means to get rid of the poodle.
  • It is best for all to leave each man free to acquire property as fast as he can. Some will get wealthy. I don't believe in a law to prevent a man from getting rich; it would do more harm than good. So while we do not propose any war upon capital, we do wish to allow the humblest man an equal chance to get rich with everybody else. When one starts poor, as most do in the race of life, free society is such that he knows he can better his condition; he knows that there is no fixed condition of labor, for his whole life. I am not ashamed to confess that twenty-five years ago I was a hired laborer, mauling rails, at work on a flat-boat, just what might happen to any poor man's son! I want every man to have the chance, and I believe a black man is entitled to it, in which he can better his condition. When he may look forward and hope to be a hired laborer this year and the next, work for himself afterward, and finally to hire men to work for him! That is the true system.
  • The widespread assumption that big business and big government are fundamentally at odds, and that big business supports a free market, serves to maintain the ruling partnership in power. ... The establishment left disguises its government intervention on behalf of the rich as government intervention on behalf of the poor, while the right disguises its government intervention on behalf of the rich as an opposition to government intervention per se – and each side has an interest in maintaining the myth propagated by its nominal opponent. For those who are repelled by the realities of corporate capitalism are lured into becoming opponents of the free market and foot soldiers for the left wing of the ruling class, while those who are attracted by free-market ideals are lured into becoming defenders of corporate capitalism and foot soldiers for the right wing of the ruling class. Either way, the partnership as a whole has its power reinforced.
    • Roderick T. Long, "Left-libertarianism, market anarchism, class conflict and historical theories of distributive justice," Griffith Law Review, Vol. 21 Issue 2 (2012), p. 422
  • Under a capitalist economy such as that of the United States, employers profit by working their employees as hard as they can for as many hours as possible and for as little pay as they can get away with. Their goal is to exploit us. Our lives reflect that reality. Many of us don't enjoy our work. We don't get paid enough. We have to work two or three jobs to make ends meet if we have a job at all. Our bosses treat us like garbage and we don't feel like their is anything we can do about it. We face the threat that machines will replace us. Our jobs are moved overseas, where employers can generate even higher profits. Sometimes a job at Wal-Mart is the only option we have.
    • Erik Loomis, A History of America in Ten Strikes (The New Press, 2018) p. 3

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  • Thus every Part was full of Vice,
Yet the whole Mass a Paradise;
  • Private Vices by the dextrous Management of a skilful Politician may be turned into Publick Benefits.
  • [Capitalism is] a system of wage-labour and commodity production for sale, exchange, and profit, rather than for the immediate need of the producers.
    • Gordon Marshall ed. The Oxford Dictionary of Sociology, 2nd edition. Lemma "Capitalism"
  • In bourgeois society capital is independent and has individuality, while the living person is dependent and has no individuality.
    • Karl Marx, The Manifesto of the Communist Party (1848)
  • The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his “natural superiors,” and has left no other bond between man and man than naked self-interest, than callous “cash payment.” It has drowned the most heavenly ecstasies of religious fervor, of chivalrous enthusiasm, of philistine sentimentalism, in the icy water of egotistical calculation. It has resolved personal worth into exchange value, and in place of the numberless indefeasible chartered freedoms, has set up that single, unconscionable freedom—Free Trade. In one word, for exploitation, veiled by religious and political illusions, it has substituted naked, shameless, direct, brutal exploitation.
    • Karl Marx, The Manifesto of the Communist Party (1848)
  • In bourgeois society... the past dominates the present; in Communist society, the present dominates the past. In bourgeois society capital is independent and has individuality, while the living person is dependent and has no individuality.
    • Karl Marx, The Manifesto of the Communist Party (1848)
  • Capital is dead labor, which, vampire-like, lives only by sucking living labor; And lives more by the labor it sucks.
    • Karl Marx, Vol. I, Ch. 10, Section 1, p. 257. - Das Kapital (Buch I) (1867)
  • The will of the capitalist is certainly to take as much as possible. What we have to do is not to talk about his will, but to enquire about his power, the limits of that power, and the character of those limits.
    • Karl Marx, Value, Price and Profit (ed. 1913)
  • In the absence of Marxism, there is now no critique being carried out of the capitalist enterprise, and it'll peel your skin off and peddle it back to you. It is doing that. Capitalism in principle is not, I think, a bad thing, but it requires endlessly-exploitable natural resources. And since the exploration of space has been taken off the agenda, there is no endlessly-exploitable frontier. So capitalism is going to deal itself out of existence, but before it does that, you're gonna pay $50 for a latte, because inflation is going impoverish all of us before people get pissed off enough to realize that all of the last hundred years of economic progress was actually a shell game to create billionaires, while the great masses of people saw their standard of living eroded and destroyed. You don't have to take psilocybin to figure this stuff out.
  • Capitalism has really been responsible for all the progress of the modern age. Better than any other system ever devised, it provides leisure for large numbers of superior men, and so fosters the arts and sciences. No other system ever heard of is so beneficial to invention. Its fundamental desire for gain may be far from glorious per se, but it at least furthers improvement in all the departments of life. We owe to it every innovation that makes life secure and comfortable.
    Unfortunately, like any other human institution (for example, Holy Church), capitalism tends to run amuck when it is not restrained, and democracy provides inadequate means of keeping it in order. There is never any surety that democracy will throw up leaders competent to discern the true dangers of capitalism and able to remedy them in a prudent and rational manner. Thus we have vacillated between letting it run wild and trying to ruin it. Both courses are hazardous and ineffective, and it is hard to say which is more so.”
  • It is true that the materialistic society, the so-called culture that has evolved under the tender mercies of capitalism, has produced what seems to be the ultimate limit of this worldliness. And nowhere, except perhaps in the analogous society of pagan Rome, has there ever been such a flowering of cheap and petty and disgusting lusts and vanities as in the world of capitalism, where there is no evil that is not fostered and encouraged for the sake of making money. We live in a society whose whole policy is to excite every nerve in the human body and keep it at the highest pitch of artificial tension, to strain every human desire to the limit and to create as many new desires and synthetic passions as possible, in order to cater to them with the products of our factories and printing presses and movie studios and all the rest.
  • Whereas many in the global and now climate justice movements focus on corporations as key, anarchists see these entities as only one piece of capitalism, and a piece that if removed, wouldn't destroy capitalism—bad as corporations may be. One can have capitalism without corporations. Capitalism's essence—ensuring that society is forged around compulsory social relations along with inequities in power and material conditions—would remain in place. And given capitalism's grow-or-die logic, small-scale capitalism would by definition unfold into a larger scale again. Or as contemporary networked and informational capitalistic structures indicate, allegedly localized capitalism can be a way to hide an increasing concentration of social control and injustice. Capitalism itself, in its totality, and because it strives toward totality, is the root problem. Anarchists, then, look to wholly undo the hegemony of capitalist economic structures and values, or the many components that mark capitalism as a system—from corporations, banks, and private property, to profit, bosses, and wage labor, to alienation and commodification.
  • Capitalism has indicated that humans might be able to achieve a postscarcity society—a world in which everyone has enough of what they need to sustain life. But despite grocery stores and dumpsters overflowing with food, billions of people go hungry; despite labor-saving technologies, most people work more for less; despite breakthroughs in health care, many die needlessly. Meanwhile, consumption has been transformed into a barometer of one's worth, a never-ending quest for happiness via commodity choices. And it's always premised on what one has to exchange for that abundance, or else it's denied.
  • When industrial capitalism first started to emerge in the early nineteenth century, its machinations were relatively visible. Take, for instance, the enclosures. Pasturelands that had been used in common for centuries to provide villages with their very sustenance were systematically fenced off—enclosed—in order to graze sheep, whose wool was needed for the burgeoning textile industry. Communal life was briskly thrust aside in favor of privatization, forcing people into harsh factories and crowded cities. Advanced capitalism, as it pushes past the fetters of even nation-states in its insatiable quest for growth, encloses life in a much more expansive yet generally invisible way: fences are replaced by consumer culture. We are raised in an almost totally commodified world where nothing comes for free, even futile attempts to remove oneself from the market economy. This commodification seeps into not only what we eat, wear, or do for fun but also into our language, relationships, and even our very biology and minds. We have lost not only our communities and public spaces but control over our own lives; we have lost the ability to define ourselves outside capitalism’s grip, and thus genuine meaning itself begins to dissolve.
  • The German and the Russian systems of socialism have in common the fact that the government has full control of the means of production. It decides what shall be produced and how. It allots to each individual a share of consumer's goods for his consumption….The German pattern differs from the Russian one in that it (seemingly and nominally) maintains private ownership of the means of production and keeps the appearance of ordinary prices, wages, and markets. There are, however, no longer entrepreneurs but only shop managers (Betriebsführer)….The government, not the consumers, directs production. This is socialism in the outward guise of capitalism. Some labels of capitalistic market economy are retained but they mean something entirely different from what they mean in a genuine market economy.
    • Ludwig von Mises, Omnipotent Government: The Rise of the Total State and the Total War, Mises Institute (2010) p. 56. First published in 1944 by Yale University Press.
  • The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism.
    • Ludwig von Mises, The Ultimate Foundation of Economic Science: An Essay on Method (1962), p. 137
  • All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out.
    • Ludwig Von Mises, The Ultimate Foundation of Economic Science: An Essay on Method (1978)
  • The gold standard was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic. In the eyes of the free traders its main eminence was precisely the fact that it was an international standard as required by international trade and the transactions of the international money and capital market. It was the medium of exchange by means of which Western industrialism and Western capital had borne Western civilization into the remotest parts of the earth's surface, everywhere destroying the fetters of age-old prejudices and superstitions, sowing the seeds of new life and new well-being, freeing minds and souls, and creating riches unheard of before.
  • Pareto, Georges Sorel, Lenin, Hitler, and Mussolini were right in denouncing democracy as a capitalist method. Every step which leads from capitalism toward planning is necessarily a step nearer to absolutism and dictatorship.
    • Ludwig von Mises, Omnipotent Government: The Rise of the Total State and the Total War, Mises Institute (2010) p. 53. First published in 1944 by Yale University Press.
  • It's quite obvious that when the Eastern bloc was still there, it was a bustle between capitalism and communism. Once communism was defeated, then capitalism could expand and show its true self. It's no longer constrained by the need to be nice, so that people will choose their so-called free-market system as opposed to the centrally planned system. So because of that, nowadays there is nothing to restrain capital, and capital is demanding that it should be able to go anywhere and do whatever it likes.
  • If we want to save the planet earth, to save life and humanity, we have a duty to put an end to the capitalist system. Unless we put an end to the capitalist system, it is impossible to imagine that there will be equality and justice on this planet earth. This is why I believe that it is important to put an end to the exploitation of human beings and to the pillage of natural resources, to put an end to destructive wars for markets and raw materials, to the plundering of energy, particularly fossil fuels, to the excessive consumption of goods and to the accumulation of waste. The capitalist system only allows us to heap up waste. I would like to propose that the trillions of money earmarked for war should be channelled to make good the damage to the environment, to make reparations to the earth.
  • Western society is relapsing at critical points into precivilized modes of thought, feeling, and action because it has acquiesced too easily in the dehumanization of society through capitalist exploitation.
    • Lewis Mumford, Technics and Civilization (1934), Chapter 6, § 9, p. 302

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  • The capitalist system was and is not a benevolent social force created to best serve the needs of humans through the "marketplace," contrary to the propagandizing that has inundated at least the citizens in the West for a century and a half and that continues in educational systems and mass media today. Indeed, it would be impossible for an egalitarian, beneficial political-economic system to emerge from thousands of years of hypermasculine, violent, oppressive, and war-torn reality. In truth, capitalism, which morphed from the highly oppressive systems of "economic development" of the Eurasian past, simply represents a more sophisticated form of social relations in which the accumulation of wealth continues to result from exploitation, predation and violence.
    • David Nibert, Animal Oppression and Capitalism. (2017) p. xiv
  • What I really believe in, first and foremost, isn't capitalism or globalization. It isn't the systems or regulatory codes that achieve all we see around us in the way of prosperity, innovation, community, and culture. Those things are created by people. What I believe in is man's capacity for achieving great things, and the combined force that results from our interactions and exchanges. I plead for greater liberty and a more open world, not because I believe on system happens to be more efficient than another, but because those things provide a setting that unleashes individual creativity as no other system can. They spur the dynamism that has led to human, economic, scientific, and technical advances. Believing in capitalism does not mean believing in growth, the economy, or efficiency. Desirable as they may be, those are only the results. At its core, belief in capitalism is belief in mankind.
  • Twenty years ago I wrote a book in defence of global capitalism. I never thought I would do that. Capitalism, I had thought, was all about greedy monopolists and mighty landlords. But then I began to study the world and realized that it was in the least market-based societies that such elites were protected from the free choice of citizens and therefore had the greatest power. Paradoxically, it was capitalism – in the form of free markets and voluntary agreements based on private ownership – that threatened the powerful. The argument for capitalism is not that capitalists always behave well – if that were the case, we could safely give them monopoly power – but that they often do not behave well unless they have to. And it is freedom of choice and competition that force their hands.
    • Johan Norberg, The Capitalist Manifesto: Why the Global Free Market Will Save the World (2023), p. 1
  • In fact, Marx and Engels were right when they observed in that other manifesto, the communist one of 1848, that free markets had in a short time created greater prosperity and more technological innovation than all previous generations combined and, with infinitely improved communications and accessible goods, free markets had torn down feudal structures and national narrow-mindedness. Marx and Engels realized much better than socialists today that the free market is a formidable progressive force. (Unfortunately, they were not sufficiently dialectically minded to understand that communism was a reactionary counterforce that would bring societies back to a kind of electrified feudalism.) A century and a half later, global capitalism made it possible for ever more people to free themselves from lords and monopolies. The growth of markets gave them the opportunity to choose, to bargain and to say no for the first time. Free trade gave them cheaper goods, new technologies and access to consumers in other countries. It lifted millions and millions from hunger and poverty.
    • Johan Norberg, The Capitalist Manifesto: Why the Global Free Market Will Save the World (2023), p. 2

O

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  • Blake was not a politician, but there is more understanding of the nature of capitalist society in a poem like "I wander through each charter'd street" than in three-quarters of Socialist literature.

P

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  • Every day in our neighborhood there were whole apartments, beds, bureaus, kitchen tables out on the street. We understood that this was because of capitalism, which didn't care that working people had no work and no money for rent.
  • The essence of capitalism is to turn nature into commodities and commodities into capital. The live green earth is transformed into dead gold bricks, with luxury items for the few and toxic slag heaps for the many. The glittering mansion overlooks a vast sprawl of shanty towns, wherein a desperate, demoralized humanity is kept in line with drugs, television, and armed force.
  • Just as in the 1930s, world capitalism, as it had existed until then, had reached a dead-end, and the need for it to be altered for the sake of preserving the system itself, was emphasised by many perceptive bourgeois thinkers, exactly in a similar manner contemporary world capitalism too has reached a dead-end and cannot continue as before. [...] Any change in capitalism, however, including a revival of the so-called "welfare capitalism" of the post-War period, will entail a loosening of the hegemony of international finance capital and hence will face stiff opposition from it. The fact that the need for such change is clear to bourgeois thinkers, does not mean that finance capital will simply voluntarily make a sacrifice of the hegemony it currently enjoys. Indeed the history of the 1930s itself bears witness to this fact. [...] Boosting aggregate demand for overcoming mass unemployment finally got accepted as government policy only after the war when the weight of the working class in the advanced countries became much greater than before (of which the victory of the Labour Party in the British post-war elections and the vastly increased strength of the Communists in France and Italy were obvious markers), and when the Red Army came right up to the very doorsteps of Western Europe creating fears of a “communist takeover”. This conjuncture finally forced concessions from finance capital that had been unobtainable till then. Finance capital, in other words, does not voluntarily make concessions even when such concessions are seen by major pro-capitalist thinkers as being essential for the preservation of the system itself.
  • It is real-life class struggle, informed no doubt by ideas, that ultimately determines which way the world will move. Hence even for altering contemporary capitalism in the direction of the so-called “welfare capitalism” of yore, it would be essential to have the working class fighting for such an agenda. But when it does so, and when international finance capital resists such an agenda, we would be in the thick of class struggle. Time alone will tell whether this struggle would remain merely at the level of achieving a revival of “welfare capitalism” or whether it would go beyond capitalism altogether towards a socialist alternative. Once class struggle, for changing the system in its present form, acquires momentum, its outcome would depend on praxis and may not necessarily remain bounded within the system itself.

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  • What they have to discover, what all the efforts of capitalism's enemies are frantically aimed at hiding, is the fact that capitalism is not merely the 'practical,' but the only moral system in history.
    • Ayn Rand, Capitalism: The Unknown Ideal (1966), p. 8
  • In America, we debate everything except Capitalism. If there's an institution in your society that' above criticism, you're giving it a free pass to indulge all of its weaknesses and darker tendencies.
    • Richard D. Wolff, Curing Capitalism
  • When I say capitalism, I mean a full, pure, uncontrolled, unregulated laissez faire capitalism, with a separation of state and economics, in the same way and for the same reasons as the separation of state and church.
    • Ayn Rand, Capitalism: The Unknown Ideal (1966), p. 17
  • Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.
  • In a capitalist society, all human relationships are voluntary. Men are free to cooperate or not, to deal with one another or not, as their own individual judgments, convictions and interests dictate.
  • Businessmen are the one group that distinguishes capitalism and the American way of life from the totalitarian statism that is swallowing the rest of the world. All the other social groups — workers, farmers, professional men, scientists, soldiers — exist under dictatorships, even though they exist in chains, in terror, in misery, and in progressive self-destruction. But there is no such group as businessmen under a dictatorship. Their place is taken by armed thugs: by bureaucrats and commissars. Businessmen are the symbol of a free society — the symbol of America.
    • Ayn Rand (1967), Capitalism: The Unknown Ideal, p. 55
  • Capitalism is organised crime, and we are all its victims.
    • Refused, The Shape of Punk to Come.
  • Goebbels saw the ultimate enemy as international capitalism, and those who held power in Germany as its lackey, betraying their nation for personal gain. These were the traditional targets of the Communists, of course, so the Nazis and the KPD, the Communist Party of Germany, were in direct competition for the same constituency, two rabid dogs fighting for one bone… And Goebbels, who has so recently been happy to describe himself as a ‘German Communist’ led the fight with all the intensity of a religious convert.
    • Anthony Read, The Devil’s Disciples: Hitler’s Inner Circle, New York: NY and London: UK,, W. W. Norton & Company, Inc. (2004) pp. 141-142
  • Capitalism is a social system based on private ownership of the means of production. It is characterized by the pursuit of material self-interest under freedom and it rests on a foundation of the cultural influence of reason. Based on its foundations and essential nature, capitalism is further characterized by saving and capital accumulation, exchange and money, financial self-interest and the profit motive, the freedoms of economic competition and economic inequality, the price system, economic progress, and a harmony of the material self-interests of all the individuals who participate in it.
  • The peasants and workers of Europe (and eventually the inhabitants of the whole world) paid a huge price so that the capitalists could make their profits from the human labor that always lies behind the machines. That contradicts other facets of development, especially viewed from the standpoint of those who suffered and still suffer to make capitalist achievements possible. This latter group are the majority of mankind. To advance, they must overthrow capitalism; and that is why at the moment capitalism stands in the path of further human social development. To put it another way, the social (class) relations of capitalism are now outmoded, just as slave and feudal relations became outmoded in their time.
  • Capitalism has proved incapable of transcending fundamental weaknesses such as underutilization of productive capacity, the persistence of a permanent sector of unemployed, and periodic economic crises related to the concept of “market”—which is concerned with people’s ability to pay rather than their need for commodities. Capitalism has created its own irrationalities such as a vicious white racism, the tremendous waste associated with advertising, and the irrationality of incredible poverty in the midst of wealth and wastage even inside the biggest capitalist economies, such as that of the United States of America. Above all, capitalism has intensified its own political contradictions in trying to subjugate nations and continents outside of Europe, so that workers and peasants in every part of the globe have become self-conscious and are determined to take their destiny into their own hands.
  • The circumstances of African trade with Europe were unfavorable to creating a consistent African demand for technology relevant to development; and when that demand was raised it was ignored or rejected by the capitalists. After all, it would not have been in the interests of capitalism to develop Africa. [...] Capitalism introduced into Africa only such limited aspects of its material culture as were essential to more efficient exploitation, but the general tendency has been for capitalism to underdevelop Africa in technology.
  • We must first decide what the meaning of the term 'capitalism' really is. Unfortunately, the term 'capitalism' was coined by its greatest and most famous enemy, Karl Marx. We really can't rely upon him for correct and subtle usage. And, in fact, what Marx and later writers have done is to lump together two extremely different and even contradictory concepts and actions under the same portmanteau term. These two contradictory concepts are what I would call 'free-market capitalism' on the one hand, and 'state capitalism' on the other. The difference between free-market capitalism and state capitalism is precisely the difference between, on the one hand, peaceful, voluntary exchange, and on the other, violent expropriation.
  • Well.. for so many years, people—let’s say in India—have been fighting this very idea of progress, of infinite growth, of this form of development which has resulted now in what we call jobless growth, what everybody knows to be the case. You have nine individuals who own the same amount of wealth as the bottom 500 million. This is what infinite growth has led to—infinite growth for some people.
    So this idea that you will never question your idea of progress, you will never question the comfort of the Global North. And by Global North—now and the elite South, and the downtrodden North, you know?...Years ago, I wrote an essay which ended by saying, “Can we leave the bauxite in the mountain?”...Can you look at the mountain and not just calculate its mineral worth? Can you understand that a mountain has much more than just the value of the minerals in it? And there is—it’s a civilizational issue, right? That for people who have lived there, have known that mountain, they know it sustains not just the people. It’s not just a question of who is getting displaced. But how does, for example, that bauxite mountain—which stores water and waters the plains all around it, which grows the food, which sustains a whole population—but it’s meant for a corporation that is given the mining contract. It’s just, how much does that bauxite cost? Can we store it and trade it on the futures market?
  • It is like what I said, that the elite of the world have all seceded into outer space, and they have a country up there, and they look down and say, “What is our water doing in their rivers, and what’s our timber doing in their forests?” So there is a psychotic refusal to understand that the survival of the species is connected to the survival of the planet, you know? Because this sort of progress is a kind of church now. It is not amenable to reason. So it is very difficult to know how any real conversation can happen...
    A month or two ago, the Supreme Court of India...said that two million indigenous people should be evicted from their forest homes... Because that forest needs to be preserved as a sanctuary. But when, for the last 25 years, people were fighting against projects which were decimating millions of hectares and acres of forest, nobody cared... And when you are talking about evicting two million of the poorest people, stripping them of everything they ever had, there is little outrage. Any sense of talk of equality or justice seems to just have the same effect that blasphemy has in religious societies. That is what capitalism has become—a form of religion that will brook no questioning.
  • Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate.
  • I dislike Communism because it is undemocratic, and capitalism because it favors exploitation.

S

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  • We have to talk about democratic socialism as an alternative to unfettered capitalism, where the rich get richer and almost everybody else is getting poorer... the average worker in America is making, in inflation-accounted-for dollars, and despite a huge increase in technology and worker productivity, exactly the same amount of money that he or she made 43 years ago. That’s incomprehensible.
  • There has been a massive transfer of wealth from the working class of this country to the top 1 percent. And at the end of the day.. the media doesn’t talk about it, the corporate media does not talk about it—nobody can defend three families in this country owning more wealth than the bottom half of the American people. Or that 49 percent of all new income today goes to the top 1 percent. That is indefensible. That is outrageous. That is immoral. And I think the American people understand that has got to change...
  • It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elisabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within the reach of factory girls in return for steadily decreasing amounts of effort.
    • Joseph Schumpeter, Capitalism, Socialism and Democracy (1950, 3rd ed.), part II, chapter VII, p. 82.
  • Capitalist civilization is rationalistic 'and anti-heroic.' The two go together of course. Success in industry and commerce requires a lot of stamina, yet industrial and commercial activity is essentially unheroic in the knight's sense — no flourishing of swords about it, not much physical prowess, no chance to gallop the armored horse into the enemy, preferably a heretic or heathen - and the ideology that glorifies the idea of fighting for fighting's sake and of victory for victory's sake understandably withers in the office among all the columns of figures. Therefore, owning assets that are apt to attract the robber or the tax gatherer and not sharing or even disliking warrior ideology that conflicts with its 'rational' utilitarianism, the industrial and commercial bourgeouis is fundamentally pacifist and inclined to insist on the moral application of the moral precepts of private life to international relations. It is true that, unlike most but like other features of capitalist civilization, pacifism and international morality have also been espoused in non-capitalist environments and by pre-capitalist agencies, in the Middle Ages of the Roman Church for instance. Modern pacifism and modern international morality are nonetheless products of capitalism.
    • Joseph Schumpeter, Capitalism, Socialism and Democracy (1950, 3rd ed.), part II, chapter XI, p. 127f.
  • Capitalism does not merely mean that the housewife may influence production by her choice between peas and beans; or that the youngster may choose whether he wants to work in a factory or on a farm; or that plant managers have some voice in deciding what and how to produce: it means a scheme of values, an attitude toward life, a civilization—the civilization of inequality and of the family fortune.
    • Joseph Schumpeter, "The March into Socialism", The American Economic Review Vol. 40, No. 2 (May, 1950)
  • Capitalism has destroyed our belief in any effective power but that of self interest backed by force. But even Capitalist cynicism will admit that however unconscionable we may be when our own interests are affected, we can be most indignantly virtuous at the expense of others.
    • George Bernard Shaw, in The Intelligent Woman's Guide to Socialism and Capitalism (1928), p. 214.
  • You have to choose (as a voter) between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.
    • George Bernard Shaw, in The Intelligent Woman's Guide to Socialism and Capitalism (1928), p. 263.
  • If ... the tax scheme allows enormous intergenerational wealth transfers within families, some families will maintain considerable socioeconomic advantages over others, which allows them to provide better educations and better environments (both residential and familial) for their children, and their children's children. ... Even in a constitutional democracy in which each citizen has a publicly recognized claim to all the basic political and civil liberties, these socioeconomic inequalities would create an informal social hierarchy by birth: some would be born into great wealth and other social and political advantages while others would be born into poverty and its associated disadvantages. ... If, because a social scheme had the characteristics described above, the life prospects of some children were vastly inferior to those of others, it would be reasonable to regard these disadvantaged children as members of the lowest stratum in a descent-based social hierarchy. When such a hierarchy is, and has long been, marked by racial distinctions, equal citizenship, in any meaningful sense, does not obtain. In a society with an established democratic tradition, such a quasi-feudal order does not warrant the allegiance of its most disadvantaged members, especially when these persons are racially stigmatized. Indeed, the existence of such an order creates the suspicion that, despite the society's ostensible commitment to equal civil rights, white supremacy has simply taken a new form.
  • I have repeatedly stressed that the rape of the Earth and rape of women are intimately linked - both metaphorically, in shaping world-views, and materially, in shaping women’s everyday lives... When we wrote Ecofeminism we raised the issue of reductionist, mechanistic science and the attitude of mastery over and conquest of nature as an expression of capitalist patriarchy. Today the contest between an ecological and feminist world-view and a worldview shaped by capitalist patriarchy is more intense than ever. This contest is particularly intense in the area of food. GMOs embody the vision of capitalist patriarchy.
  • The national accounting systems which are used for calculating growth in terms of GDP are based on the assumption that if producers consume what they produce, they do not in fact produce at all, because they fall outside the production boundary. The production boundary is a political creation that, in its workings, excludes regenerative and renewable production cycles from the area of production. Hence all women who produce for their families, children, community and society are treated as ‘non-productive’ and ‘economically inactive’.
    When economies are confined to the marketplace, economic self-sufficiency is perceived as economic deficiency. The devaluation of women’s work, and of work done in subsistence economies of the South, is the natural outcome of a production boundary constructed by capitalist patriarchy. By restricting itself to the values of the market economy, as defined by capitalist patriarchy, the production boundary ignores economic value in the two vital economies which are necessary to ecological and human survival: nature’s economy and the sustenance economy. In these economies, economic value is a measure of how the Earth’s life and human life are protected. The currency is life-giving processes, not cash or the market price. Second, a model of capitalist patriarchy which excludes women’s work and wealth creation in the mind deepens the violence by displacing women from their livelihoods and alienating them from the natural resources on which their livelihoods depend -their land, their forests, their water, their seeds and biodiversity.
    • Vandana Shiva in Ecofeminism, Maria Mies and Vandana Shiva, 1993, (2014)
  • It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
  • Capitalism designates an economic system significantly characterized by the predominance of "capital." Capitalism and double entry bookkeeping are absolutely indissociable; their relationship to each other is that of form to content.
  • Capitalism was born from the money loan. Money lending contains the root idea of capitalism. Turn to the pages of the Talmud and you will find that the Jews made an art of lending money. They were taught early to look for their chief happiness in the possession of money. They fathomed all the secrets that lay hid in money. They became Lords of Money and Lords of the World.
  • Because the West has a property rights system, and property rights systems seem to be about ownership. What we're discovering more and more is that it's really the system that undergirds the system of values called capitalism. In other words, you have property rights in the West. In developing nations we do, too, but they're not legal. Once you legalize them and you have recordkeeping systems and you have tracking systems and you've got contracts and you're able to get all the information about somebody's ownership over an asset, all of a sudden you obtain enormous amounts of data that you do not have in developing nations. In the West, that is captured in the property system. If you are somebody that is honorable and pays their debts, which is what somebody would be interested in, that's going to be captured in your records, and your records are linked to your property records. All of these are property rights, [but we don't have them] organized in a central system … in Third World countries.
    • Hernando de Soto, responding to the question, "Why does capitalism fail everywhere else and triumph in the West?" PBS.org
  • Capitalist enterprises buy components from others who have lower costs in producing those particular components, and sell their own output to whatever middlemen can most efficiently carry out its distribution.
    • Thomas Sowell, Basic Economics, 4th ed. (2010), Ch. 6. The Role of Profits—and Losses
  • Violence, fraud, the prerogative of force, the claims of superior cunning—those are the sources to which titles may be traced. The original deeds were written with the sword, rather than with the pen; not lawyers, but soldiers, were the conveyancers; blows were the current coin given in payment; and for seals, blood was used in preference to wax. Could valid claims be thus constituted? Hardly. And if not, what becomes of the pretensions of all subsequent holders of estates so obtained? Does sale or bequest generate a right where it did not previously exist?
  • Marxism is the capitalism of the working class.
  • Capitalism, in contrast, has existed for fewer than 300 years. If the entire history of Homo sapiens was a 24-hour day, then capitalism has existed for two minutes.
    • Jim Stanford, Economics For Everyone (2008), Part 1, Chapter 2, Capitalism, p. 33
  • Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either.
    • Jim Stanford, Economics For Everyone (2008), Part 1, Chapter 3, Economic History, p. 43
  • Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.
    • Jim Stanford, Economics For Everyone (2008), Part 2, Chapter 10, Closing The Little Circle, p. 121
  • Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.
    • Jim Stanford, Economics For Everyone (2008), Part 3, Chapter 11, Competition, p. 129
  • One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.
    • Jim Stanford, Economics For Everyone (2008), Part 3, Chapter 14, Dividing the Pie, p. 168
  • Grotesque sentiments such as the lust of business success or economic power of any kind, and indeed every purely self-regarding passion, from that of the social climber to that of the salvation-seeking ascetic, are experienced by the explorer with something of that shame which the child, emerging into adolescence, may feel toward the still-clinging fascination of his outgrown toys, or with such disgust as the youth may feel when he wakes from some unworthy sexual infatuation.
  • Capitalism prospers in an environment with a peculiar combination of self-interested behavior - enough to induce individuals to look for profitable activities - and non-self-interested behavior, where one's word is one's honor, where social rather than economic sanctions suffice to enforce contracts.
  • It is the fundamental wisdom of the capitalist system that it functions irrespective of the wisdom or the stupidity of the capitalists.
    • Gustav Stolper, in This Age of Fables (1942), Part I, Ch. 8, Sec. 10, p. 167
  • Contrary to claims about extreme poverty being a natural human condition, it is reasonable to assume that human communities are in fact innately capable of producing enough to meet their own basic needs (i.e., for food, clothing, and shelter), with their own labour and with the resources available to them in their environment or through exchange. Barring natural disasters, people will generally succeed in this objective. The main exception is under conditions where people are cut off from land and commons, or where their labour, resources and productive capacities are appropriated by a ruling class or an external imperial power. This explains the prevalence of extreme poverty under capitalism.
  • If a modern wage can purchase no more food than wages from 400 years ago, something has clearly gone wrong, even if there have been gains in medical care or information technology. ‘Welfare ratios’ bring our attention to a worker's ability to meet their most basic needs. If these basic capabilities deteriorated during the rise of capitalism, and if up to a billion people today have lower real incomes in terms of access to food than 16th-century labourers, it is reasonable to conclude that the world capitalist system as such has failed to deliver meaningful progress against extreme poverty.

T

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V

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  • On Modern capitalism
  • I call it techno-feudalism. I don’t call it capitalism anymore. We need to distinguish what was going on before 2008 from what was going on after 2008. Amazon is not a market; it’s a fiefdom. And it’s a fiefdom that’s connected to other fiefdoms, like Facebook, through the cloud services of Amazon, which are much greater and bigger than Amazon.com. It’s like a much more technologically advanced form of feudalism.
    This is completely sustained by central bank money. So you have the combination of the king, the sovereign, the state, the central bank and the feudal lords, the techno-feudal lords. You can see that this system is constantly doubling-down on our extinction as a species. We had the pandemic and what did they do? More of the same. They give them more money. They give it to the same people. They gave some money to the people in furlough wages and so on, but that is only temporary. There’s been no real investment in human capital; in students, in cancelling debt. They’re not doing any of that. They have no problem plucking the money tree for themselves. Sometimes they spread some of the money they plucked from the money tree to the many, but in a limited and transient manner. And the stagnation of the capitalist system, the techno-feudalist system as I call it, gets more and more entrenched.
  • Jeff Bezos is getting rich not because of the profits of Amazon, but because of the increase of the share price. You’ve heard that he made what, $60 billion since the beginning of the pandemic? That’s not because of the profits of Amazon... The actual profits are nothing like that. It’s maybe one billion altogether, but he made 60! From the share price.

W

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  • Production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.
  • Socialism is the total opposite of capitalism/imperialism. It is the rejection of empire and white supremacy. Socialism is the violent overthrow of the bourgeoisie, the establishment of the dictatorship of the proletariat, and the eradication of the social system based on profit. Socialism means control of the productive forces for the good of the whole community instead of the few who live on hilltops and in mansions. Socialism means priorities based on human need instead of corporate greed. Socialism creates the conditions for a decent and creative quality of life for all.
  • The disappearance of the heroic ideal is always accompanied by the growth of commercialism. There is a cause-and-effect relationship here, for the man of commerce is by the nature of things a relativist; his mind is constantly on the fluctuating values of the marketplace, and there is no surer way to fail than to dogmatize and moralize about things.
  • In contrast to all other forms of domination, the economic domination of capital cannot, because of its 'impersonal character', be ethically regulated. ... The competitiveness, the market, the labour market, the monetary market, the commodity market, in one word 'objective' considerations, neither ethical nor anti-ethical, but simply non-ethical ... determine behaviour at the decisive points.
    • Max Weber, Economy and Society (1923), in The War of Gods: Religion and Politics in Latin America (1996), p. 143
  • It is above all the impersonal and economically rationalized (but for this very reason ethically irrational) character of purely commercial relationships that evokes the suspicion, never clearly expressed but all the more strongly felt, of ethical religions. For every purely personal relationship of man to man, of whatever sort and even including complete enslavement, may be subjected to ethical requirements and ethically regulated. This is true because the structures of these relationships depend upon the individual wills of the participants, leaving room in such relations for manifestations of the virtue of charity. But this is not the situation in the realm of economically rationalised relationships, where personal control is exercised in inverse ratio to the degree of rational differentiation of the economic structure.
  • We will define a capitalistic economic action as one which rests on the expectation of profit by the utilization of opportunities for exchange, that is on (formally) peaceful chances of profit...Unlimited greed for gain is not in the least identical with capitalism, and is still less its spirit. Capitalism may even be identical with the restraint, or at least a rational tempering, of this irrational impulse. But capitalism is identical with the pursuit of profit, and forever renewed profit, by means of conscious, rational, capitalistic enterprise.
    • Max Weber, The Protestant Ethic and the Spirit of Capitalism
  • Thus the capitalism of today, which has come to dominate economic life, educates and selects the economic subjects which it needs through a process of economic survival of the fittest. But here one can easily see the limits of the concept of selection as a means of historical explanation. In order that a manner of life so well adapted to the peculiarities of capitalism could be selected at all, i.e. should come to dominate others, it had to originate somewhere, and not in isolated individuals alone, but as a way of life common to whole groups of men.
  • The people filled with the spirit of capitalism today tend to be indifferent, if not hostile, to the Church. The thought of the pious boredom of paradise has little attraction for their active natures; religion appears to them as a means of drawing people away from labor in this world. If you ask them what is the meaning of their restless activity, why they are never satisfied with what they have, thus appearing so senseless to any purely worldly view of life, they would perhaps give the answer, if they know any at all: “to provide for my children and grandchildren.” But more often and, since that motive is not peculiar to them, but was just as effective for the traditionalist, more correctly, simply: that business with its continuous work has become a necessary part of their lives. That is in fact the only possible motivation, but it at the same time expresses what is, seen from the viewpoint of personal happiness, so irrational about this sort of life, where a man exists for the sake of his business, instead of the reverse.
  • The impulse to acquisition, pursuit of gain, of money, of the greatest possible amount of money, has in itself nothing to do with capitalism. This impulse exists and has existed among waiters, physicians, coachmen, artists, prostitutes, dishonest officials, soldiers, nobles, crusaders, gamblers, and beggars.
    • Max Weber, The Protestant Ethic and the Spirit of Capitalism, p.17.
  • The struggle between the opponents and defenders of capitalism is a struggle between innovators who do not know what innovation to make and conservatives who do not know what to conserve.
  • Capitalism has brought about the emancipation of collective humanity with respect to nature. But this collective humanity has itself taken on with respect to the individual the oppressive function formerly exercised by nature.
  • First, capitalists detain control of the means of production. Second, laborers are denied independent access to means of production and must sell their labor power to the capitalists. Third, the maximization of surplus produced by the laborers with the means of production owned by the capitalists entails "ceaseless accumulation accompanied by changes in the methods of production."
    • Eric Wolf, Europe and the People Without History. p. 78
  • The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism's scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to "solve" all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by central banks had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of income and wealth reached historic highs. ​In short, capitalism had built up vulnerabilities to another crash that any number of possible triggers could unleash. The trigger this time was not the dot.com meltdown of 2000 or the sub-prime meltdown of 2008/9; it was a virus. And of course, mainstream ideology requires focusing on the trigger, not the vulnerability. Thus mainstream policies aim to reestablish pre-virus capitalism. Even if they succeed, that will return us to a capitalist system whose accumulated vulnerabilities will soon again collapse from yet another trigger.
  • ​In the light of the coronavirus pandemic, I focus criticism on capitalism and the vulnerabilities it has accumulated for several reasons. Viruses are part of nature. They have attacked human beings—sometimes dangerously—in both distant and recent history. In 1918, the Spanish Flu killed nearly 700,000 in the United States and millions elsewhere. Recent viruses include SARS, MERS and Ebola. What matters to public health is each society's preparedness: stockpiled tests, masks, ventilators, hospital beds, trained personnel, etc., to manage dangerous viruses. In the U.S., such objects are produced by private capitalist enterprises whose goal is profit. It was not profitable to produce and stockpile such products, that was not and still is not being done. Nor did the U.S. government produce or stockpile those medical products. Top U.S. government personnel privilege private capitalism; it is their primary objective to protect and strengthen. The result is that neither private capitalism nor the U.S. government performed the most basic duty of any economic system: to protect and maintain public health and safety. U.S. capitalism's response to the coronavirus pandemic continues to be what it has been since December 2019: too little, too late. It failed. It is the problem.
  • The third reason capitalism gets blame here is that alternative systems—those not driven by a profit-first logic—could manage viruses better. While not profitable to produce and stockpile everything needed for a viral pandemic, it is efficient. The wealth already lost in this pandemic far exceeds the cost to have produced and stockpiled the tests and ventilators, the lack of which is contributing so much to today's disaster. Capitalism often pursues profit at the expense of more urgent social needs and values. In this, capitalism is grossly inefficient. This pandemic is now bringing that truth home to people.
  • A worker-coop based economy—where workers democratically run enterprises, deciding what, how and where to produce, and what to do with any profits—could, and likely would, put social needs and goals (like proper preparation for pandemics) ahead of profits. Workers are the majority in all capitalist societies; their interests are those of the majority. Employers are always a small minority; theirs are the "special interests" of that minority. Capitalism gives that minority the position, profits and power to determine how the society as a whole lives or dies. That's why all employees now wonder and worry about how long our jobs, incomes, homes and bank accounts will last—if we still have them. A minority (employers) decides all those questions and excludes the majority (employees) from making those decisions, even though that majority must live with their results. Of course, the top priority now is to put public health and safety first. To that end, employees across the country are now thinking about refusing to obey orders to work in unsafe job conditions. U.S. capitalism has thus placed a general strike on today's social agenda. A close second priority is to learn from capitalism's failure in the face of the pandemic. We must not suffer such a dangerous and unnecessary social breakdown again. Thus system change is now also moving onto today's social agenda.

X

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  • It's impossible for a white person to believe in capitalism and not believe in racism. You can't have capitalism without racism.
    • Malcolm X, Speech, May 29, 1964, The Harlem Hate-Gang-Scare, p. 69 as quoted in Malcolm X Speaks (1965)
  • It is impossible for capitalism to survive, primarily because the system of capitalism needs some blood to suck. Capitalism used to be like an eagle, but now it's more like a vulture. It used to be strong enough to go and suck anybody's blood whether they were strong or not. But now it has become more cowardly, like the vulture, and it can only suck the blood of the helpless. As the nations of the world free themselves, capitalism has less victims, less to suck, and it becomes weaker and weaker. It's only a matter of time in my opinion before it will collapse completely….
    • Malcolm X, Malcolm X Speaks (1965), March 1965, p. 199.

Y

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  • Universal Basic Income is not socialism. It's capitalism where income doesn't start at zero. Markets and businesses function much better when people have money to spend. If we can all participate in the market, then markets become much better for all of us. What's bad for markets is when consumers don't have money to spend. So this is very pro-growth, pro-market, and pro-consumer. It's the next form of capitalism. It's the tricke up economy.
  • It took me a long time to understand why so much that surrounded me was too ugly to tolerate without protest. But eventually I learned the reason. I saw that the conduct of my fellow-men could not be otherwise than disappointing, in fact parasitical and corrupt, and that most of our troubles emanated from a cause which manifestly would grow worse so long as we put up with it. That cause was Capitalism. Man's natural self-interest become perverted and ruthless! The motivating principle of business (though not openly confessed), when summed up, meant: "Get yours; never mind the other fellow." I saw, too, that our law-makers and judges of the meaning of the law put property rights first and left human rights to shift for themselves.

Z

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  • Capitalism has always been a failure for the lower classes. It is now beginning to fail for the middle classes.
    • Howard Zinn, A People's History of the United States, 1995 edition, chapter 23.
  • Let's take the case of slavery. While capitalism legitimizes itself as the economic system that implies and furthers personal freedom (as a condition of market exchange), it generated slavery on its own, as part of its own dynamics: although slavery became almost extinct at the end of the Middle Ages, it re-emerged in colonies from early modernity till the American Civil War. And one can risk the hypothesis that today, with the new epoch of global capitalism, a new era of slavery is also arising. Although there is no longer a direct legal category of enslaved persons, slavery acquires a multitude of new forms: millions of migrant workers in the Saudi peninsula (UAE, Qatar, etc.), who are deprived of elementary civil rights and freedoms and subjected to restricted mobility; the total control of millions of workers in Asian sweatshops, often consciously organized as concentration camps; the massive use of forced labor in the exploitation of natural resources in many Central African states (Congo, etc.). This new de facto apartheid, this systematic explosion of a number of different forms of contemporary slavery, is not a deplorable accident but a structural necessity of today's global capitalism.
    • Slavoj Žižek, The Courage of Hopelessness: A Year of Acting Dangerously (2018), p. 29

See also

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