Capitalism

While the capitalist system is generally celebrated by mainstream economists, American studies and cultural studies scholars will search in vain through their writings for actual discussions of the term “capitalism.” Instead, neoclassical and Keynesian economists refer to the “market economy” (in which individuals and private firms make decisions in decentralized markets) or just “the economy” (defined by scarce means and unlimited desires, the correct balancing of which is said to characterize all societies) (Stiglitz and Walsh 2002; Bhagwati 2003; Krugman and Wells 2004; Samuelson and Nordhaus 2004).

In contrast, discussions of the term “capitalism” have long occupied a central position in the vocabulary of Marxian economic theory. References to capitalism in American studies and cultural studies draw, implicitly or explicitly, on the Marxian critique of political economy: a critique of capitalism as an economic and social system and a critique of mainstream economic theory. Karl Marx and latter-day Marxists criticize …

This essay may be found on page 37 of the printed volume.

Ideologies, Money, Power
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