Political capitalism
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Political capitalism[1] or Politically oriented capitalism is a concept introduced by Max Weber in his 1921 book Economy and Society to describe monetary profit-making through non-market means.[2][3] In 2018, Holcombe describes political capitalism as an economic system in which the sharp distinction between states and markets is blurred.[4][5][6][7][8]
Robert Brenner and Dylan Riley have characterized the post-1990 economy of United States as political capitalism, where raw 'political power' rather than 'productive investment' is the "key determinant of rate of return".[9]
Filippa Chatzistavrou broadens the concept of political capitalism applied in the digital age by pushing further the idea of states and high tech markets being co-constitutive in order to include not only rent seeking, property rights’ issues and surplus extraction mechanisms, but also models of governance.[10]
Background
[edit]The definition of capitalism as an economic system based on monetary profit-making rather than a subsistence economy is shared by Max Weber and Fernand Braudel.[11][12]
See also
[edit]References
[edit]- ^ Holcombe, Randall (2015-03-20). "Political Capitalism as a Distinct Economic System". Master Resource. Retrieved 2025-04-21.
- ^ Vahabi, Mehrdad (2023). "Prologue". Destructive Coordination, Anfal and Islamic Political Capitalism. SpringerLink. p. XV. doi:10.1007/978-3-031-17674-6. ISBN 978-3-031-17673-9.
- ^ Krieger, Tim; Meierrieks, Daniel (2016-12-01). "Political capitalism: The interaction between income inequality, economic freedom and democracy". European Journal of Political Economy. 45: 115–132. doi:10.1016/j.ejpoleco.2016.10.005. hdl:10419/125138. ISSN 0176-2680.
- ^ Holcombe, Randall G. (2018). Political Capitalism: How Economic and Political Power Is Made and Maintained. Cambridge Studies in Economics, Choice, and Society. Cambridge: Cambridge University Press. doi:10.1017/9781108637251. ISBN 978-1-108-47177-0.
- ^ "Book Review: Political Capitalism: How Economic and Political Power Is Made and Maintained, Randall G. Holcombe". Independent Institute. Retrieved 2025-04-21.
- ^ Cutsinger, Bryan P. (2019). "Review of Political capitalism: how economic and political power is made and maintained". Public Choice. 180 (3/4): 501–503. doi:10.1007/s11127-019-00639-x. ISSN 0048-5829. JSTOR 48703940.
- ^ Cutsinger, Bryan P. (2019-09-01). "Randall G. Holcombe: Political capitalism: how economic and political power is made and maintained". Public Choice. 180 (3): 501–503. doi:10.1007/s11127-019-00639-x. ISSN 1573-7101.
- ^ Yadav, Vikash (2023). Liberalism's Last Man. University of Chicago Press. doi:10.7208/chicago/9780226827360.001.0001. ISBN 978-0-226-82147-4.
- ^ Riley, Dylan; Brenner, Robert (2022-12-21). "Seven Theses on American Politics". New Left Review. 6: 5–27.
- ^ Chatzistavrou, Filippa (2024-12-20). "Political capitalism in the digital era: reconstructing the capital– state relation". Frontiers in Political Science. 6 (138). doi:10.3389/fpos.2024.1509376.
- ^ Vahabi, Mehrdad (2023). "Political Capitalism, its Varieties". Destructive Coordination, Anfal and Islamic Political Capitalism. SpringerLink. p. 105 - 140. doi:10.1007/978-3-031-17674-6. ISBN 978-3-031-17673-9.
- ^ Schwartz, Herman (2012-08-01). "Political Capitalism and the Rise of Sovereign Wealth Funds". Globalizations. 9 (4): 517–530. Bibcode:2012Glob....9..517S. doi:10.1080/14747731.2012.699924. ISSN 1474-7731.
