late capitalism

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pages: 142 words: 45,733

Utopia or Bust: A Guide to the Present Crisis by Benjamin Kunkel


anti-communist, Bretton Woods, capital controls, Carmen Reinhart, David Graeber, declining real wages, full employment, Hyman Minsky, income inequality, late capitalism, liquidity trap, means of production, money: store of value / unit of account / medium of exchange, mortgage debt, Occupy movement, peak oil, price stability, profit motive, savings glut, Slavoj Žižek, The Wealth of Nations by Adam Smith, transatlantic slave trade, War on Poverty, We are the 99%, women in the workforce, Works Progress Administration

As a Marxist, Jameson was calmer and more forthright: he simply called the system “late capitalism,” after the book by Ernest Mandel, the Belgian Trotskyist, which provided the base, as it were, to his own cultural superstructure. Mandel’s Late Capitalism (1972) had offered a magnificently confident and pugnacious argument about the nature of postwar capitalism, but he regretted “not being able to propose a better term for this historical era than ‘late capitalism.’ ” In Mandel’s usage, “late” simply meant “recent,” but the term naturally also suggests obsolescence. This implication of an utterly misplaced Marxist triumphalism probably had consequences for the reception of Jameson’s theory (and Mandel’s). Who could believe in 1991, when Jameson published Postmodernism, Or, the Cultural Logic of Late Capitalism, that capitalism was on its last legs?

Still, the weak point in his strongly Marxist account of recent culture has been his relatively thin description of the economy, the mode of production. It is too easy to read much of his work and conclude that a given film or novel could indeed be read as a blind allegory of “late capitalism,” without late capitalism meaning anything much more distinct than “the economy” or “the system.” In such cases it has been far easier to accept his Marxism in an axiomatic sense—a product of late capitalism will necessarily be about late capitalism too—than to see how the axiom could be embodied in persuasive local analyses of this or that cultural artifact or tendency. And yet it isn’t as if Jameson can’t do that too. Some of his strongest essays, for instance “The Brick and the Balloon” (1998) or “The End of Temporality” (2003)—about, respectively, postmodern architecture and the waning contemporary sense of past and future—analyze these phenomena the more convincingly and illuminatingly for doing so in the context of the bodiless and instantaneous transactions of finance capital.

Despite its Marxist vocabulary, the argument of Ernest Mandel in Late Capitalism (1972) coincides with prevailing views ever since: As soon as expansion led to the dismantling and disappearance of the industrial reserve army [Marx’s term for the unemployed] … the golden years of late capitalism were internationally over. There was no longer any chance of an automatic increase in the rate of profit or its maintenance at a high level. The struggle over the rate of surplus-value [the ratio of profits to wages: in practice, synonymous with the rate of exploitation] now flared up anew. Moreover, in this struggle it was precisely the high level of employment which contributed to a significant increase in the strength of wage-earners … Late capitalism cannot avoid a period of relatively decelerated economic expansion if it fails to break the resistance of wage-earners and so to achieve a new radical increase in the rate of surplus-value.


pages: 320 words: 86,372

Mythology of Work: How Capitalism Persists Despite Itself by Peter Fleming


1960s counterculture, anti-work, call centre, clockwatching, corporate social responsibility, David Graeber, Etonian, future of work, Goldman Sachs: Vampire Squid, illegal immigration, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, means of production, neoliberal agenda, Parkinson's law, post-industrial society, profit maximization, profit motive, quantitative easing, Results Only Work Environment, shareholder value, The Chicago School, transaction costs, working poor

After a while I started to pretend to be a robot and then … I sort of couldn’t remember if I was a robot or not and so I had to get out of there. Humour aside, this exchange nicely expresses some interesting dynamics concerning the ‘social factory’ of neoliberal capitalism. So-called non-work time is a resource to be used up, especially with the help of mobile technology. This is what gives late capitalism a strange sense of permanence – we are never not at work. Even if we are not being formally paid, that is no longer an excuse for deserting one’s role. The time of labour curves back on itself, with only the happy occasion of a funeral partially exempting you from the injunction always to be on call. Moreover, this relationship to one’s job functions to transform the body into an observable commodity form.

In doing so, creativity and innovation are successfully wedded to self-exploitation. The evidence suggests that this trend has certainly been important, especially regarding self-managing teams, autonomy and so forth. But I would say that the focus on ‘the subject’ actually camouflages a more significant force indicative of capitalism today: namely, rationalization. For all the talk about individuality, difference, personal authenticity and plural identities, late capitalism is extremely one-dimensional, revolving almost singularly around questions of efficiency, utility and input–output effectiveness. And society doesn’t function very well when organized exclusively on these principles: it bends and groans under the pressure as faceless technocrats further rationalize our worlds so that our bodies absorb the costs of an unworkable system. Such rationalization does not contradict my earlier point concerning the primacy of gratuitous obedience over real economic efficiency.

This ideological universalization is a key governance strategy that neoliberal institutions use to keep the frantic pace of useless toil cranking along at breakneck pace. Work has become a virtual portmanteau that weighs upon our shoulders, its negative energy swallowing everything around us like some perfidious black hole. And, as I explore in more depth in Chapter 2, this demented generalization of the will-to-produce that has captured the social imaginary of late capitalism represents first and foremost a class offensive. As Keynes anxiously admitted, what would we do with all that free time? What is striking about the cultural idiom of our workers’ society is the compulsive obsessiveness that it inspires. If its justification has long been emptied of pious assurance, that void has been stopgapped by a certain social sickness: a liturgy of inwardness that is exaggerated by an ‘all or nothing’ attitude towards the empty grammar of labour.


pages: 353 words: 81,436

Buying Time: The Delayed Crisis of Democratic Capitalism by Wolfgang Streeck


banking crisis, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial repression, full employment, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, labour mobility, late capitalism, means of production, moral hazard, Occupy movement, open borders, open economy, Plutonomy: Buying Luxury, Explaining Global Imbalances, profit maximization, risk tolerance, shareholder value, too big to fail, union organizing, winner-take-all economy, Wolfgang Streeck

This is not contradicted by the fact that Adorno introduced ‘late capitalism’ into social theory as a ‘Frankfurt School’ concept, using it in the title he chose for the German Sociological Congress in 1968 and in his opening report ‘Late Capitalism or Industrial Society?’ (T. Adorno, ‘Late Capitalism or Industrial Society?’, in Volker Merja et al., Modern German Sociology, New York: Columbia University Press, 1987). Adorno distinguished ‘late capitalism’ from what he called ‘liberal capitalism’, which, following Pollock, he regarded as a historically prior form of capitalism now superseded by state intervention and organization. Late capitalism was thus essentially identical with what others had been calling ‘organized capitalism’. The possibility of a looming crisis of organized (late) capitalism, or of a return to its liberal past in the shape of a neoliberal future, does not appear anywhere in Adorno’s writings. 23 D.

On looking back at them, one also repeatedly finds a stubborn insistence on minor differences within the same theoretical family, which today appear irrelevant or even incomprehensible. For this reason alone, the point at issue cannot be who then was more right than others. The theoretical endeavours of the Frankfurt years also demonstrate how social-scientific knowledge is unavoidably tied to its time. Nevertheless, it might be possible to link up with 1970s theories of the crisis of ‘late capitalism’ in grappling with present-day events – and not only because we now know again, and are again able to voice, what was forgotten for decades or dismissed as irrelevant: that the economic and social order of the wealthy democracies is still a capitalist order and can be understood, if at all, only with the help of a theory of capitalism. In retrospect, we can also see what was then imperceptible (because it was still self-evident or had already become self-evident) or what people were unwilling to perceive (because it stood in the way of their political projects).

– social trends of development repeatedly come up against counteracting factors that may slow them down or divert, modify or halt them.12 Societies observe the trends at work in them and react to them. In doing so, they display an inventiveness far beyond anything imagined by social scientists, even by those who have correctly identified the (socially contentious) underlying trends. The crisis of late capitalism in the 1970s must have been visible even to those who had no interest in its downfall or self-destruction. They too sensed the tensions more or less accurately diagnosed by crisis theory, and acted in response. From today’s vantage, such reactions appear as successful attempts – stretching over more than four decades – to buy time. While the common expression ‘buying time’ does not necessarily imply an outlay of money, it clearly does in this case – and on a large scale.


pages: 268 words: 112,708

Culture works: the political economy of culture by Richard Maxwell


1960s counterculture, AltaVista, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, business process, corporate governance, cuban missile crisis, deindustrialization, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Howard Rheingold, income inequality, informal economy, intermodal, late capitalism, Marshall McLuhan, medical malpractice, Network effects, profit maximization, Ralph Nader, refrigerator car, Ronald Reagan, Silicon Valley, structural adjustment programs, talking drums, telemarketer, the built environment, Thorstein Veblen, Unsafe at Any Speed, urban renewal, Victor Gruen, Whole Earth Catalog, women in the workforce

Propelled by media machinations, sport has risen to replace work, religion, and community as the cultural “glue of collective consciousness in latter twentieth century America,” while simultaneously becoming the “most potent of global ‘idioms.’”4 Hence, this essay focuses on the popular cultural phenomenon variously described as “mediasport,” the “sports/media complex,” the “sport-business-TV nexus,” “sportainment,” or “the high-flying entertainment-media-sports industry.”5 Far from providing a comprehensive overview of the subject, this essay analyzes the relationship between contemporary sport culture and the media industry.6 Despite the growing awareness of what one writer calls the “institutional alignment of sports and media in the context of late capitalism,”7 sport continues to be fetishized by large sections of the general populace as a cultural form somehow removed from the invasive influences of late capitalism. Even the most critical of cultural commentators can slip into a whimsical romanticism whenever sport is mentioned, thereby totally ignoring its broader social and economic derivations or ramifications. Countering such naïveté, and invoking Marshal McLuhan’s dictum “fish don’t know water till beached,”8 this discussion encourages readers to think outside commonsense, uncritical, and myopic understandings of sport by highlighting two exemplars of this most evocative of late-capitalist synergies (that between sport and the commercial media), namely, News Corporation and the Olympic Games; for, the minimum requirement for becoming a productive contributor within the sport industry, an accomplished sport studies scholar, and— perhaps most important—an informed sport consumer, is the ability to discern and dissect the political economic nexus of sport-media-commerce.

A n d r e w s subsequently in the corporatizing economies of Western Europe, Japan, and Australasia, this imperious corporate model transformed sport into big business, undermining once and for all any claim that sport enjoyed a semiautonomous relation to the political economy. Once conclusively appropriated by corporate capitalism, the very constitution and delivery of sport culture became dialectically implicated in subsequent changes in the economic order. Today’s media-driven sport culture can only be understood in relation to what Jameson famously described as the cultural logics of late capitalism that crystallized in the final decades of the twentieth century.19 Before this phase of late capitalism, the political economy had been dominated by mass material manufacturing carried out by large-scale manual workforces, in traditional factory settings, using heavy industrial machinery. During the 1970s, declining industrial productivity rates, and the inflationary effects of global oil crises, incited the gradual unraveling of industrial capitalism after almost a century of relatively stable growth.

Although losing portions of its core male viewership to the media culture phenomenon that is TNT’s WCW Monday Nitro and USA Network’s WWF Raw,38 ABC’s Monday Night Football continues to preoccupy the American male adult gaze to such a degree that it receives a staggering $380,000 for every thirty-second advertising spot.39 Lower down the television sport food chain, despite being expected to garner modest viewing figures, the very fact that approximately 40 percent of the audience for its telecasts is drawn from the cherished eighteen- to thirty-four-year-old male demographic means that ABC’s NHL television coverage commands between $30,000 and $35,000 per thirty-second spot.40 138 Sport In addition to the regular network coverage catering to televised sport’s traditional adult male constituency, sport programming targeted at specific market niches has recently come to the fore. Whereas Monday Night Football’s adult male demographic was once the almost exclusive quarry of sport programmers, now late capitalism’s broadening exploitative reach has brought female, youth, ethnic, and gray markets into the televised sport universe, as evidenced by the presence of the Women’s National Basketball Association (WNBA) on NBC and Lifetime; the X Games on ABC/ESPN/ESPN2; Major League Soccer (MLS) on ABC/ESPN/ESPN2; and numerous Senior Professional Golfers’ Association of America (PGA) events on various channels.


pages: 424 words: 115,035

How Will Capitalism End? by Wolfgang Streeck


accounting loophole / creative accounting, Airbnb, Ben Bernanke: helicopter money, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, Clayton Christensen, collective bargaining, conceptual framework, corporate governance, credit crunch, David Brooks, David Graeber, debt deflation, deglobalization, deindustrialization,, eurozone crisis, failed state, financial deregulation, financial innovation, first-past-the-post, full employment, Gini coefficient, global reserve currency, Google Glasses, haute cuisine, income inequality, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, labour mobility, late capitalism, market bubble, means of production, moral hazard, North Sea oil, offshore financial centre, open borders, pension reform, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, post-industrial society, private sector deleveraging, profit maximization, profit motive, quantitative easing, reserve currency, rising living standards, Robert Gordon, savings glut, secular stagnation, shareholder value, sharing economy, sovereign wealth fund, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Uber for X, upwardly mobile, winner-take-all economy, Wolfgang Streeck

., The Oxford Encyclopedia of Economic History, Vol. 1, New York: Oxford University Press 2003, pp. 319–325. 8This is reflected in the periodicizations of the history of capitalism typically offered by its theorists. Thus Sombart distinguishes between ‘early’ (merchant), ‘high’ (industrial) and ‘late’ capitalism, the latter referring to the 1920s and 1930s. For Hilferding, the transition he observed during his lifetime from liberal to organized and from industrial to financial capitalism was a transition out of capitalism into something else. Marx and Engels, just as after them Rosa Luxemburg, expected the socialist revolution to take place while they were still alive. Polanyi believed he had seen the end of capitalism, coincident with the end of the Second World War. The ‘Frankfurt School’ located ‘late capitalism’ (Spätkapitalismus) in the 1970s, having taken the place of liberal capitalism or free market capitalism after 1945. Schumpeter was certain already in 1918 that there would come a time when ‘capitalism has done its work and an economy exists which is satiated with capital and thoroughly rationalized by entrepreneurial brains.

The best bet seems to be the 1600s, although modern capitalism, or capitalism as a social system or a society, may only have originated with its marriage with science and technology in early industrialization, i.e., at the end of the eighteenth century. See, among others, Kocka, Geschichte des Kapitalismus. 11To get an idea of the magnitude of the about-face that took place, although only gradually and thus for a long time imperceptibly, see Sombart’s model of the ‘form of economic life’ under ‘late capitalism’: ‘Freedom from external constraint characteristic of the period of full capitalism is superseded in the period of late capitalism by an increase in the number of restrictions until the entire system becomes regulated rather than free. Some of these regulations are self-imposed – the bureaucratization of internal management, the submission to collective decisions of trade associations, exchange boards, cartels and similar organizations. Others are prescribed by the state – factory legislation, social insurance, price regulation.

In the 1970s, however, what had with hindsight been called the ‘post-war settlement’ of social-democratic capitalism began to disintegrate, gradually and imperceptibly at first but increasingly punctuated by successive, ever more severe crises of both the capitalist economy and the social and political institutions embedding, that is, supporting as well as containing it. This was the period of both intensifying crisis and deep transformation when ‘late capitalism’, as impressively described by Werner Sombart in the 1920s,11 gave way to neoliberalism. Crisis Theory Redux Today, after the watershed of the financial crisis of 2008, critical and indeed crisis-theoretical reflection on the prospects of capitalism and its society is again en vogue. Does Capitalism Have a Future? is the title of a book published in 2013 by five outstanding social scientists: Immanuel Wallerstein, Randall Collins, Michael Mann, Georgi Derluguian and Craig Calhoun.


pages: 287 words: 86,919

Protocol: how control exists after decentralization by Alexander R. Galloway


Ada Lovelace, airport security, Berlin Wall, bioinformatics, Bretton Woods, computer age, Craig Reynolds: boids flock, discovery of DNA, double helix, Douglas Engelbart, easy for humans, difficult for computers, Fall of the Berlin Wall, Grace Hopper, Hacker Ethic, informal economy, John Conway, Kevin Kelly, late capitalism, linear programming, Marshall McLuhan, means of production, Menlo Park, mutually assured destruction, Norbert Wiener, packet switching, phenotype, post-industrial society, profit motive, QWERTY keyboard, RAND corporation, Ray Kurzweil, RFC: Request For Comment, Richard Stallman, semantic web, SETI@home, stem cell, Steve Crocker, Steven Levy, Stewart Brand, Ted Nelson, telerobotics, the market place, theory of mind, urban planning, Vannevar Bush, Whole Earth Review, working poor

Ernst Mandel uses the concept of Kondratieff waves to examine what he calls the era of late capitalism beginning in approximately 1945. “As far as I can see,” writes Fredric Jameson, “the general use of the term late capitalism originated with the Frankfurt School; it is everywhere in Adorno and Horkheimer, sometimes varied with their own synonyms (for example, ‘administered society’).”36 Jameson states that the concept is ultimately Mandel’s: “There have been three fundamental moments in capitalism, each one marking a dialectical expansion over the previous stage. These are market 34. Kittler, Discourse Networks, 1800/1900, pp. 206, 210, 211–212. 35. Kittler, Discourse Networks, 1800/1900, p. 192. 36. Fredric Jameson, Postmodernism, or, The Cultural Logic of Late Capitalism (Durham: Duke University Press, 1991), p. xviii. Introduction 23 capitalism, the monopoly stage or the stage of imperialism, and our own, wrongly called postindustrial, but what might be better termed multinational capital,”37 or to use Mandel’s terminology, late capitalism.

Introduction 23 capitalism, the monopoly stage or the stage of imperialism, and our own, wrongly called postindustrial, but what might be better termed multinational capital,”37 or to use Mandel’s terminology, late capitalism. Like other social critics of late-twentieth-century life, Jameson looks to the economic crisis of 1973 as a turning point, a moment that “somehow crystallized”38 these new currents of postmodernity. Jameson admits that Mandel’s work “is what made [his] own thoughts on ‘postmodernism’ possible.”39 Sociologist Manuel Castells has also documented this transformation out of decentralization into new distributed, flexible economies in his threevolume treatise The Information Age: Economy, Society and Culture. Using the term “network society” (rather than Deleuze’s “society of control” or Jameson’s “late capitalism”), Castells shows with extensive quantitative documentation that today’s sociopolitical space is dominated not by robust national economies and core industrial sectors but by “interactive networks” and “flexible accumulation.”

However it does not allow the system to model the real world.”2 Hierarchy may allow for greater efficiency or greater instrumentalism, but as BernersLee points out, it is less faithful to the actual material existence of the real world today. As Deleuze and Guattari put it simply, “We’re tired of trees.”3 Yet the success of protocol today as a management style proves that the ruling elite is tired of trees too. “One essential characteristic that sets late capitalism apart from other political and economic forms,” writes Critical Art Ensemble on the disappearance of hierarchical power, “is its mode of representing power: What was once a sedentary concrete mass has now become a nomadic electronic flow.”4 So the rich and powerful are also profiting from the transition into protocological control. 1. Armand Mattelart, Networking the World, 1794–2000 (Minneapolis: University of Minnesota Press, 2000), p. 101. 2.


pages: 188 words: 9,226

Collaborative Futures by Mike Linksvayer, Michael Mandiberg, Mushon Zer-Aviv


4chan, Benjamin Mako Hill, British Empire, citizen journalism, cloud computing, collaborative economy, corporate governance, crowdsourcing, Debian,, Firefox, informal economy, jimmy wales, Kickstarter, late capitalism, loose coupling, Marshall McLuhan, means of production, Naomi Klein, Network effects, optical character recognition, packet switching, postnationalism / post nation state, prediction markets, Richard Stallman, semantic web, Silicon Valley, slashdot, Slavoj Žižek, stealth mode startup, technoutopianism, the medium is the message, The Wisdom of Crowds, web application

In her o -referenced essay “Free Labor: Producing Culture for the Digital Economy,” Tiziana Terranova discusses free labor's complex relationship to capitalism. Free labor is a desire of labor immanent to late capitalism, and late capitalism is the field that both sustains free labor and exhausts it. It exhausts it by subtracting selectively but widely the means through which that labor can reproduce itself: from the burnout syndromes of Internet start-ups to underretribution and exploitation in the cultural economy at large. Late capitalism does not appropriate anything: it nurtures, exploits, and exhausts its labor force and its cultural and affective production. In this sense, it is technically impossible to separate neatly the digital economy of the Net from the larger network economy of late capitalism. Especially since 1994, the Internet is always and simultaneously a gi economy and an advanced capitalist economy.


pages: 229 words: 68,426

Everyware: The Dawning Age of Ubiquitous Computing by Adam Greenfield


augmented reality, business process, defense in depth, demand response, demographic transition, facts on the ground, game design, Howard Rheingold, Internet of things, James Dyson, knowledge worker, late capitalism, Marshall McLuhan, new economy, Norbert Wiener, packet switching, pattern recognition, profit motive, recommendation engine, RFID, Steve Jobs, technoutopianism, the built environment, the scientific method

All that is necessary to begin deriving higher-order information from them is for some real-time coordinating mechanism to allow heterogeneous databases, owned by different entities and maintained in different places, to talk to each other over a network. This way of determining price gets asymptotically close to one of the golden assumptions of classical economics, the frictionlessness of information about a commodity. Consumers could be sure of getting something very close to the best price consistent with the seller's reasonable expectation of profit. In this sense, everyware would appear to be late capitalism's Holy Grail. And where sharing such information was once anathema to business, this is no longer necessarily true. Google and yahoo! already offer open application programming interfaces (APIs) to valuable properties like Google Maps and the Flickr photo-sharing service, and the practice is spreading; business has grown comfortable sharing even information traditionally held much closer to the vest, like current inventory levels, with partners up and down the supply chain.

Whether or not any one of us has asked to live in such a home, or would ever dream of pursuing such a "lifestyle," there are hard-nosed business reasons why everyware looks like a safe bet. Entire sectors of the economy are already looking to the informatic colonization of everyday things, and not merely as part of an enhanced value proposition offered the purchaser of such things. For manufacturers and vendors, the necessary gear represents quite a substantial revenue stream in its own right. The logic of success in late capitalism is, of course, continuous growth. The trouble is that the major entertainment conglomerates and consumerelectronics manufacturers have hit something of a wall these last few years; with a few exceptions (the iPod comes to mind), we're not buying as much of their product as we used to, let alone ever more of it. Whether gaming systems, personal video recorders (PvRs), or video-enabled mobile phones, nothing has yet matched the must-have appeal of the PC, let alone reached anything like television's level of market penetration.

These are ways of thinking about the world that follow in the wake of the mass adoption of information technology, as natural afterward as they would have seemed alien beforehand. For example, designers Ulla-Maaria Mutanen and Jyri EngestrÖm, working with economics student Adam Wern, have proposed something they call a "free product identifier." Their ThingLinks offer an equivalent of the familiar UPC or ISBN codes, specifically designed for the "invisible tail" of short-run, amateur, or folk productions previously denied a place in the grand electronic souk of late capitalism. Anyone, at no charge, can generate a code, associate it with an object, and fill out some basic information relating to it, and forever after that object can be looked up via the net—either the one we enjoy now, or whatever ubiquitous variant comes afterward.* * Each ThingLink is technically a valid Uniform Resource Identifier, albeit one refined down to the "scheme" and "path" semantic elements.


pages: 128 words: 38,187

The New Prophets of Capital by Nicole Aschoff


3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Bretton Woods, clean water, collective bargaining, crony capitalism, feminist movement, follow your passion, Food sovereignty, glass ceiling, global supply chain, global value chain, helicopter parent, hiring and firing, income inequality, Khan Academy, late capitalism, Lyft, Mark Zuckerberg, means of production, performance metric, profit motive, rent-seeking, Ronald Reagan, Rosa Parks, school vouchers, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, structural adjustment programs, Thomas L Friedman, Tim Cook: Apple, urban renewal, women in the workforce, working poor

Companies also found novel ways to undercut unions rather than confront them head on, decentralizing and outsourcing production, offering job security for older workers while eliminating jobs for new workers, and increasing technology to replace workers altogether. In the end, they often simply stopped producing things, opting to earn money through the financial markets instead. By the 1990s a different kind of capitalism had emerged, one that scholars have described using various terms: post-Fordism, postmodernism, poststructuralism, late capitalism, and even neoliberalism or globalization. The movements of the 1960s and 1970s persisted, but their radical vision had vastly diminished. People began retelling stories about better times, when people were engaged in a vibrant civil society. As sociologist Francesca Polleta argues, many stories treasured by civil rights activists and progressive scholars—such as those told about the Montgomery bus boycott and Freedom Summer—began to serve a commemorative purpose rather than as a blueprint for changing society.4 Today these stories have even become fodder for the Right: Glenn Beck and Sarah Palin quote Martin Luther King without batting an eyelash.

Sociologist Josée Johnston attributes the popularity of consumption politics, in part, to the fact that it’s really easy. “Exercising consumer choice appears as both a viable and convenient strategy—particularly when compared to the onerous demands of social movement organizing or trade unionism.” Lifestyle politics also provides an extremely wide scope for expressing more general feelings of angst and unhappiness with “late” capitalism. People who are stressed about personal debt, aghast at unfair trade policies, or newly interested in free food movements and global social justice are told they can make a difference by buying better things like organic food and sustainably produced furniture. “By harnessing the power of consumer choice, ethical consumption appears to shape the market in a way that preserves the environment, addresses poverty, and promotes democracy.”


pages: 252 words: 80,636

Bureaucracy by David Graeber


3D printing, Affordable Care Act / Obamacare, airport security, Albert Einstein, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, George Gilder, High speed trading, hiring and firing, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning

Of Flying Cars and the Declining Rate of Profit 78. Similarly, in 1949 Orwell had placed his futuristic dystopia, 1984, only thirty-five years in the future. 79. In fact, video telephones had first been debuted in the 1930s by the German post office under the Nazis. 80. From Fredric Jameson’s Postmodernism; or, The Cultural Logic of Late Capitalism (Duke University Press, 1991), pp. 36–37. The original essay was published in 1984. 81. The original book, in German, came out as Der Spätkapitalismus in 1972. The first English edition was Late Capitalism (London: Humanities Press, 1975). 82. Probably the classic statement of this position is Space and the American Imagination, by Howard McCurdy (Washington, D.C.: Smithsonian, 1997), but other versions of this sort of rhetoric include: Stephen J. Pyne, “A Third Great Age of discovery,” in Carl Sagan and Stephen J.

The “postmodern” moment was simply a desperate way to take what could only otherwise be felt as a bitter disappointment, and dress it up as something epochal, exciting and new. It’s worthy of note that in the earliest formulations of postmodernism, which largely came out of the Marxist tradition, a lot of this technological subtext was not even subtext; it was quite explicit. Here’s a passage from Frederick Jameson’s original Postmodernism, or the Cultural Logic of Late Capitalism, in 1984: It is appropriate to recall the excitement of machinery in the moment of capital preceding our own, the exhilaration of futurism, most notably, and of Marinetti’s celebration of the machine gun and the motorcar. These are still visible emblems, sculptural nodes of energy which give tangibility and figuration to the motive energies of that earlier moment of modernization … the ways in which revolutionary or communist artists of the 1930s also sought to reappropriate this excitement of machine energy for a Promethean reconstruction of human society as a whole … It is immediately obvious that the technology of our own moment no longer possesses this same capacity for representation: not the turbine, nor even Sheeler’s grain elevators or smokestacks, not the baroque elaboration of pipes and conveyor belts, nor even the streamlined profile of the railroad train—all vehicles of speed still concentrated at rest—but rather the computer, whose outer shell has no emblematic or visual power, or even the casings of the various media themselves, as with that home appliance called television which articulates nothing but rather implodes, carrying its flattened image surface within itself.80 Where once the sheer physical power of technologies themselves gave us a sense of history sweeping forward, we are now reduced to a play of screens and images.


pages: 494 words: 28,046

Empire by Michael Hardt, Antonio Negri


Berlin Wall, Bretton Woods, collective bargaining, colonial rule, conceptual framework, discovery of the americas, Dissolution of the Soviet Union, equal pay for equal work, European colonialism, Fall of the Berlin Wall, feminist movement, Francis Fukuyama: the end of history, global village, Haight Ashbury, informal economy, invention of the printing press, invisible hand, labour mobility, late capitalism, low skilled workers, means of production, Monroe Doctrine, New Urbanism, open borders, Peace of Westphalia, post-industrial society, postindustrial economy, Scramble for Africa, The Wealth of Nations by Adam Smith, union organizing, urban planning, William of Occam

Patsy Vigderman and Jonathan Cloud (Boston: South End Press, 1980); for James O’Connor, see ‘‘Capitalism, Nature, Socialism: A Theoretical Introduction,’’ Capitalism, Nature, Socialism, 1, no. 1 (1989), 11–38. ‘‘Late capitalism thus appears as the period in which all branches of the economy are fully industrialized for the first time; to which one could NOTES TO PAGES 272 – 278 20. 21. 22. 23. 24. 25. 26. 27. 28. further add . . . the increasing mechanization of the superstructure.’’ Ernest Mandel, Late Capitalism, trans. Joris De Bres (London: Verso, 1978), pp. 190–191. ‘‘This purer capitalism of our own time thus eliminated the enclaves of precapitalist organization it had hitherto tolerated and exploited in a tributary way.’’ Fredric Jameson, Postmodernism, or, The Cultural Logic of Late Capitalism (Durham: Duke University Press, 1990), p. 36. We do not mean to suggest that capital can perpetually through technological advances reconcile its destructive relationship with its (human and nonhuman) environment.

., Postmodern Management and Organizational Theory (Thousand Oaks, Calif.: Sage, 1996). See Avery Gordon, ‘‘The Work of Corporate Culture: Diversity Management,’’ Social Text, 44, vol. 13, no. 3 (Fall/Winter 1995), 3–30. NOTES TO PAGES 153 – 166 25. See Chris Newfield, ‘‘Corporate Pleasures for a Corporate Planet,’’ Social Text, 44, vol. 13, no. 3 (Fall/Winter 1995), 31–44. 26. See Fredric Jameson, Postmodernism, Or, The Cultural Logic of Late Capitalism (Durham: Duke University Press, 1991); and David Harvey, The Condition of Postmodernity (Oxford: Blackwell, 1989). 2.5 NETWORK POWER: U.S. SOVEREIGNTY AND THE NEW EMPIRE 1. Alexander Hamilton, James Madison, and John Jay, The Federalist, ed. Max Beldt (Oxford: Blackwell, 1948), p. 37. This passage is from Federalist no. 9, written by Hamilton. 2. See J. G. A. Pocock, The Machiavellian Moment: Florentine Political Thought and the Atlantic Republican Tradition (Princeton: Princeton University Press, 1975); and J.

We find versions of this spatial configuration of inside and outside among many of the contemporary philosophers we most admire—even writers such as Foucault and Blanchot who move away from the dialectic, and even Derrida, who dwells on that margin between inside and outside that is the most ambiguous and most murky point of modern thought. For Foucault and Blanchot, see Foucault’s essay ‘‘Maurice Blanchot: The Thought from Outside,’’ trans. Brian Massumi, in Foucault/Blanchot (New York: Zone Books, 1987). For Derrida, see Margins of Philosophy, trans. Alan Bass (Chicago: University of Chicago Press, 1982). 6. Fredric Jameson, Postmodernism, Or, The Cultural Logic of Late Capitalism (Durham: Duke University Press, 1991), p. ix. 7. We are thinking here primarily of Hannah Arendt’s notion of the political articulated in The Human Condition (Chicago: University of Chicago Press, 1958). 8. For Los Angeles, see Mike Davis, City of Quartz (London: Verso, 1990), pp. 221–263. For São Paulo, see Teresa Caldeira, ‘‘Fortified Enclaves: The New Urban Segregation,’’ Public Culture, no. 8 (1996); 303–328. 9.


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Dreaming in Public: Building the Occupy Movement by Amy Lang, Daniel Lang/levitsky


Bay Area Rapid Transit, bonus culture, British Empire, clean water, cognitive dissonance, collective bargaining, corporate governance, corporate personhood, crowdsourcing, David Graeber, deindustrialization, facts on the ground, glass ceiling, housing crisis, Kibera, late capitalism, Naomi Klein, Occupy movement, oil shale / tar sands, out of africa, Plutocrats, plutocrats, Port of Oakland, Rosa Parks, Saturday Night Live, Slavoj Žižek, structural adjustment programs, the medium is the message, too big to fail, trade liberalization, union organizing, upwardly mobile, urban renewal, War on Poverty, We are Anonymous. We are Legion, We are the 99%, white flight, working poor

Richard Kim’s introduction to Occupy Wall Street leads us from the story of Joe Therrien, a member of the OWS Puppetry Guild, to a description of the radical structures of the movement. In recounting Therrien’s now commonplace economic and social precariousness, Kim illuminates a crucial part of what drives Occupy’s creation of spaces that resist ‘the money-form and hierarchy’. Ira Livingston, by contrast, in Twitter-inspired 140-character lines echoing the way information circulates about Occupy, meditates on the impossibility of inhabiting neoliberal late capitalism. Deploying the fantasies of omnipotence that in US commercial culture carry fascist overtones, but in lived experience provide the possibility for social agency, he considers how we move from a sudden sense of political vitality to an active political stance. Naomi Klein, recalling the successful direct action that shut down the 1999 World Trade Organization Ministerial Conference in Seattle and the less successful subsequent actions at international financial institution summits that followed, addresses the difference that unlimited time and a changed target makes.

Ultimately, as Audre Lorde said, ‘the master’s tools will never dismantle the master’s house.’ But this is not only a matter of tools, of instrumental strategies. Surrealism arises when what counts as reality itself is so impoverished, when what passes for intelligible politics, viable social identities, reasonable careers and aspirations are so hobbling, corrosive and suffocating as to make the reality of neoliberal late capitalism uninhabitable. When you can’t inhabit it, occupy it! 5 Over all the conversations, under them all, behind them all, running through them all there is at least – a vitality. As Brooklyn artist Dread Scott said about OWS: ‘there’s oxygen in the room again’. Of course, I have to point out, you can’t recognize constructive politics by vitality alone. I recently watched a Wagner opera and was struck by the histrionics, tragic gender politics, erotic intensities of hierarchy and duty and family: very lively indeed!

For me, the masks of Anonymous say more about the culture that neoliberalism creates than they do about the people who wear them. The mask means more than just anonymity, it is strength in numbers. In one of their calling-card phrases, Anonymous say: ‘We are Anonymous, We are legion.’ It answers a human need to sometimes be one of many, not just a ‘self’. In anonymity, people can hope to escape the exhausting egoism of our age, the atomizing force of late capitalism where the pressure is all on the self and particularly the self-image. Retreating into the crowd can feel like a relief. But within the theme of disguise there also exists a paranoia and suspicion not just within the Occupy camps but within all direct action movements at the moment. I have been accused of being both undercover police and also an Evening Standard2 reporter! (I don’t know which is worse?)


pages: 519 words: 136,708

Vertical: The City From Satellites to Bunkers by Stephen Graham


1960s counterculture, Berlin Wall, Buckminster Fuller, Chelsea Manning, Commodity Super-Cycle, deindustrialization, Edward Glaeser, Edward Snowden, energy security, Frank Gehry, ghettoisation, Google Earth, high net worth, housing crisis, Howard Zinn, illegal immigration, Indoor air pollution, Jane Jacobs, late capitalism, means of production, megacity, megastructure, mutually assured destruction, new economy, New Urbanism, nuclear winter, oil shale / tar sands, planetary scale, Plutocrats, plutocrats, post-industrial society, Project Plowshare, rent control, Richard Florida, Ronald Reagan, Skype, South China Sea, the built environment, The Death and Life of Great American Cities, trickle-down economics, urban decay, urban planning, urban renewal, urban sprawl, white flight, WikiLeaks

On the problems of mapping population and social geographies in verticalising cities, see Nicholas Perdue, ‘The Vertical Space Problem: Rethinking Population Visualizations in Contemporary Cities’, Cartographic Perspectives 74, 2013. 20See, for example, Judith Dupré, Skyscrapers: A History of the World’s Most Extraordinary Buildings, New York: Black Dog & Leventhal, 2013; Francesco Passanti, ‘The Skyscrapers of the Ville Contemporaine’, Assemblage 4, pp. 52–65; Gail Fenske, The Skyscraper and the City: The Woolworth Building and the Making of Modern New York, Chicago: University of Chicago Press, 2008. 21Ole Bauman, ‘In the Age of Horizontalization’, in Ally Ireson and Nick Barley, eds, City Levels, Basel: Birkhäuser, 2000, p. 4. 22See, for example, Ada Louise Huxtable, The Tall Building Artistically Reconsidered, University of California Press: Berkley, 1992; Thomas Van Leeuwen, The Skyward Trend of Thought: The Metaphysics of the American Skyscraper, Bambridge, MA: MIT Press, 1988; Scott Johnson, Tall Building: Imagining the Skyscraper, New York: Balcony, 2008. 23See Andrew Harris, ‘Vertical Urbanisms: Opening Up Geographies of the Three-Dimensional City’, Progress in Human Geography, December 2016. 24Shelton et al., Making of Hong Kong, p. 20. Author’s emphasis. 25A ‘cognitive map’ is a mental representation that humans hold of the world around them that helps them to navigate and make sense of the wider environment. See Fredric Jameson, Postmodernism; or, The Cultural Logic of Late Capitalism, Durham, NC: Duke University Press, 1991, p. 44; Kevin Lynch, The Image of the City, Cambridge, MA: MIT press, 1960. See also David Harvey, The Condition of Postmodernity, Oxford: Blackwell, 1989; and Edward Soja, Postmodern Geographies: The Reassertion of Space in Critical Social Theory, London: Verso, 1989. 26Steyerl, ‘In Free Fall’. 27See Nanna Verhoeff, Mobile Screens: The Visual Regime of Navigation, Amsterdam: Amsterdam University Press, 2012. 28Steyerl, ‘In Free Fall’. 29See, for example, Eyal Weizman, Hollow Land: Israel’s Architecture of Occupation, London: Verso, 2012. 30Steyerl, ‘In Free Fall’. 31Pierre Bélanger, ‘Altitudes of Urbanization,’ Tunnelling and Underground Space Technology, January 2016. 32See, for example, Gavin Bridge, ‘Territory, Now in 3D!’

., Up, Down, Across, pp. 173–95, 22Merrill Schleier, Skyscraper Cinema: Architecture and Gender in American Film, Minneapolis: University of Minnesota Press, 2009, p. 68. 23On the depiction of elevators in film, see Alanna Thain, ‘Insecurity Cameras’. 24Cited in Umbro Apollonio and Leonardo Mariani, Antonio Sant’Elia: Documenti, Note Storiche e Critiche a Cura di Leonardo Mariani, vol. 18, Milan: Il Balcone, 1958, p. 200. 25See Fredric Jameson’s extraordinarily influential discussion of the façade elevators in Portman’s Los Angeles’s Bonaventura Hotel in his Postmodernism: or, The Cultural Logic of Late Capitalism, Durham, NC: Duke University Press, 1991. p. 578. 26Cited in Phil Patton, ‘Hovering Vision’, in Goetz, ed., Up, Down, Across, pp. 110–11. 27Ibid., p. 106. 28Matt Bodimeade, ‘Global Elevator Market Led by Otis Elevator Company’, Companies and Markets, 2012, available at 29Koncept Analytics, Global Escalator and Elevator Market Report: 2010, London: Koncept Analytics, August 2010. 30Sayre ‘Colonization of the “Up”’. 31Ibid. 32Tom Van Riper and Robert Malone, ‘The World’s Fastest Elevators’, Forbes, October 2007, available at 33Peter Swan, David Raitt, Cathy Swan and Robert Penny, Space Elevators: An Assessment of the Technological Feasibility and the Way Forward, London: Virginia Editions, 2013. 34See Stephen Graham and Simon Marvin, Splintering Urbanism, London: Routledge, 2001. 35Kingwell, Nearest Thing to Heaven, p. 192. 36Jim Armitage, ‘Trouble at the £1bn Burj Khalifa Tower: Spiralling Service Costs See Landlords Falling Behind on Their Bills’, Independent, 13 February 2014. 37Jane M.

As we shall see in chapter 11, this is perhaps ironic given that Hong Kong is also a city which rests increasingly on manufactured ground ‘reclaimed’ from the ocean. 41Nathan Costa Ferreira, Stephanie Rose Lesage, Jordan Daniel Vishniac and Zibo Wang, ‘Principles of Comprehensive Pedestrian Networks in a Multi-Layered City’, report for Designing Hong Kong and the Harbour Business Forum, February 2013, p. 20, 42Ibid., p. 28. 43Fredric Jameson, Postmodernism: or, The Cultural Logic of Late Capitalism. Durham, NC: Duke University Press, 1991, p. 44. Since Jameson wrote those famous lines, as we saw in the introduction, the sense of a disorientating loss of a stable ground and horizon has been a major feature of recent philosophical debates surrounding the links between urbanisation, globalisation and technological change within postmodern cultures. Combining multi-screened digital media, rapid transportation and vertical architectures, such cultures offer their viewers multiple and moving perspectives from many points simultaneously.


pages: 357 words: 95,986

Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams


3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, battle of ideas, blockchain, Bretton Woods, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, late capitalism, low skilled workers, manufacturing employment, market design, Martin Wolf, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, post scarcity, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

In the end, such a line of reasoning gives up on every critical account of capitalism, and accepts it as the final stage of history. As Ramin Ramtin bluntly puts it, ‘The fact that [full automation] would result in explosive socioeconomic and political contradictions does not make it impossible’ (Ramtin, Capitalism and Automation, p. 103). The simple wager of the demand for full automation is that wealth can be produced in non-capitalist ways. For representative critiques of full automation, see Ernest Mandel, Late Capitalism (London: Verso, 1998), p. 205; George Caffentzis, ‘The End of Work or the Renaissance of Slavery? A Critique of Rifkin and Negri’, in In Letters of Blood and Fire (Oakland, CA: PM Press, 2012), p. 78. 46.It should be mentioned that, increasingly, tacit knowledge tasks are being automated through environmental control and machine learning, with more recent innovations eliminating even the need for a controlled environment.

Malcolm Imrie (Boston, MA: South End, 1985), p. 61. 17.As Marx and Engels write, ‘this development of productive forces … is an absolutely necessary practical premise because without it privation, want is merely made general, and with want the struggle for necessities would begin again, and all the old filthy business would necessarily be restored’. Karl Marx and Friedrich Engels, The German Ideology (London: Prometheus, 1976), p. 54. 18.This appeal to a humanity outside of capitalism is one of the more problematic aspects of Jacques Camatte’s work, for instance. See Jacques Camatte, This World We Must Leave (Brooklyn: (Semiotexte), 1996). 19.Weeks, Problem with Work, p. 169. 20.Ernest Mandel, Late Capitalism (London: Verso, 1998), pp. 394–5. 21.Translation slightly modified – from ‘human energy’ to ‘human powers’. Marx, Capital, Volume III, p. 820. 22.Federico Campagna, The Last Night: Anti-Work, Atheism, Adventure (Winchester: Zero, 2013), p. 68. 23.For some investigations into what these could look like, however, see Alexandra Kollontai, Selected Writings, transl. Alix Holt (London: Allison & Busby, 1977). 24.Stephen Eric Bronner, Reclaiming the Enlightenment: Toward a Politics of Radical Engagement (New York: Columbia University Press, 2004), p. 15. 25.Weeks, Problem with Work, p. 103. 26.Benjamin Bratton, The Stack: On Software and Sovereignty (Cambridge, MA: MIT Press, 2015). 27.Tiziana Terranova, ‘Red Stack Attack!’


pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey


affirmative action, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, capital controls, centre right, collective bargaining, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, George Gilder, Gini coefficient, global reserve currency, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low-wage service sector, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Silicon Valley, special economic zone, structural adjustment programs, the built environment, The Chicago School, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, Winter of Discontent

Greenberg, ‘The Limits of Branding: The World Trade Center, Fiscal Crisis and the Marketing of Recovery’, International Journal of Urban and Regional Research, 27 (2003), 386–416. 12. Tabb, The Long Default; On the subsequent ‘selling’ of New York see Greenberg, ‘The Limits of Branding’; on urban entrepreneurialism more generally see D. Harvey, ‘From Managerialism to Entrepreneurialism: The Transformation of Urban Governance in Late Capitalism’, in id., Spaces of Capital (Edinburgh: Edinburgh University Press, 2001), ch. 16. 13. Tabb, The Long Default, 15. 14. Edsall, The New Politics of Inequality, 128. 15. Court, Corporateering, 29–31, lists all the relevant legal decisions of the 1970s. 16. The accounts of Edsall, The New Politics of Inequality, followed by Blyth, Great Transformations, are compelling. 17. Edsall, The New Politics of Inequality, 235. 18.

., ‘The Art of Rent: Globalization, Monopoly and the Commodifi-cation of Culture’, Socialist Register (2002), 93–110. ——The Condition of Postmodernity (Oxford: Basil Blackwell, 1989). ——‘Cosmopolitanism and the Banality of Geographical Evils’, in J. Comaroff and J. Comaroff, Millennial Capitalism and the Culture of Neoliberalism (Durham, NC: Duke University Press, 2000) 271–310. ——‘From Managerialism to Entrepreneurialism: The Transformation of Urban Governance in Late Capitalism’, in id., Spaces of Capital (Edinburgh: Edinburgh University Press, 2001), ch.16. ——The Limits to Capital (Oxford: Basil Blackwell, 1982). Harvey, D., The New Imperialism (Oxford: Oxford University Press, 2003). ——‘The Right to the City’, in R. Scholar (ed.), Divided Cities: Oxford Amnesty Lectures 2003 (Oxford, Oxford University Press, forthcoming). ——Spaces of Hope (Edinburgh: Edinburgh University Press, 2000).


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24/7: Late Capitalism and the Ends of Sleep by Jonathan Crary


augmented reality, Berlin Wall, dematerialisation, Dissolution of the Soviet Union, Fall of the Berlin Wall, invention of movable type, Kevin Kelly, late capitalism, megacity, planetary scale, Ponzi scheme, V2 rocket

24/7 Late Capitalism and the Ends of Sleep Jonathan Crary for Suzanne Or else we make a scarecrow of the day, Loose ends and jumble of our common world W. H. Auden Contents ACKNOWLEDGEMENTS CHAPTER ONE CHAPTER TWO CHAPTER THREE CHAPTER FOUR ENDNOTES COPYRIGHT ACKNOWLEDGEMENTS I am especially gratefully to Sebastian Budgen for his support of this project and for his valuable suggestions during its completion. The opportunity to test out parts of this work in lecture form was enormously helpful to me. I would like to thank Jorge Ribalta, Carles Guerra, and the Barcelona Museum of Contemporary Art for providing me with the venue where I first presented some of this book’s content. I’m also grateful to Ron Clark and the participants in the Whitney Museum Independent Study Program for their challenging responses to my seminars.


pages: 586 words: 159,901

Wall Street: How It Works And for Whom by Doug Henwood


accounting loophole / creative accounting, affirmative action, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, capital asset pricing model, capital controls, central bank independence, corporate governance, correlation coefficient, correlation does not imply causation, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, dematerialisation, diversification, diversified portfolio, Donald Trump, equity premium, Eugene Fama: efficient market hypothesis, experimental subject, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, George Gilder, hiring and firing, Hyman Minsky, implied volatility, index arbitrage, index fund, interest rate swap, Internet Archive, invisible hand, Isaac Newton, joint-stock company, Joseph Schumpeter, kremlinology, labor-force participation, late capitalism, law of one price, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, Louis Bachelier, market bubble, Mexican peso crisis / tequila crisis, microcredit, minimum wage unemployment, moral hazard, mortgage debt, mortgage tax deduction, oil shock, payday loans, pension reform, Plutocrats, plutocrats, price mechanism, price stability, prisoner's dilemma, profit maximization, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, transcontinental railway, women in the workforce, yield curve, zero-coupon bond

"The CAPM Debate," Federal Reserve Bank of Minneapolis Quarterly Review 19 (Fall), pp. 2-17. James, Harvey S. (1996). "British Industrialization and the Profit Constraint Hypothesis: The Case of a Manchester Cotton Enterprise, 1798-1827," University of Hartford economics department (Internet: 96l2003.abs). Jameson, Fredric (1991). Postmodernism, Or the Cultural Logic of Late Capitalism (Durham: Duke University Press). Jaroslovsky. Rich (1989). "Washington Wire," Wall Street fournal, February 17, p. 1. Jaspersen, Frederick Z., Anthony H. Aylward, and Mariusz A. Sumlinski (1995). Trends in Private Investment in Developing Countries: Statistics for 1970-S>4, International Finance Corp. Discussion Paper No. 28 (Washington: World Bank). Jensen, Michael C. (1978) "Some Anomalous Evidence Regarding Market Efficiency,"/our-nal of Financial Economics 6. pp. 95-101

"Asset Prices in an Exchange Economy," Econometrica 46, pp. 1429-1445. Maddison, Angus (1995). MonitoriJig the World Economy, 1829-1992 (Pans: Organisation for Economic Cooperation and Development). Malkiel, Burton G. (1990). A Random Walk Down Wall Street (New York: W.W. Norton & Co.). Mamis, Justin, and Robert Mamis (1977). When to Sell: Inside Strategies for Stock-Market Profits (New York: Cornerstone Library). Mandel, Ernest (1978). Late Capitalism (London and New York: Verso Press). — (1983). "Keynes and Marx," in Bottomore et al. (1983), pp. 249-251. Mankiw, N. Gregory (1989). "Real Business Cycles: A New Keynesian Perspective,"/owrn«/ of Economic Perspectives} (Summer), pp. 79-90. — (1990). "A Quick Refresher Course in Macroeconomics,"/owrna/ of Economic Litera- ture 28, pp. 1645-1660. Manne, Henry G. (1965). "Mergers and the Market for Corporate Control," Journal of Political Economy 75 (April), pp. 110-120.


pages: 162 words: 42,595

Architecture: A Very Short Introduction by Andrew Ballantyne


dematerialisation, Frank Gehry, Guggenheim Bilbao, late capitalism, means of production, Plutocrats, plutocrats, Stewart Brand, the built environment

The houses of the rich and famous often do not conform to the established canons of respectable taste, and may not be treated seriously by architectural historians now, but in the future, looking back, they will look as astonishing and unrepeatable as the houses of the 18th-century landed aristocracy. And strange as it may seem, we could find our own era represented in the architectural history books by these outlandish creations that seem utterly remote from our own experience of living now. Written up with one critical agenda the story might be called ‘Late Capitalism and the Triumph of Kitsch’. From another, imbued with the values of the new age, the same buildings could be exhibited as evidence that ‘Your Dreams Can Come True’. What I am trying to do here is to give a sense of how different perspectives influence what it is that we see when we see buildings. They are involved in a complex way with an indefinite number of cultural and technical matters, and therefore they can have different levels of significance in different spheres.


pages: 230 words: 60,050

In the Flow by Boris Groys


illegal immigration, Internet Archive, Julian Assange, late capitalism, Marshall McLuhan, means of production, WikiLeaks

Here the work organized by the Communist Party finally achieved a victory over Suprematist unorganized work. But the Communist Party practiced the same sovereigntist reading of Marxism as the Russian avant-garde. Accordingly, Friche and his school were proclaimed to be an expression of vulgar (in other words, critical) Marxism and removed from positions of power, together with the artists of the Russian avant-garde. Now, Lissitzky by no means saw himself in the context of developed or late capitalism but, rather, as a part of the vanguard of communist society. His artistic attitude, however, did not quite harmonize with the role of the artist in a communist society as envisaged by Marx and Engels. In the context of their discussion of Stirner’s unorganized, that is, artistic work, they write: The exclusive concentration of artistic talent in particular individuals, and its suppression in the broad mass which is bound up with this, is a consequence of division of labour.


pages: 204 words: 67,922

Elsewhere, U.S.A: How We Got From the Company Man, Family Dinners, and the Affluent Society to the Home Office, BlackBerry Moms,and Economic Anxiety by Dalton Conley


3D printing, call centre, clean water, dematerialisation, demographic transition, Edward Glaeser, extreme commuting, feminist movement, financial independence, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Home mortgage interest deduction, income inequality, informal economy, Jane Jacobs, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, late capitalism, low skilled workers, manufacturing employment, McMansion, mortgage tax deduction, new economy, oil shock, PageRank, Ponzi scheme, positional goods, post-industrial society, Post-materialism, post-materialism, principal–agent problem, recommendation engine, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, Skype, statistical model, The Death and Life of Great American Cities, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, women in the workforce, Yom Kippur War

My sister and her nanny would not like to think of their relationship this way, but Hegel described the glue that holds them together almost two hundred years ago. Convestment The Way We Earn and Spend Back in 1976, Fred Hirsch put his finger on one of the essential paradoxes of consumption in the post-industrial era. In earlier epochs, economic production was based on fulfilling basic material needs for survival. However, as we entered what some folks have dubbed “late capitalism,” an increasing amount of economic activity is now devoted to fulfilling social-psychological needs. Ronald Inglehart called this “post-materialism,” in his 1997 book, The Silent Revolution.1 The critical issue is that an increasingly larger share of the goods or services we produce and consume in a post-material economy are what Hirsch termed positional goods. This type of good is distinct in that its value depends on the fact that others don’t consume it.2 Certain goods are inherently positional: A penthouse apartment is, by definition, a positional good since there can be only one top floor per building.


pages: 265 words: 83,677

The Lonely City: Adventures in the Art of Being Alone by Olivia Laing


East Village, forensic accounting, global village, late capitalism, Saturday Night Live, Skype, Snapchat

When I came to New York I was in pieces, and though it sounds perverse, the way I recovered a sense of wholeness was not by meeting someone or by falling in love, but rather by handling the things that other people had made, slowly absorbing by way of this contact the fact that loneliness, longing, does not mean one has failed, but simply that one is alive. There is a gentrification that is happening to cities, and there is a gentrification that is happening to the emotions too, with a similarly homogenising, whitening, deadening effect. Amidst the glossiness of late capitalism, we are fed the notion that all difficult feelings – depression, anxiety, loneliness, rage – are simply a consequence of unsettled chemistry, a problem to be fixed, rather than a response to structural injustice or, on the other hand, to the native texture of embodiment, of doing time, as David Wojnarowicz memorably put it, in a rented body, with all the attendant grief and frustration that entails.


pages: 561 words: 167,631

2312 by Kim Stanley Robinson


agricultural Revolution, double helix, full employment, hive mind, if you see hoof prints, think horses—not zebras, Kuiper Belt, late capitalism, mutually assured destruction, offshore financial centre, pattern recognition, phenotype, post scarcity, precariat, retrograde motion, stem cell, strong AI, the built environment, the High Line, Turing machine, Turing test, Winter of Discontent

Capitalism was in effect relegated to the margin, and the necessities of life were a shared commons exchange between Earth and individual space colonies was on a national or treaty-association basis, thus a kind of colonial model, with the colonies producing metals and volatiles, knowledge useful for Earth management, and later on, food once the space elevators were in place (first at Quito, 2076) traffic between Earth and space increased by a factor of a hundred million. At that point the solar system became accessible. It was too big to inhabit rapidly, but the increasing speed of space travel meant that over the course of the twenty-second century the entire solar system came within easy reach. It is not a coincidence that the second half of this century saw the beginning of the Accelerando the space diaspora occurred as late capitalism writhed in its internal decision concerning whether to destroy Earth’s biosphere or change its rules. Many argued for the destruction of the biosphere, as being the lesser of two evils one of the most influential forms of economic change had ancient origins in Mondragon, Euskadi, a small Basque town that ran an economic system of nested co-ops organized for mutual support. A growing network of space settlements used Mondragon as a model for adapting beyond their scientific station origins to a larger economic system.

Once policy questions were answered—meaning desires articulated in a sharply contested political struggle—the total annual economy of the solar system could be called out on a quantum computer in less than a second. The resulting qube-programmed Mondragon, sometimes called the Albert-Hahnel model, or the Spuffordized Soviet cybernetic model, could be if everyone had been working in a programmed Mondragon, all would have been well; but it was only one of several competing economies on Earth, all decisively under the thumb of late capitalism, still in control of more than half of Earth’s capital and production, and with its every transaction tenaciously reaffirming ownership and capital accumulation. This concentration of power had not gone away but only liquefied for a while and then jelled elsewhere, much of it on Mars, as Gini figures for the era clearly reveal in residual-emergent models, any given economic system or historical moment is an unstable mix of past and future systems.


pages: 823 words: 206,070

The Making of Global Capitalism by Leo Panitch, Sam Gindin


accounting loophole / creative accounting, airline deregulation, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Big bang: deregulation of the City of London, bilateral investment treaty, Branko Milanovic, Bretton Woods, BRICs, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collective bargaining, continuous integration, corporate governance, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, full employment, Gini coefficient, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, land reform, late capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, structural adjustment programs, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, very high income, Washington Consensus, Works Progress Administration, zero-coupon bond

See, for instance, Noam Chomsky, Hegemony or Survival: America’s Quest for Global Dominance, New York: Henry Holt, 2004; and Chalmers Johnson, The Sorrows of Empire: Militarism, Secrecy and the End of the Republic, New York: Metropolitan Books, 2004. 33 Amy Myers Jaffe, “United States and the Middle East: Policies and Dilemmas,” in Bipartisan Policy Center, Ending the Energy Stalemate, Washington, DC: National Commission on Energy Policy, 2004, pp. 1–2. 34 See Robert Keohane, After Hegemony: Conflict and Discord in the World Political Economy, Princeton: Princeton University Press, 1984. 35 Paul Volcker and Toyoo Gyohten, Changing Fortunes: The World’s Money and the Threat to American Leadership, New York: Times Books, 1992, pp. xiv–xv. 36 See Ernest Mandel, Europe vs. America: Contradictions of Imperialism, New York: Monthly Review Press, 1970; and Late Capitalism, London: Verso, 1975, esp. Chapter 10. 37 Classes in Contemporary Capitalism, p. 87. Poulantzas understood clearly what the series of successive European “withdrawals” on capital controls, monetary policy, and the oil crisis in the early 1970s meant: “These withdrawals are generally interpreted as an ‘offensive by American capital designed to restore its tottering hegemony’ . . . these people simply cannot see the wood for the trees; American capital has no need to re-establish its hegemony, for it has never lost it.”

Kobrin, “Expropriation as an Attempt to Control Foreign Firms in LDCs: Trends from 1960 to 1979,” International Studies Quarterly 28: 3 (September 1984), p. 333, Table 1. 5 The newly emerging academic field of international political economy was almost entirely focused on the threat to liberal multilateralism posed by a declining US hegemony, but see also H. L. Robinson, “The Downfall of the Dollar,” in R. Miliband and J. Saville, eds., Socialist Register 1973, London: Merlin, 1973; Paul Sweezy and Harry Magdoff, “The Doccar Crisis,” Monthly Review 28:1 (May 1973); and Ernest Mandel, Late Capitalism, London: Verso, 1975, esp. Chapter 10. 6 Eric Helleiner in particular has presented the outcome of the Bretton Woods crisis in terms of the American state—well-armed with neoliberal Friedmanite ideas under Nixon and his successors—imposing its free-market will against European and Japanese states who were more prepared to use multilateral capital controls. See his States and the Reemergence of Global Finance, esp.


pages: 273 words: 93,419

Let them eat junk: how capitalism creates hunger and obesity by Robert Albritton


Bretton Woods, California gold rush, clean water, collective bargaining, computer age, corporate personhood, deindustrialization, Food sovereignty, Haber-Bosch Process, illegal immigration, immigration reform, invisible hand, joint-stock company, joint-stock limited liability company, land reform, late capitalism, means of production, offshore financial centre, oil shale / tar sands, peak oil, price stability, profit maximization, profit motive, South Sea Bubble, the built environment, union organizing, Unsafe at Any Speed, upwardly mobile

In a parallel fashion, we can say that “junk” capitalism is the empty expenditure of huge amounts of energy for things like permanent war, commodities that undermine human and environmental health, labour processes that damage and exploit workers, security that increases insecurity, or in other words, an expenditure of energy that is relatively empty when it comes to advancing human flourishing. 6 L E T T H E M E AT J U N K Thus the criticisms that I shall make of a food regime that so prominently produces, circulates and markets junk food, will in many respects epitomize the irrationalities of late capitalism as a whole. Our increasingly globalized capitalist economy is using more and more energy to run faster and faster, while actually losing ground when it comes to advancing human well-being. In this book, I shall argue that the principal reason for this is that the short-term profit orientation that is central to capitalism cannot deal effectively with the world historic problems that we face.


pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason


Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey,, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, payday loans, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, wages for housework, women in the workforce

BEAUTIFUL TROUBLEMAKERS 1. R. Freeman, ‘The Great Doubling: Labor in the New Global Economy’. Usery Lecture in Labor Policy, University of Atlanta, GA, 2005 2. T. Piketty, Capital in the 21st Century (Harvard, 2014) 3. ‘It seems easier for us today to imagine the thoroughgoing deterioration of the earth and of nature than the breakdown of late capitalism’ 4. 5. See P. Mason, ‘WTF is Eleni Haifa?’, 20 December 2014, 6. D. A. Galbi, ‘Economic Change and Sex Discrimination in the Early English Cotton Factories’, 1994, 7. A. Ure, The Cotton Manufacture of Great Britain Systematically Investigated, vol.


pages: 252 words: 13,581

Cape Town After Apartheid: Crime and Governance in the Divided City by Tony Roshan Samara


conceptual framework, deglobalization, ghettoisation, global village, illegal immigration, late capitalism, neoliberal agenda, New Urbanism, structural adjustment programs, unemployed young men, urban decay, urban planning, urban renewal, Washington Consensus, working poor

This page intentionally left blank Notes Introduction 1.╯Zama Femi, “Gang Wars Take Heavy Toll on Cape Matrics,” Cape Argus, December 29, 2006. 2.╯Matt Medved, “Cops to Fight Gangsterism in Primary Schools,” Cape Argus, May 29, 2007. 3.╯A’eysah Kassiem, “Crime Wave Engulfing Schools,” Cape Times, May 18, 2007. 4.╯Aziz Hartley, “Rasool Unveils Plan to Fight Gangs and Drugs,” Cape Times, May 23, 2007; Candes Keating, “High-Risk Schools to Get Top Security Measures,” Cape Argus, February 8, 2007. 5.╯Rafaella delle Donne, “City’s Heart Is Hardening, Say Homeless,” Cape Argus, July 15, 2007. 6.╯Tony Roshan Samara, “Development, Social Justice and Global Governance: Challenges to Implementing Restorative and Criminal Justice Reform in South Africa,” Acta Juridica (2007): 113–33. 7.╯David McDonald, World City Syndrome: Neoliberalism and Inequality in Cape Town (London: Routledge Press, 2007). 8.╯James DeFilippis, Unmaking Goliath: Community Control in the Face of Global Capital (New York: Routledge, 2003); David Harvey, “From Managerialism to Entrepreneurialism: The Transformation in Urban Governance in Late Capitalism,” Geografiska Annaler B. 71 (1989): 3–17. 9.╯Neil Smith, The New Urban Frontier: Gentrification and the Revanchist City (New York: Routledge, 1996); Gordon MacLeod, “From Urban Entrepreneurialism to a ‘Revanchist City’? On the Spatial Injustices of Glasgow’s Renaissance,” Antipode 34, no. 3 (2002): 602–24 . 10.╯Throughout the book I will use the basic racial categories employed by the Census: black African, coloured, Asian, and white.


Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown


Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Ronald Reagan, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional

See John Dewey, Democracy and Education (Carbondale: Southern Illinois University Press, 2008). Tocqueville and Mill dealt with it by trying to cultivate an aristocratic strain within democracies. See Tocqueville, Democracy in America; and John Stuart Mill, “On Liberty,” in On Liberty and Other Writings, ed. Stefan Collini (Cambridge: Cambridge University Press, 1989). e p i l o g u e : l o s i n g b a r e d e m o c r acy 1. See Jonathan Crary, 24/7: Late Capitalism and the Ends of Sleep (New York: Verso, 2013); Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (New York: Verso, 2013); Lauren Berlant, Cruel Optimism (Durham: Duke University Press, 2011); Elizabeth Povinelli, Economies of Abandonment: Social Belonging and Endurance in Late Liberalism (Durham: Duke University Press, 2011); Noam Chomksy, Profit over People: Neoliberalism and Global Order (New York: Seven Stories, 2011); William Connolly, The Fragility of Things (Durham: Duke University Press, 2013); Bonnie Honig, “The Politics of Public Things: Neoliberalism and the Routine of Privatization,” No Foundations: An Interdisciplinary Journal of Law and Justice 10 (2013); and Lisa Duggan, The Twilight of Equality (Boston: Beacon Press, 2004). 2.


The Data Revolution: Big Data, Open Data, Data Infrastructures and Their Consequences by Rob Kitchin


business intelligence, business process, cellular automata, Celtic Tiger, cloud computing, collateralized debt obligation, conceptual framework, congestion charging, corporate governance, correlation does not imply causation, crowdsourcing, discrete time, George Gilder, Google Earth, Infrastructure as a Service, Internet Archive, Internet of things, invisible hand, knowledge economy, late capitalism, linked data, Masdar, means of production, Nate Silver, natural language processing, openstreetmap, pattern recognition, platform as a service, recommendation engine, RFID, semantic web, sentiment analysis, slashdot, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart grid, smart meter, software as a service, statistical model, supply-chain management, the scientific method, The Signal and the Noise by Nate Silver, transaction costs

It is, however, just one of a suite of potential ways to make sense of data and no doubt over time scholars will produce a set of diverse conceptual lenses through which to understand data, and the diversity of views will create productive counterpoints for new ideas, as well as conceptual vantage points to direct empirical research. These might include theorising data through a more structural lens that focuses on their role in the operation of late capitalism, or draws on Deleuzian poststructural notions concerning rhizomic modes governance, or on feminist or postcolonial critiques of the gendered and politicised production and employment of data. Regardless of the lens, what is required is deep, careful and critical reflection and putting theory to work through empirical case studies. Not only do we need to explore the conceptualisations of data but, as discussed in Chapter 8, we need to examine how the data revolution presents some challenges to existing philosophies of science.


pages: 717 words: 150,288

Cities Under Siege: The New Military Urbanism by Stephen Graham


airport security, anti-communist, autonomous vehicles, Berlin Wall, call centre, carbon footprint, clean water, congestion charging, credit crunch, DARPA: Urban Challenge, defense in depth, deindustrialization, edge city, energy security, European colonialism, failed state, Food sovereignty, Gini coefficient, global supply chain, Google Earth, illegal immigration, income inequality, knowledge economy, late capitalism, loose coupling, market fundamentalism, McMansion, megacity, mutually assured destruction, Naomi Klein, New Urbanism, offshore financial centre, pattern recognition, peak oil, planetary scale, private military company, RAND corporation, RFID, Richard Florida, Scramble for Africa, Silicon Valley, smart transportation, surplus humans, The Bell Curve by Richard Herrnstein and Charles Murray, urban decay, urban planning, urban renewal, urban sprawl, Washington Consensus, white flight

This, of course, is a major challenge, given that critical Middle Eastern studies have been systematically repressed in the United States since 2001. 20 Ibid. 21 Ibid. 22 Robby Herbst, ‘Hinting at Ways to Work in Current Contexts; an Interview with Brian Holmes’, Journal of Aesthetics and Protest 1: 4, 2007. 23 Herbst, ‘Hinting at Ways to Work in Current Contexts’. 24 Gregory, ‘Geographies, Publics and Politics’. 25 Elin O’Hara Slavick, Protesting Cartography or Places the United States has Bombed, art exhibition, see 26 Ibid. 27 This term invokes Fredric Jameson’s classic argument that ‘postmodern’ urban life requires new ‘cognitive maps’ to make sense of the landscapes of globalization. See Fredric Jameson, ‘Postmodernism or the Cultural Logic of Late Capitalism’, New Left Review 1: 146, 1984, 53–92. 28 See An Atlas of Radical Cartography, available at 29 Brian Holmes, ‘Maps for the Outside: Bureau d’Études, or the Revenge of the Concept’, message board post, InterActivist Info Exchange, available at 30 Ibid. 31 See 32 See Mike Davis, ‘Reading (PA.) by Bomb Light’, Tom Dispatch. 33 Louise Amoore, ‘Vigilant Visualities: The Watchful Politics of the War on Terror’, Security Dialogue 38: 2, 2007. 34 See 35 See 36 Ibid. 37 Paula Levine, ‘Shadows from Another Place: Transposed Space’, review paper, San Francisco: San Francisco State University. 38 Herbst, ‘Hinting at Ways to Work in Current Contexts’. 39 Peter Baker, in Under Fire.2, 57–8.


pages: 480 words: 138,041

The Book of Woe: The DSM and the Unmaking of Psychiatry by Gary Greenberg


Albert Einstein, Asperger Syndrome, back-to-the-land, David Brooks, impulse control, invisible hand, Isaac Newton, John Snow's cholera map, late capitalism, Louis Pasteur, McMansion, meta analysis, meta-analysis, neurotypical, phenotype, placebo effect, random walk, statistical model, theory of mind, Winter of Discontent

Cartwright seems to have intended to serve the interests of slave owners and white supremacists and their economic system by providing “another [of ] the ten thousand18 evidences of the fallacy of the dogma abolition is built on,” but surely the doctors who insisted that homosexuality was a disease were not all bigots or prudes. Nor are the doctors who today diagnose with Hoarding Disorder people who fill their homes with newspapers and empty pickle jars, but leave undiagnosed those who amass billions of dollars while other people starve, merely toadying to the wealthy. They don’t mean to turn the suffering inflicted by our own peculiar institutions, the depression and anxiety spawned by the displacements of late capitalism and postmodernity, into markets for a criminally avaricious pharmaceutical industry. The prejudices and fallacies behind psychiatric diagnoses, and even the interests they serve, are as invisible to all of us, doctors and patients alike, as they were to Dr. Cartwright’s New Orleanian colleagues or to all those doctors who “treated” homosexuals. The desire to relieve suffering can pull a veil over our eyes.


pages: 504 words: 139,137

Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined by Lasse Heje Pedersen


algorithmic trading, Andrei Shleifer, asset allocation, backtesting, bank run, banking crisis, barriers to entry, Black-Scholes formula, Brownian motion, buy low sell high, capital asset pricing model, commodity trading advisor, conceptual framework, corporate governance, credit crunch, Credit Default Swap, currency peg, David Ricardo: comparative advantage, declining real wages, discounted cash flows, diversification, diversified portfolio, Emanuel Derman, equity premium, Eugene Fama: efficient market hypothesis, fixed income, Flash crash, floating exchange rates, frictionless, frictionless market, Gordon Gekko, implied volatility, index arbitrage, index fund, interest rate swap, late capitalism, law of one price, Long Term Capital Management, margin call, market clearing, market design, market friction, merger arbitrage, mortgage debt, New Journalism, paper trading, passive investing, price discovery process, price stability, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, Robert Shiller, Robert Shiller, shareholder value, Sharpe ratio, short selling, sovereign wealth fund, statistical arbitrage, statistical model, systematic trading, technology bubble, time value of money, total factor productivity, transaction costs, value at risk, Vanguard fund, yield curve, zero-coupon bond

When evaluating a strategy, people sometimes consider its maximum drawdown (MDD) over some past time period: Figure 2.1 shows an example of a hedge fund strategy and its HWM, drawdown, and MDD. Figure 2.1. A hedge fund strategy’s high water mark (HWM) and drawdown (DD). 2.7. ADJUSTING PERFORMANCE MEASURES FOR ILLIQUIDITY AND STALE PRICES Some hedge funds may not be as hedged as they first appear. To see why, let us consider the following example. Suppose that Late Capital Management (LCM) invests 100% in the stock market but always marks to market one month late. For instance, if the stock market goes up by 3% in January, LCM will report a 3% return in February. In that case, what is LCM’s stock market beta? Well, βLCM will appear to be near zero, since it depends on the covariance with the market and the returns are misaligned in time: In other words, since LCM’s return is last month’s market return, and market returns are (close to) independent over time, LCM will appear to have a zero beta in a standard regression: The estimated values of α will be the average stock market return, which is positive (over the long term).


pages: 527 words: 147,690

Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman


23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, meta analysis, meta-analysis, Minecraft, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Turing test, Uber and Lyft, Uber for X, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar

The solutions to these challenges are familiar but no more easier to implement: regulate data brokers and pass legislation guarding against data-based discrimination; audit Internet giants’ data collecting practices and hand down heavy fines, meaningful ones, for unlawful data collection; give users more information about where their data goes and how it’s used to inform advertising; don’t give municipal tax breaks (Twitter) or special privileges at local airfields (Google) to major corporations that can afford to pay their share of taxes and fees to the cities that have provided the infrastructure that ensures their success. Encrypt everything. Consumers need to educate themselves about these industries and think about how their data might be used to their disadvantage. But the onus shouldn’t lie there. We should be savvy enough, in this stage of late capitalism, to be skeptical of any corporate power that claims to be our friend or acting in our best interests. At the same time, the rhetoric and utility of today’s personal technology is seductive. One doesn’t want to think that a smartphone is also a surveillance device, monitoring our every movement and communication. Consumers are busy, overwhelmed, lacking the proper education, or simply unable to reckon with the pervasiveness of these systems.


Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay


Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, haute couture, illegal immigration, income inequality, invention of the telephone, invention of the wheel, invisible hand, John Nash: game theory, John von Neumann, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock,, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Washington Consensus, women in the workforce, yield curve, yield management

Human Values and Beliefs: A Cross-Cultural Sourcebook: Political) Religious) Sexual) and Economic Norms in 43 Societies. Ann Arbor: University of Michigan Press. Jacobs,]. 1961. The Death and Life ofGreat American Cities. New York: Random House. { 400} Bibliography James, K. R. 2000. "The Price of Retail Investing in the UK. FSA Occasional Paper 6 (February). Jameson, F. 1992. Postmodernism: Or the Cultural Logic ofLate Capitalism. London: Verso Books. Jasny, N. 1965. Khrushchev's Crop Policy. Glasgow: George Outram and Co. Jay, P. 2000. Road to Riches or the Wealth ofMan. London: Weidenfeld and Nicolson. Jeffries, I. 2001. Economies in Transition: A Guide to China) Cuba) Mongolia) North Korea and Vietnam at the Turn ofthe Twenty-First Century. New York: Routledge. Jencks, C. 1986. What Is Post Modernism?. New York: St.


The America That Reagan Built by J. David Woodard


affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bonfire of the Vanities, colonial rule, Columbine, cuban missile crisis, Deng Xiaoping, friendly fire, glass ceiling, global village, Gordon Gekko, gun show loophole, income inequality, invisible hand, Jeff Bezos, laissez-faire capitalism, late capitalism, Mikhail Gorbachev, mutually assured destruction, new economy, postindustrial economy, Ralph Nader, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, South China Sea, stem cell, Ted Kaczynski, The Predators' Ball, trickle-down economics, women in the workforce, Y2K, young professional

Select Bibliography 273 Hill, Dilys, Raymond A. Moore, and Phil Williams. The Reagan Presidency: An Incomplete Revolution. London: Macmillan, 1990. Hoffman, Bruce. Inside Terrorism. New York: Columbia University Press, 1998. Hybel, Alex Roberto. Power over Rationality: The Bush Administration and the Gulf Crisis. Albany: State University of New York, 1993. Jameson, Frederick. Postmodernism: Or the Cultural Logic of Late Capitalism. Durham, NC: Duke University Press, 1991. Jamieson, Kathleen Hall. Packaging the Presidency, 3rd ed. New York: Oxford University Press, 1996. Jencks, Charles. What Is Postmodernism? New York: St. Martin’s Press, 1987. Jennings, Peter, and Todd Brewster. The Century. New York: Doubleday, 1998. Johnson, Haynes. In the Absence of Power. New York: Viking Press, 1980. Johnson, Haynes. Sleepwalking Through History: America in the Reagan Years.


pages: 475 words: 149,310

Multitude: War and Democracy in the Age of Empire by Michael Hardt, Antonio Negri


affirmative action, Berlin Wall, Bretton Woods, British Empire, conceptual framework, David Graeber, Defenestration of Prague, deskilling, Fall of the Berlin Wall, feminist movement, Francis Fukuyama: the end of history, friendly fire, global village, Howard Rheingold, Howard Zinn, illegal immigration, Joseph Schumpeter, labour mobility, land reform, land tenure, late capitalism, means of production, Naomi Klein, new economy, private military company, race to the bottom, RAND corporation, reserve currency, Richard Stallman, Slavoj Žižek, The Chicago School, The Structural Transformation of the Public Sphere, Thomas Malthus, Thorstein Veblen, Tobin tax, transaction costs, union organizing, War on Poverty, Washington Consensus

According to this new counterinsurgency strategy, sovereign power—faced, on one hand, with the impossibility of establishing a stable relationship with the existing population and, on the other, given the means of such full-spectrum dominance—simply produces the obedient social subjects it needs. Such a notion of the production of the subject by power, the complete alienation of the citizen and the worker, and the total colonization of the lifeworld has been hypothesized since the 1960s by many authors as the defining characteristic of “late capitalism.” The Frankfurt School, the Situationists, and various critics of technology and communication have focused on the fact that power in capitalist societies is becoming totalitarian through the production of docile subjects.72 To a certain extent the nightmares of such authors correspond to the dreams of the strategists of full-spectrum dominance. Just as the capitalist yearns for a labor force of obedient worker-monkeys, military administrators imagine an army of efficient and reliable robot soldiers along with a perfectly controlled, obedient population.


pages: 493 words: 172,533

Best of Kim Stanley Robinson by Kim Stanley Robinson


Albert Einstein, butterfly effect, Edward Lorenz: Chaos theory, late capitalism, Murano, Venice glass, Richard Feynman, Richard Feynman

About ten million men died on the field of battle, ten million more by revolution, disease, and starvation. Occasionally he would stop reading and try to write; but he never got far. Once he wrote several pages on the economy of the war. The organization of agriculture and business, especially in Germany under Rathenau and England under Lloyd George, reminded him very strongly of the postmodern economy now running things. One could trace the roots of late capitalism to Great War innovations found in Rathenau’s Kriegsrohstoffabteilung (the “War Raw Stuff Department”), or in his Zentral Einkaufs-Gesellschaft. All business had been organized to fight the enemy; but when the war was over and the enemy vanquished, the organization remained. People continued to sacrifice the fruits of their work, but now they did it for the corporations that had taken the wartime governments’ positions in the system.


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd


accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, blockchain, borderless world, Bretton Woods, BRICs, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, eurozone crisis, fiat currency, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, money: store of value / unit of account / medium of exchange, mortgage debt, new economy, Nixon shock, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer lending, Ponzi scheme, post scarcity, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Wave and Pay, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

To theorize this hybrid, Hardt and Negri reach back to Polybius’s Histories, particularly his characterization of imperial Rome in terms of the relationship among three “good powers”: monarchy, aristocracy, and democracy. Polybius argued that each of these powers was a check on the other, thereby preventing monarchy’s fall into tyranny, aristocracy’s into oligarchy, and democracy’s into ochlocracy or anarchy (Hardt and Negri 2001: 314). Empire in late capitalism is analogous to this structure. In Polybius’s schema, the monarchy anchors power, giving it both unity and continuity. In the Empire as conceived by Hardt and Negri, the monarchy consists of bodies (such as the G8, NATO, the IMF, and the World Trade Organization [WTO]) that are designed to ensure the maintenance of “efficient” markets for goods, technologies, and labor power. This is a “monarchic” unity of power combined with a global monopoly of force.


pages: 607 words: 185,228

Antarctica by Kim Stanley Robinson


Exxon Valdez, Fermat's Last Theorem, gravity well, hiring and firing, late capitalism, Occam's razor, Turing test, Zeno's paradox

But here they were living in a stripped-down microcosm, "Little America" as one precursor base had been named; and X saw that it was the global class system in miniature, everything clearly laid out, and shockingly similar to accounts he had read of Tsarist Russia, not to mention pharaonic Egypt: a ruling caste and an underclass, aristocrats and serfs, with a few middlemen thrown in. The red parkas and tan Carhartts only color-coded it, as if ASL and NSF knew all about it and knew also that they could shove it in people's faces and no one would protest, not in this the globally downsized postrevolutionary massively fortified stage of very late capitalism. The in-your-face effrontery of it made X even angrier, and as he continued to pluck up nuts and washers from the concrete and drop them in their proper bins, he fantasized images of slave revolts, Spartacus, general strikes-in short, revolution. Guillotines on Beeker Street! Except with a little more thought-and sitting on that cold concrete, he had a lot of time for thought-the image of the guillotine made it clear how impossible these fantasies were.