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Stephen Marglin on the Future of Capitalism

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The New School

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Partner:: New School
Location:: The New School
New York, NY
Event Date:: 02.14.08
Speakers:: Stephen Marglin,; William Milberg
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Summary: Future of Capitalism: How Thinking Like an Economist Undermines Community with Stephen Marglin.

Join us for the third annual Robert Heilbroner Memorial Lecture. Heilbroner wrote, "Capitalism's uniqueness in history lies in its continuously self-generated change, but it is this very dynamism that is the system's chief enemy." In recognition of what Heilbroner identified as "the deep human need to be situated with respect to the future," The New School is sponsoring a lecture series in his memory that focuses on capitalism's future. This year, we will host Stephen Marglin, Walter S. Barker Professor of Economics at Harvard University and author of The Dismal Science: How Thinking Like an Economist Undermines Community - New School

Bio

Stephen Marglin

Stephen A. Marglin is a professor of economics and holds the Walter S. Barker Chair in the Department of Economics at Harvard University.

William Milberg

William Milberg is Associate Professor of Economics at the New School for Social Research and Program Coordinator for the Schwartz Center for Economic and Policy Analysis. His research focuses on the implications of changes in international trade and investment flows for employment and income distribution.

Chapters

: Watch Full Program

01 hr 42 min 02 sec

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01.: Introduction

04 min 50 sec

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02.: Robert Heilbroner

05 min 13 sec

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03.: Distribution of Income

05 min 32 sec

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04.: Sense of Community

04 min 19 sec

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05.: Loss of Balance

02 min 01 sec

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06.: Markets Undermine Community

05 min 38 sec

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07.: Positive and Normative Economics

05 min 11 sec

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08.: Internal Critique

03 min 51 sec

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09.: Self-Interested Individual

03 min 38 sec

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10.: Holistic Approach

05 min 45 sec

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11.: Ideology of Knowledge

04 min 23 sec

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12.: Sub-Prime Mortgage Crisis

04 min 28 sec

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13.: Unlimited Wants

06 min 29 sec

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14.: Economics Supports National Community

02 min 20 sec

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15.: Social Solidarity

04 min 41 sec

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16.: Can Economics Change?

01 min 53 sec

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17.: Q & A

01 min 59 sec

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18.: Effects of Taxes on Income Distribution

01 min 18 sec

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19.: Behavioral Economics

02 min 19 sec

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20.: World Community

01 min 32 sec

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21.: Value of Community

02 min 20 sec

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22.: Second Round of Questions

03 min 55 sec

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23.: Mainstream Economics

02 min 28 sec

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24.: Marx

01 min 28 sec

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25.: Class and Power

01 min 11 sec

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26.: Differences with Europe

01 min 24 sec

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27.: Third Round of Questions

03 min 19 sec

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28.: Environmental Issues

04 min 25 sec

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29.: Establishing a Balance

00 min 35 sec

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30.: Economize on Love

03 min 17 sec

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: Watch Full Program

01 hr 42 min 02 sec

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CEO Salaries and Unequal Income Distribution

05 min 07 sec

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Harvard Professor of Economics Stephen Marglin analyzes how skyrocketing CEO salaries during the latter part of the twentieth century have caused non-executive salaries to stagnate.
Unequal Income Distribution and the Community

03 min 41 sec

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Harvard Economics Professor Stephen Marglin argues that unequal income distribution in the United States is a symptom of a diminishing sense of national community. Marglin believes a "winner take all" ethos is prevailing in this new paradigm.
Watch Full Program

01 hr 42 min 02 sec

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Encyclopædia Britannica Article

capitalism: Economic system in which most of the means of production are privately owned, and production is guided and income distributed largely through the operation of markets. Capitalism has been dominant in the Western world since the end of mercantilism. It was fostered by the Reformation, which sanctioned hard work and frugality, and by the rise of industry during the Industrial Revolution, especially the English textile industry (16th–18th centuries). Unlike earlier systems, capitalism used the excess of production over consumption to enlarge productive capacity rather than investing it in economically unproductive enterprises such as palaces or cathedrals. The strong national states of the mercantilist era provided the social conditions, such as uniform monetary systems and legal codes, necessary for the rise of capitalism. The ideology of classical capitalism was expressed in Adam Smith's Wealth of Nations (1776), and Smith's free-market theories were widely adopted in the 19th century. In the 20th century the Great Depression effectively ended laissez-faire economics in most countries, but the demise of the state-run command economies of eastern Europe and the former Soviet Union (see communism) and the adoption of some free-market principles in China left capitalism unrivaled (if not untroubled) by the beginning of the 21st century.; capitalism on britannica.com