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
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 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.
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.
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 (16th18th 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 (seecommunism) and the adoption of some free-market principles in China left capitalism unrivaled (if not untroubled) by the beginning of the 21st century.