For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

    Governments have spoken of being at war and find themselves forced to seek new powers in order to maintain social order and prevent the spread of the virus. This is often exercised with the notion that we will return to normal as soon as we can. What if that is not possible? Secondly, if the state can mobilize itself in the face of an invisible foe like this pandemic, it should also be able to confront visible dangers such as climate destruction with equal force.In Corona, Climate, Chronic Emergency, leading environmental thinker, Andreas Malm demands that this war-footing state should be applied on a permanent basis to the ongoing climate front line. He offers proposals on how the climate movement should use this present emergency to make that case. There can be no excuse for inaction any longer.

    The attention attracted by the 150th anniversary of The Communist Manifesto included laudatory references to Marx in venues as unexpected as The New York Times and The New Yorker. More predictably, the tributes in such publications focused on the strength of Marx as a critic of capital or a powerful wordsmith, rather than as an advocate of communism. But, if Marxism is to enjoy a rebirth in the coming century, appreciation needs to move beyond its value as a critical tool or a literary pleasure. The emancipatory potential of Marxism, its capacity to configure a world beyond the daily grind of selling one’s labor to stay alive, will have to be established anew. No one has made a better start to this task than the esteemed critic and writer Marshall Berman. Berman first read The Communist Manifesto in the same week as Arthur Miller’s Death of a Salesman while at high school. A few years later, now a student at Columbia University, he was handing out copies of Marx’s 1844 Manuscripts, purchased for 50 cents each at the (Soviet) Four Continents Bookstore in New York, as holiday presents for friends and relatives. Here was the beginning of a lifelong engagement with Marxism that, as this volume demonstrates, has been both consistent and refreshing. In these pages are discussions of work on Marx and Marxism by Edmund Wilson, Jerrold Siegel, James Billington, Georg Lukcs, Irving Howe and Isaac Babel. They are brought together in a single embrace by Berman’s spirited appreciation of Marxism as expressive, playful, sometimes even a little vulgar, but always an adventure.

    He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes.""The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune."Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street JournalF. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."

    They demonstrate that workers can and will fight back on a mass scale.Each episode offers an inspiring glimpse of the way in which workers rise to the challenge of fighting for a better world—and pose their own alternative to the system.Although none of these struggles ultimately achieved their goals, they were "revolutionary rehearsals" that hold important lessons about the struggle for socialism under modern conditions.

    This volume is produced from digital images created through the University of Michigan University Library's preservation reformatting program.

    He warns that great case must be taken in this day of search and upheaval to examine the prevailing movements that promise solutions for humanity.Marxism, which holds special appeal for the world's oppressed peoples and those sensitive to their suffering because of its emphasis on justice, merits particularly close scrutiny. Shari'ati analyzes its roots in materialism, its relation to the Hegelian dialectric, its preoccupation with matters of production, the sources of its diametrical opposition to Islam, Marx's objection to religion, and other crucial aspects to Marxism.But his attention is not confined to Marxism alone. He discusses the established religions, bourgeois liberalism, and existentialism, beginning with their fundamental notions of man. He examines the characteristic refusal of the major freedom-seeking movements of the nineteenth and twentieth centures to accept any spiritual dimension in man. Throughout hs inquiry, Shari'ati offers comparisons with the ideology of Islam, drawing upon the principles and precepts contained in the Qur'an as well as cultural material from the history of Islamic society. Gradually and eloquently, he expounds his persoai view of Islam as the philosophy of human liberation.

    When people are trapped in a cycle of debt it also can affect their subjectivity and how they temporally inhabit the world by making it difficult for them to imagine and plan for the future. What psychic toll does this have on residents? How does it feel to be routinely dehumanized and exploited by the police?—from Carceral CapitalismIn this collection of essays in Semiotext(e)'s Intervention series, Jackie Wang examines the contemporary incarceration techniques that have emerged since the 1990s. The essays illustrate various aspects of the carceral continuum, including the biopolitics of juvenile delinquency, predatory policing, the political economy of fees and fines, cybernetic governance, and algorithmic policing. Included in this volume is Wang's influential critique of liberal anti-racist politics, “Against Innocence,” as well as essays on RoboCop, techno-policing, and the aesthetic problem of making invisible forms of power legible.Wang shows that the new racial capitalism begins with parasitic governance and predatory lending that extends credit only to dispossess later. Predatory lending has a decidedly spatial character and exists in many forms, including subprime mortgage loans, student loans for sham for-profit colleges, car loans, rent-to-own scams, payday loans, and bail bond loans. Parasitic governance, Wang argues, operates through five primary techniques: financial states of exception, automation, extraction and looting, confinement, and gratuitous violence. While these techniques of governance often involve physical confinement and the state-sanctioned execution of black Americans, new carceral modes have blurred the distinction between the inside and outside of prison. As technologies of control are perfected, carcerality tends to bleed into society.

    With the stunning popularity of Bernie Sanders and Alexandria Ocasio-Cortez, Americans are embracing the class politics of socialism. But what, exactly, is socialism? And what would a socialist system in America look like? The editor of Jacobin magazine, Sunkara shows that socialism, though often seen primarily as an economic system, in fact offers the means to fight all forms of oppression, including racism and sexism. The ultimate goal is not Soviet-style planning, but to win rights to healthcare, education, and housing, and to create new democratic institutions in workplaces and communities. A primer on socialism for the 21st century, this is a book for anyone seeking an end to the vast inequities of our age.

    Every developed nation in the world at one time went through the transformation from predominantly informal, extralegal ownership to a formal, unified legal property system. In the West we've forgotten that creating this system is also what allowed people everywhere to leverage property into wealth. This persuasive book will revolutionize our understanding of capital and point the way to a major transformation of the world economy.

    A few years ago, renowned investor Ray Dalio began noticing a confluence of political and economic conditions he hadn’t encountered before in his fifty-year career. They included large debts and zero or near-zero interest rates in the world’s three major reserve currencies; significant wealth, political, and values divisions within countries; and emerging conflict between a rising world power (China) and the existing one (US). Seeking to explain the cause-effect relationships behind these conditions, he began a study of analogous historical times and discovered that such combinations of conditions were characteristic of periods of transition, such as the years between 1930 and 1945, in which wealth and power shifted in ways that reshaped the world order. Looking back across five hundred years of history and nine major empires—including the Dutch, the British, and the American—The Changing World Order puts into perspective the cycles and forces that have driven the successes and failures of all the world’s major countries throughout history. Dalio reveals the timeless and universal dynamics that were behind these shifts, while also offering practical principles for policymakers, business leaders, investors, and others operating in this environment.

    In this new edition, John Gray argues that whereas liberalism was the political theory of modernity, it is ill-equipped to cope with the dilemmas of the postmodern condition. The task now, as Gray sees it, is to develop a pluralist theory, in which the liberal problem of finding a modus vivendi among rival communities and worldviews is solved in postliberal terms.Copublished with Open University Press

    By the nineteenth century British economist and author of The English Constitution. A valuable financial work.

    Another popular movement succeeded in establishing Canada’s public broadcasting system to counter American dominance of the airwaves. And a Canadian doctor created a publicly-owned laboratory that saved countless lives by producing affordable medications, contributing to medical breakthroughs and helping eradicate smallpox throughout the world.In recent decades, however, Canadians have allowed their inspiring public enterprises to be privatized and their vital public programs downsized, leaving them increasingly dominated by the forces of private greed that rule the marketplace.In this provocative book, Linda McQuaig challenges the dogma of privatization that has defined our political age. She argues that, particularly now as we grapple with climate change and income inequality, we need to expand, not shrink, our public sphere.

    . . has concentrated into 176 pages a profoundly affecting argument" (Business Week) that draws on interviews with dismissed IBM executives, bakers, a bartender turned advertising executive, and many others to call into question the terms of our new economy. In his 1972 classic, The Hidden Injuries of Class (written with Jonathan Cobb), Sennett interviewed a man he called Enrico, a hardworking janitor whose life was structured by a union pay schedule and given meaning by his sacrifices for the future. In this new book-a #1 bestseller in Germany-Sennett explores the contemporary scene characterized by Enrico's son, Rico, whose life is more materially successful, yet whose work lacks long-term commitments or loyalties. Distinguished by Sennett's "combination of broad historical and literary learning and a reporter's willingness to walk into a store or factory [and] strike up a conversation" (New York Times Book Review), this book "challenges the reader to decide whether the flexibility of modern capitalism . . . is merely a fresh form of oppression" (Publishers Weekly, starred review). Praise for The Corrosion of Character: "A benchmark for our time."—Daniel Bell "[A]n incredibly insightful book."—William Julius Wilson "[A] remarkable synthesis of acute empirical observation and serious moral reflection."—Richard Rorty "[Sennett] offers abundant fresh insights . . . illuminated by his concern with people's struggle to give meaning to their lives."—[Memphis] Commercial Appeal