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Institutions and Social Structures

Capitalism

Economic Institutions

Capitalism is an economic system based on the private ownership of the means of production and its use for the purpose of obtaining profit. This socioeconomic system has developed historically in several stages and is defined by a number of constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience business cycles of economic expansion followed by recessions.

Facts
Institution Type
Economic institution: a system based on private ownership of the means of production, operated for profit within competitive markets. 1
Emergence Period
Traced in its modern form to the emergence of agrarian capitalism and mercantilism in the early Renaissance, in Italian city-states such as Florence. 1
Institution Type
Economic Institution 1
Capitalism
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Studied By

Source Raya Dunayevskaya (Wikipedia)
Source Rosa Luxemburg (Wikipedia)
Source Rudolf Hilferding (Wikipedia)
Source Rudolf Rocker (Wikipedia)
Source Sherry Ortner - Wikipedia
Source Silvia Federici (Wikipedia)
Source Stephen Gill (academic) (Wikipedia)
Source Theodor W. Adorno (Wikipedia)
Source Wikipedia: William H. Sewell Jr.
Source Wolfgang Streeck (Wikipedia)

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Source Encyclopedia.com (International Encyclopedia of the Social Sciences): CapitalismOpening
Quote, Opening
Capitalism has its origins in Rome, in the Middle East, and in Europe in the Middle Ages.
Sources
1. Capitalism (Wikipedia)
Wikimedia Foundation
  • Lead section
    Capitalism is an economic system based on the private ownership of the means of production and its use for the purpose of obtaining profit.
  • History section
    Capitalism, in its modern form, can be traced to the emergence of agrarian capitalism and mercantilism in the early Renaissance, in city-states like Florence.
  • Lead, institution-type-category economic-institution
    Capitalism is an economic system based on the private ownership of the means of production and its use for the purpose of obtaining profit.
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Encyclopedia.com: Max Weber
Encyclopedia.comStudied By: Max Weber, Article text
Quote, Studied By: Max Weber, Article text
For example, in formulating the protestant ethic thesis (often read as an alternative to Marxist accounts of the rise of capitalism ), Weber was explicitly building upon earlier theories of capitalism and of money propounded by Werner Sombart and Georg Simmel.
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Encyclopedia.com: Daniel Bell
Encyclopedia.comStudied By: Daniel Bell, Article text
Quote, Studied By: Daniel Bell, Article text
Next Bell turned his attention to the unresolved tension between capitalism and morality.
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Sherry Ortner - Wikipedia
WikipediaStudied By: Sherry Ortner, Article text
Quote, Studied By: Sherry Ortner, Article text
Looking at the intersection of race, class, and gender, Ortner's recent research has focused not only on the question of the attainability of the so-called American dream, but how patriarchy and racism intersect with capitalism, and how these intersections are both experienced and represented.
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Wolfgang Streeck (Wikipedia)
Wikimedia FoundationStudied By: Wolfgang Streeck, Article text
Quote, Studied By: Wolfgang Streeck, Article text
Streeck posits that the 2008 crisis marked the victory of the Marktvolk, leading to the emergence of the "Consolidation State", prioritized with austerity and shielding the economy from mass democratic demands.
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Silvia Federici (Wikipedia)
Wikimedia FoundationStudied By: Silvia Federici, Article text
Quote, Studied By: Silvia Federici, Article text
Instead of seeing capitalism as a liberatory defeat of feudalism, Federici interprets the ascent of capitalism as a reactionary move to subvert the rising tide of communalism and to retain the basic social contract.
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Rosa Luxemburg (Wikipedia)
Studied By: Rosa Luxemburg, Article text
Quote, Studied By: Rosa Luxemburg, Article text
Her central thesis was that capitalism, as a closed system, could not realise the surplus value it generated and was therefore dependent on a constant expansion into non-capitalist economies and social strata for its survival and accumulation.
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Pierre-Joseph Proudhon (Wikipedia)
WikipediaStudied By: Pierre-Joseph Proudhon, Article text
Quote, Studied By: Pierre-Joseph Proudhon, Article text
For Proudhon, as he wrote in the sixth study of his General Idea of the Revolution in the Nineteenth Century, the capitalist's employee was "subordinated, exploited: his permanent condition is one of obedience".
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Georgi Plekhanov (Wikipedia)
Studied By: Georgi Plekhanov, Article text
Quote, Studied By: Georgi Plekhanov, Article text
In his 1885 book Our Differences, Plekhanov elaborated on these ideas, presenting a detailed Marxist analysis of Russian social and economic conditions and a critique of the populist program, asserting that Russia had already entered the path of capitalist development.
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Eduard Bernstein (Wikipedia)
Studied By: Eduard Bernstein, Article text
Quote, Studied By: Eduard Bernstein, Article text
He argued that the development of the credit system, cartels, and an improved world market had given capitalism greater adaptability and flexibility, making general crises "less and less probable".
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Murray Bookchin (Wikipedia)
Studied By: Murray Bookchin, Article text
Quote, Studied By: Murray Bookchin, Article text
Rather, Bookchin felt that our environmental predicament is the result of the cancerous logic of capitalism, a system aimed at maximizing profit instead of enriching human lives: "By the very logic of its grow-or-die imperative, capitalism may well be producing ecological crises that gravely imperil the integrity of life on this planet.
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Fredric Jameson (Wikipedia)
Studied By: Fredric Jameson, Article text
Quote, Studied By: Fredric Jameson, Article text
In Jameson's view, postmodernity's merging of all discourse into an undifferentiated whole was the result of the colonization of the cultural sphere-which had retained at least partial autonomy during the prior modernist era-by a newly organized corporate capitalism.
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David Harvey (Wikipedia)
Studied By: David Harvey, Article text
Quote, Studied By: David Harvey, Article text
It makes a contribution to Marxist theory by arguing that capitalism annihilates space to ensure its own reproduction.
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Amadeo Bordiga (Wikipedia)
Studied By: Amadeo Bordiga, Article text
Quote, Studied By: Amadeo Bordiga, Article text
Bordiga's writings on the perceived capitalist nature of the Soviet economy in contrast to those produced by the Trotskyists also focused on the agrarian sector.
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August Bebel (Wikipedia)
Studied By: August Bebel, Article text
Quote, Studied By: August Bebel, Article text
While privately acknowledging the need for practical reforms, he insisted that the party's revolutionary goal-the Kladderadatsch, or great collapse of capitalism-was essential for its identity and unity.
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Alexander Parvus (Wikipedia)
Studied By: Alexander Parvus, Article text
Quote, Studied By: Alexander Parvus, Article text
He held to his concept of a "workers' democracy" as a modified phase of capitalist development, arguing that Russia was not yet ripe for socialism.
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Rudolf Hilferding (Wikipedia)
Studied By: Rudolf Hilferding, Article text
Quote, Studied By: Rudolf Hilferding, Article text
Writing in the context of the highly cartelized economy of late Austria-Hungary, Hilferding contrasted monopolistic finance capitalism to the earlier, "competitive" and "buccaneering" capitalism of the earlier liberal era.
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Ernest Mandel (Wikipedia)
Studied By: Ernest Mandel, Article text
Quote, Studied By: Ernest Mandel, Article text
His late capitalism was late in the sense of delayed rather than near-death.
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Raya Dunayevskaya (Wikipedia)
Studied By: Raya Dunayevskaya, Article text
Quote, Studied By: Raya Dunayevskaya, Article text
Her simultaneous study of the Russian economy and of Marx's early writings (later known as the Economic and Philosophical Manuscripts of 1844), led to her theory that not only was the USSR a "state capitalist" society, but that "state capitalism" was a new world stage.
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Jacques Camatte (Wikipedia)
Studied By: Jacques Camatte, Article text
Quote, Studied By: Jacques Camatte, Article text
He came to see the historical workers' movement as inherently reformist, arguing that the working class's struggles had only served to further its integration into the capitalist community.
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Friedrich Pollock (Wikipedia)
Studied By: Friedrich Pollock, Article text
Quote, Studied By: Friedrich Pollock, Article text
Arguing that Nazi Germany was like the Soviet Union a command economy based on technological rationality, he advanced the view that state capitalism had emerged as a stable, efficient, politically neutral solution to the crises of monopoly capitalism.
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Henri Lefebvre (Wikipedia)
Studied By: Henri Lefebvre, Article text
Quote, Studied By: Henri Lefebvre, Article text
Without revolutionizing everyday life, capitalism would continue to diminish the quality of everyday life, and inhibit real self-expression.
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Luigi Galleani (Wikipedia)
Studied By: Luigi Galleani, Article text
Quote, Studied By: Luigi Galleani, Article text
He defended the principles of revolutionary spontaneity, autonomy, diversity, self-determination and direct action, and advocated for the violent overthrow of the state and capitalism through propaganda of the deed.
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Paul Mattick (Wikipedia)
Studied By: Paul Mattick, Article text
Quote, Studied By: Paul Mattick, Article text
Mattick engaged in debates with Max Nomad over the role of intellectuals and the nature of state capitalism in Russia and fascist Germany.
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John Bellamy Foster (Wikipedia)
Studied By: John Bellamy Foster, Article text
Quote, Studied By: John Bellamy Foster, Article text
Additionally, Foster has worked to expand Sweezy and Baran's theory of monopoly capital in light of the current financially led phase of capitalism, which he terms "monopoly-finance Capital.
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Charles Bettelheim (Wikipedia)
Studied By: Charles Bettelheim, Article text
Quote, Studied By: Charles Bettelheim, Article text
This position also includes a sharp criticism of the international role of the Soviet Union whose politics of development Bettelheim saw as just another variant of capitalist accumulation models.
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Anthony Giddens (Wikipedia)
WikipediaStudied By: Anthony Giddens, Article text
Quote, Studied By: Anthony Giddens, Article text
While class conflict is integral to capitalist society, there is no teleology that guarantees the emergence of the working class as the universal class and no ontology that justifies denial of the multiple bases of modern society represented by capitalism, industrialism, bureaucratisation, surveillance and industrialisation of warfare.
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Peter L. Berger (Wikipedia)
WikipediaStudied By: Peter L. Berger, Article text
Quote, Studied By: Peter L. Berger, Article text
Weber saw capitalism as a result of the Protestant secularization of work ethic and morality in amassing wealth, which Berger integrates into his analysis about the effects of losing the non-secular foundations for belief about life's ultimate meaning.
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Immanuel Wallerstein (Wikipedia)
WikipediaStudied By: Immanuel Wallerstein, Article text
Quote, Studied By: Immanuel Wallerstein, Article text
Contrary to affirmative theories of modernization and capitalism, Wallerstein did not conceive of these differences as mere residues or irregularities that can and will be overcome as the system evolves.
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Wikipedia: Gayle Rubin
WikipediaStudied By: Gayle Rubin, Article text
Quote, Studied By: Gayle Rubin, Article text
When using a Marxist analysis of capitalism within this sex/gender system, the exclusion of women from the system of exchange establishes men as the capitalists and women as their commodities fit for exchange.
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Wikipedia: Luc Boltanski
Studied By: Luc Boltanski, Lead section
Quote, Studied By: Luc Boltanski, Lead section
His major works include On Justification: Economies of Worth (1991), co-authored with Thévenot, and The New Spirit of Capitalism (1999), co-authored with sociologist Ève Chiapello, which examines changes in capitalist management and ideology from the 1960s onward.
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Wikipedia: Eve Chiapello
Studied By: Eve Chiapello, Lead section
Quote, Studied By: Eve Chiapello, Lead section
Ève Chiapello (born 1965) is professor at the École des hautes études en sciences sociales (EHESS), Paris, where she holds a chair in the "sociology of the transformation of capitalism".
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Gopal Balakrishnan (Wikipedia)
Studied By: Gopal Balakrishnan, Lead section
Quote, Studied By: Gopal Balakrishnan, Lead section
In his book Antagonistics: Capitalism and Power in an Age of War (2009), Balakrishnan analyzed the global political economy and the geopolitical dynamics of contemporary capitalism.
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Michael Burawoy (Wikipedia)
WikipediaStudied By: Michael Burawoy, Lead section
Quote, Studied By: Michael Burawoy, Lead section
Michael Burawoy (; 15 June 1947-3 February 2025) was an American sociologist who worked within Marxist social theory, best known as the leading proponent of public sociology and the author of Manufacturing Consent: Changes in the Labor Process Under Monopoly Capitalism-a study on the sociology of industry that has been translated into a number of languages.
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Claus Offe (Wikipedia)
Wikimedia FoundationStudied By: Claus Offe, Article text
Quote, Studied By: Claus Offe, Article text
In a 1972 book, Strukturprobleme des kapitalistischen Staates, he analysed the structural problems caused by the internal contradictions of the capitalist state, keeping an intellectual independence from Marxist dogmas.
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Herbert Marcuse (Wikipedia)
Wikimedia FoundationStudied By: Herbert Marcuse, Article text
Quote, Studied By: Herbert Marcuse, Article text
While a member of the Frankfurt School, Marcuse developed a model for critical social theory, created a theory of the new stage of state and monopoly capitalism, described the relationships between philosophy, social theory, and cultural criticism, and provided an analysis and critique of German Nazism.
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Wikipedia: Jan Nederveen Pieterse
Studied By: Jan Nederveen Pieterse, Article text
Quote, Studied By: Jan Nederveen Pieterse, Article text
His work in political economy examines changing varieties of capitalism, emerging economies, and global power shifts.
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Franco Berardi (Wikipedia)
Studied By: Franco Berardi, Article text
Quote, Studied By: Franco Berardi, Article text
Unlike orthodox Marxists, Berardi's autonomist theories draw on psychoanalysis, schizoanalysis and communication theory to show how subjectivity and desire are bound up with the functioning of the capitalist system, rather than portraying events such as the 2008 financial crisis merely as an example of the inherently contradictory logic of capitalist accumulation.
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Michael Kidron (Wikipedia)
Studied By: Michael Kidron, Article text
Quote, Studied By: Michael Kidron, Article text
Among Kidron's many writings were Western Capitalism Since the War and Capitalism and Theory (1968).
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Anna Tsing (Wikipedia)
WikipediaStudied By: Anna Tsing, Article text
Quote, Studied By: Anna Tsing, Article text
Tsing follows its international journey in order to give the reader insight into the mushroom's complex commodity chain connecting to meditations on capitalism.
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Giovanni Arrighi (Wikipedia)
WikipediaStudied By: Giovanni Arrighi, Article text
Quote, Studied By: Giovanni Arrighi, Article text
His trilogy on the origins and transformations of global capitalism began in 1994 with a book that reinterpreted the evolution of capitalism, The Long Twentieth Century: Money, Power, and the Origins of Our Times.
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Andre Gunder Frank (Wikipedia)
Studied By: Andre Gunder Frank, Article text
Quote, Studied By: Andre Gunder Frank, Article text
Perhaps his most notable work is Capitalism and Underdevelopment in Latin America.
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Theodor W. Adorno (Wikipedia)
Wikimedia FoundationStudied By: Theodor W. Adorno, Article text
Quote, Studied By: Theodor W. Adorno, Article text
Adorno argued that capitalism had become more entrenched by attacking the objective basis of revolutionary consciousness and liquidating the individualism that had underpinned critical consciousness.
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Nancy Fraser (Wikipedia)
Wikimedia FoundationStudied By: Nancy Fraser, Article text
Quote, Studied By: Nancy Fraser, Article text
In other words, Fraser asserts that too much of a focus on identity politics diverts attention from the deleterious effects of neoliberal capitalism and the growing wealth inequality that characterizes many societies.
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Guy Debord (Wikipedia)
Studied By: Guy Debord, Article text
Quote, Studied By: Guy Debord, Article text
He criticized both the capitalism of the West and the dictatorial communism of the Eastern Bloc for the lack of autonomy allowed to individuals by both types of governmental structure.
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Boris Kagarlitsky (Wikipedia)
Studied By: Boris Kagarlitsky, Lead
Quote, Studied By: Boris Kagarlitsky, Lead
He is widely known as a critic of capitalism and imperialism.
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J. Posadas (Wikipedia)
Studied By: J. Posadas, Article text
Quote, Studied By: J. Posadas, Article text
He also writes that capitalism tends to make people self-centered and focus on profits, rather than work on the scientific and civilizational progress of mankind.
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Rudolf Rocker (Wikipedia)
Studied By: Rudolf Rocker, Article text
Quote, Studied By: Rudolf Rocker, Article text
He applies this model to human history, analyzing the Middle Ages, the Renaissance, Enlightenment, and modern capitalist society, and to the history of the socialist movement.
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Wikipedia: William H. Sewell Jr.
Studied By: William H. Sewell Jr., Article text
Quote, Studied By: William H. Sewell Jr., Article text
He has made contributions in the areas of modern French labor, social, cultural and political history, the history of capitalism, and social and cultural theory.
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George Ritzer - Wikipedia
WikipediaStudied By: George Ritzer, Article text
Quote, Studied By: George Ritzer, Article text
Today, "Capitalism needs us to keep on spending at ever-increasing levels to be and remain capitalism." As with several of Ritzer's other principal works, many are translated into languages as diverse as Chinese, Russian, Persian, Hebrew and Portuguese.
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Alex Callinicos (Wikipedia)
Studied By: Alex Callinicos, Article text
Quote, Studied By: Alex Callinicos, Article text
Callinicos was a critic of the humanitarian interventions in Bosnia and Kosovo, arguing that they were conducted solely to promote the global capitalist expansion.
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Stephen Gill (academic) (Wikipedia)
Studied By: Stephen Gill, Article body
Quote, Studied By: Stephen Gill, Article body
Gill argued that US hegemony was reasserted during the 1980s, paving the way for neoliberal capitalism to expand globally in the 1990s under US leadership.
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István Mészáros (Wikipedia)
Studied By: István Mészáros, Lead
Quote, Studied By: István Mészáros, Lead
Described as "one of the foremost political philosophers of the late twentieth and early twenty-first centuries" by Monthly Review, Mészáros wrote mainly about the possibility of a transition from capitalism to socialism.
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Azfar Hussain (Wikipedia)
Studied By: Azfar Hussain, Article body
Quote, Studied By: Azfar Hussain, Article body
Lenin, Antonio Gramsci, and Frantz Fanon, Azfar Hussain in his interdisciplinary work examines how such global systems as capitalism, imperialism/colonialism, racism, and patriarchy work in their interconnections, and how they affect the practice of everyday life both locally and globally, both economically and culturally, and he focuses on the ideas of revolutionary politics and radical social transformation.
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Ernesto Laclau (Wikipedia)
Studied By: Ernesto Laclau, Article body
Quote, Studied By: Ernesto Laclau, Article body
Laclau's early work was influenced by Althusserian Marxism and focused on issues debated within Neo-Marxist circles in the 1970s, such as the role of the state, the dynamics of capitalism, the importance of building popular movements, and the possibility of revolution.
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Cornelius Castoriadis (Wikipedia)
Studied By: Cornelius Castoriadis, Article body
Quote, Studied By: Cornelius Castoriadis, Article body
Castoriadis was particularly influential in the turn of the intellectual left during the 1950s against the Soviet Union, because he argued that the Soviet Union was not a communist but rather a bureaucratic capitalist state, which contrasted with Western powers mostly by virtue of its centralized power apparatus.
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Donna Haraway (Wikipedia)
WikipediaStudied By: Donna Haraway, Article body
Quote, Studied By: Donna Haraway, Article body
The manifesto is also an important feminist critique of capitalism by revealing how men have exploited women's reproduction labor, providing a barrier for women to reach full equality in the labor market.
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Che Guevara (Wikipedia)
Studied By: Che Guevara, Lead
Quote, Studied By: Che Guevara, Lead
His experiences and studying of Marxism-Leninism led him to posit that the Third World's underdevelopment and dependence was an intrinsic result of imperialism, neocolonialism, and monopoly capitalism, with the only remedies being proletarian internationalism and world revolution.
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Erich Fromm (Wikipedia)
Studied By: Erich Fromm, Article body
Quote, Studied By: Erich Fromm, Article body
Fromm's critique of the modern political order and capitalist system led him to seek insights from medieval feudalism.
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Alexander Bogdanov (Wikipedia)
Studied By: Alexander Bogdanov, Article body
Quote, Studied By: Alexander Bogdanov, Article body
He thus predicted that even after the war, the new system of state capitalism would replace that of finance capitalism even though the destruction of the forces of production would cease.
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Max Horkheimer (Wikipedia)
Wikimedia FoundationStudied By: Max Horkheimer, Lead
Quote, Studied By: Max Horkheimer, Lead
Advancing a materialist theory of reason and society, Horkheimer analyzed the rise of instrumental reason, the erosion of the concept of truth, the decline of individual autonomy, the social-psychological roots of authoritarianism, and the reproduction of domination under modern capitalism.
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