Yesterday,The Daily Devils Dictionaryhighlighted thebattlethat is beginning to shape up in the media and in political circles around whether a return to a real or imaginary pre-pandemic status quo is possible. Most commentators in the West understand that the status quo they refer to embraces two major concepts: a globalized, liberal, free market economy and nations with political regimes based on (or at least paying lip service to) representative democracy.
On March 19, the newspaper The Australian reported this surprising piece ofexpert analysis: Macquarie Wealth Management, the stockbroking arm of the beating heart of Australian capitalism, Macquarie Group, has warned that conventional capitalism is dying and the world is headed for something that will be closer to a version of communism.
The arrival of Podemos and VOX on the Spanish political scene not only meant that voters had new electoral options. It also led to a new, groundbreaking style that was a change from the stereotypical, uncreative and overused rhetoric displayed by other parties for years.
With Podemos, a left-wing party, Spaniards have become accustomed to phrases that are a break from what they considered old and useless ways of doing politics. This is referred to as vieja poltica vs nueva poltica, or old politics vs. new politics.
Words change their definition over time. Until 2020, most people thought they knew what the word communism meant. A firm of capitalist investment advisers tells us we may now need to rethink it.
Todays definition takes into account two moments of history, one in the future (from a dictionary to be published circa 2030) and one that includes the past and present.
Here is todays 3D definition:
Communism (future definition):
An imaginary and idealized form of centralized political and economic organization that for 150 years, beginning in the late 19th century, stirred the imagination of a series of thinkers and political leaders, all of whom, as soon as they tried, were incapable of applying the concept to real human societies but, nevertheless, persisted in promoting it or even claiming to have achieved its realization. This was until, following the devastating implosion of advanced financialized capitalism in the third decade of the 21st century, it suddenly reappeared as the global economic norm, silently replacing the fragile notion of free markets in the space of only a few years.
Communism (present definition):
An imaginary and idealized form of centralized political and economic organization that inspired well-organized revolutionary leaders in several nations to overthrow existing despotic regimes to replace them by new despotic regimes focused on applying principles of social management to entire nations, without the leaders themselves having any understanding of those principles.
Macquarie Wealth Management cites the notion of conventional capitalism, which implies that an unconventional form of it may also exist. The same can be said of communism. In reality, people speak all the time about capitalism and communism without having any clear idea about their definition. Communism at least contains the idea of a group of people, the community, just as socialism contains the idea of society. The word capitalism represents a kind of absurdity because it makes no reference to people. Capital, in the sense of capital goods or the means of production, exists in everyeconomy, whatever its organization and whatever its attitude toward ownership.
What capitalism ended up meaning in most peoples minds for the better part of two centuries was not just the simple fact that industry requires capital investment a given in any economic system but that capital (money and production capacity) has more weight than people in economic decision-making. Financialized capitalism even reaches a point at which people are totally irrelevant. Money (the marketplace) has a mind of its own.Embed from Getty Images
Capitalism as most people understand it means that individuals, groups or institutions that own or control capital have a power of decision-making that is specifically denied to the people merely involved in production and consumption. The only difference would be that in communism, the ownership is said to be collective, meaning all of society has a stake in the ownership of the capital. That may be the distinction Macquarie had in mind when it claimed that capitalism would be replaced by a version of communism.
The Australian explains that Macquarie analysts and researchers said a number of policies announced in recent days, including cash payments to US residents, credit guarantees for businesses in Germany, and a Swedish stimulus worth 6 per cent of the Nordic countrys economy to keep banks lending to companies, were a sign that governments were shifting towards neo-Keynesian andModern Monetary Theorypolicies, including a universal basic income guarantee. That type of communism, if applied permanently rather than provisionally during a crisis, would mean that all of the mechanisms of a market economy would still exist, but high-level decision-making would take into account the welfare of real people the entire community rather than merely shareholders seeking maximum profit.
When journalists espousing the liberal or conventional capitalist point of view react to the reality of the policies being put in place across the globe to counter the economic effects of theCOVID-19 pandemic, they may be tempted to call it war capitalism. That is how Adrian Wooldridge atThe Economistframed it this week. Macquaries communism is Wooldridges war capitalism. The difference lies in the fact that Wooldridge sees it as an ephemeral measure intended to last only for the duration of the threat. And he insists that, just as happened in the US after World War I, the crisis will be followed by a return to normalcy, a term invented or at leastpopularizedby US President Warren G. Harding in the 1920 election.
Other commentators even conservative billionaireMark Cuban(a possible future US presidential candidate) and centrist French PresidentEmmanuel Macron appear to lean in Macquaries direction, despite their own philosophical preferences.They understand that things simply will simply not be the same in a post-pandemic world. There will be no return to normalcy. The nations of the world and the world itself as a global community must work to build a new equilibrium, not seek to reproduce an old one, especially one that has shown itself, through two successive crises, to be fundamentally unstable.
In anarticleon Al Jazeera, the award-winning economic journalist Paul Mason highlightsthe contrast between the top-down crisis in 2007-08 provoked by mad derivative-based logic of the global financial system and the bottom-up collapsing foundations of todays crisis provoked by the reaction to the coronavirus. Mason expects radical change and quotes Macquaries analysis. He cites as historical evidence the dramatic effects of the Black Death in 14th-century Europe that precipitated the dismantling of feudalism. Mason argues that capitalism is unlikely to survive, long term and in the short term it can only survive by adopting features of post-capitalism. Its no longer a question of political will but of social necessity.
Nobody in a position of political responsibility wants chaos, though it would appear that some people in a position of economic responsibility are so focused on their fiduciary duty that chaos outside of their own market would only be an unfortunate byproduct of their short-term decision-making. Politicians fear the pitchforks of history. Mason cites the incredible violence of the Peasants Revolt, the French Jacquerie and other similar events following the outbreak of plague in the 14th century, violence that quickly results in serious destruction and ideological transformation. Even when violently quelled, such revolts provoke lasting change, fatally undermining the power relationships of the normal order that preceded the crisis.
Future historians will look back at the 20th century and wonder why, for a brief space of history, people were so obsessed with isms. Consistent with the reality of the emerging consumer society, political thinking came to be conceived as a kind of catalog of ideological packages that political groups could arrange in a display case from which consumers could choose their preferred brand.
The identities of the brands were singularly confusing, partly because the marketers shifted their branding strategies incomprehensibly, appealing alternatively to the intellect or the emotions. They based some of the appeal on a supposed understanding of the economy (communism, capitalism, socialism), some on political hierarchy (authoritarianism, populism), and some on power relationships (nationalism, fascism). There were other somewhat eccentric isms as well that corresponded to a narrower consumer target audience: communitarianism, libertarianism, religious fundamentalism.
The same was true in the arts, where, after the success of impressionism in the late 19th century, all sorts of isms burst forth to attract the publicas well as the artists themselves, offering them a shared brand to exploit for individual artists who couldnt manage to turn their name into a brand: pointillism, fauvism, cubism, expressionism, surrealism, minimalism, constructivism, naturalism, to name only a few. Commercialism never achieved the status of a movement, but it was constantly present as a central feature of the art market. And, of course, the art market over recent decades has become dominated not by aesthetic principles, but by the factor of capitalistic investment. Just last week, Forbesinformed usthat, in the midst of a pandemic, The Art Market Is Beating The Stock Market.
As the consumer society itself appears to have reached the point of beingconsumed by the pandemic, we shouldnt be surprised if the age of isms itself may be ending. In 2016, the Democratic primary campaign of Senator Bernie Sanders restored some respectabilityto the term socialism, a word vilified in the US for decades as synonymous with un-American. The fact that society will only remain sustainable at the price of transforming many of its institutions means that it will make no difference whether the economic system that emerges from a crisis is described by commentators as post-capitalism, democratic socialism, humanistic communism, unconventional capitalism or a trendy new moniker that doesnt end in ism.
Though many in the public eye are still making a profession of denying it, we already knew that the planet was in peril. Some radical change in our way of life is clearly required to avoid the destruction of humanitys lifeline. Now we can see with our own eyes that what many thought of as the natural order of a free market economy is in a state of provoked collapse. Nobody knows what form it will take, but the new rulebook for the worlds political and economic system will, in the coming years, be very different from what it is today. Will some enterprising marketer invent a new ism to describe it? Or will another Warren G. Harding attempt to impose a normalcy that has been proven unsustainable.
The last time normalcy was imposed, by President Harding and his ilk, the US experienced in quick succession: Prohibition, the Jazz Age, the stock market crash of 1929, the Great Depression, the rise of fascism that included the Business Plot, the Spanish Civil War, Adolf Hitler and World War II. That normalcy didnt seem much like a status quo. It may not be the pattern most people would like to see repeated in our immediate future.
This article was first published in Fair Observer
The views expressed in this article are the authors own and do not necessarily reflect Qrius editorial policy.
Stay updated with all the insights.Navigate news, 1 email day.Subscribe to Qrius
Read more from the original source:
- Universal basic income - Pros and cons - Economics Help - July 27th, 2021
- Basic income guarantee pilot scheme for the arts sector - July 25th, 2021
- Basic income guarantee scheme to be piloted for artists - July 25th, 2021
- Money printing is a flawed experiment that's done America more harm than good - MarketWatch - July 21st, 2021
- Universal basic income would be 'great opportunity' for independence - The National - July 18th, 2021
- Universal credit cut set to leave millions with less than half of acceptable living standards income - The Independent - July 14th, 2021
- Is a universal basic income coming to Wales? Campaigners say now is the time - Big Issue - May 16th, 2021
- Minister Martin: We can protect our artists by covering their basic living costs - thejournal.ie - March 21st, 2021
- Clubhouse promises its accelerator participants either brand deals or $5K per month during the program - TechCrunch - March 16th, 2021
- Agenda: Is Universal Basic Income the key to tackling care leaver poverty? - HeraldScotland - March 7th, 2021
- Get creative to help artists through pandemic - The Guardian - February 16th, 2021
- The economy can't guarantee a job. It can guarantee a liveable income for other work - The Conversation AU - January 25th, 2021
- Donald Trump and Richard Nixon: 10 comparisons the Internet made to show POTUS is '10X worse' - MEAWW - January 15th, 2021
- Basic income for all: Has the Covid crisis given us a new economic model? - The Irish Times - November 29th, 2020
- Universal basic income has time come for it? Debate intensifies in pandemic - WRAL Tech Wire - November 29th, 2020
- We Need Universal Basic Income And We Need It Now - Scary Mommy - August 30th, 2020
- Prepare for the irreversible rise of non-profit activity everywhere - Livemint - August 26th, 2020
- Five Things You Need to Know to Start Your Day - Bloomberg - August 26th, 2020
- In the wake of Covid-19, time to consider basic income: Senate report - Investment Executive - July 15th, 2020
- COVID-19 on P.E.I.: What's happening Tuesday, July 14 - CBC.ca - July 15th, 2020
- COVID-19 on P.E.I.: What's happening Monday, July 13 - CBC.ca - July 15th, 2020
- COVID illuminates global inequalities in workers' rights and working conditions - University of Birmingham - June 24th, 2020
- Why a Universal Basic Income is the solution to inequity - Women's Agenda - June 24th, 2020
- Crypto Experts Reveal Thoughts: How Will Bitcoin Perform After the COVID-19 Crisis Has Passed? - Yahoo Finance - June 24th, 2020
- A universal basic income is less attractive if it needs to be paid for - American Enterprise Institute - June 17th, 2020
- KAREN FOSTER: Pandemic pay premium for grocery store employees a flash in the pan - TheChronicleHerald.ca - June 17th, 2020
- COVID-19: UN agencies warn against rising hunger in Latin America and the Caribbean - UN News - June 17th, 2020
- Why recovery needs to have children at its centre - Social Europe - June 17th, 2020
- Basic Income activism in the United States | BIEN - Basic Income News - June 6th, 2020
- When All Men Are Paid for Existing: Universal Basic Income Has Arrived - National Review - June 6th, 2020
- Local funds model the racial reckoning and renewal central to the COVID recovery - ImpactAlpha - June 6th, 2020
- National Security at the United Nations This Week (May 8-15) - Just Security - May 15th, 2020
- What is Basic Income? | Guaranteed Universal Basic Income - May 11th, 2020
- Basic Income Guarantee | Universal | UBI - May 11th, 2020
- Coronavirus is a crisis for the developing world, but here's why it needn't be a catastrophe - The Guardian - May 11th, 2020
- Universal Basic Income: Andrew Yang Was Pushing for It Long Before Coronavirus Pandemic - PopCulture.com - May 11th, 2020
- Starvation in the time of Corona: momentum for the Universal Basic Dividend - DiEM25 - May 11th, 2020
- Is this the beginning of a Universal Basic Income? - Yahoo Finance Australia - April 11th, 2020
- How the Pandemic Could Shape the Economy In the Future - TheStreet - April 11th, 2020
- After the pandemic, will there be a new status quo? - The Corner Economic - April 11th, 2020
- UK workers hit by the economic pain of coronavirus need an income guarantee - The Guardian - April 9th, 2020
- The complexities of a universal basic income - Knowable Magazine - April 9th, 2020
- How Are We Going to Pay for It? - Common Dreams - April 9th, 2020
- We're all socialists now | The Interpreter - The Interpreter - April 9th, 2020
- Out of the coronavirus crisis, a new kind of Britain must be born - The Guardian - April 9th, 2020
- Michael Clifford: Is it now time to give some real thought to Universal Basic Income in Ireland? - Irish Examiner - April 9th, 2020
- COVID-19 kicks over the economy - rabble.ca - April 9th, 2020
- Covid-19 Unmasks the Privilege of Isolation in Rio de Janeiro and All Brazil - RioOnWatch - April 9th, 2020
- How WhatsApp is making it more expensive to spread misinformation - The Verge - April 9th, 2020
- For artists and gig workers, expanded emergency benefit access is encouraging but worries about the post-COVID-19 future remain - Toronto Star - April 9th, 2020
- Common Arguments Against Basic Income Don't apply to the Emergency BI - Basic Income News - March 31st, 2020
- I've lived through plenty of social shocks this time we must learn the lessons - The Guardian - March 31st, 2020
- How a Basic Income And Jobs Guarantee Can Save The Economy From Coronavirus - The National Interest - March 26th, 2020
- Draghi: we face a war against coronavirus and must mobilise accordingly | Free to read - Financial Times - March 26th, 2020
- Lockdown to fight coronavirus is going to hit most Indian workers very hard - Livemint - March 26th, 2020
- Universal basic income: what is it, how does it work and could it help fight the coronavirus crisis? - Telegraph.co.uk - March 24th, 2020
- It's time to move mountains to protect people we need universal basic income - The Guardian - March 24th, 2020
- Italy: Urgent petition in time of Corona Virus: Expanding the Citizen's Income Scheme! If Not Now, When? - Basic Income News - March 24th, 2020
- Coronavirus: Iain Duncan Smith says dont bring in universal basic income during pandemic as it would be disincentive to work - The Independent - March 24th, 2020
- Solidarity Economicsfor the Coronavirus Crisis and Beyond - The American Prospect - March 24th, 2020
- Trump's right: Congress should give Americans $1,000 right now to fight the coronavirus recession - The Conversation US - March 24th, 2020
- Covid-19s Economic Pain Is Universal. But Relief? Depends on Where You Live. - The New York Times - March 24th, 2020
- Who the government's coronavirus economic measures leave behind - Left Foot Forward - March 24th, 2020
- COVID-19 outbreak brings attention back to informal sector - Down To Earth Magazine - March 24th, 2020
- Coronavirus, Surveillance And The Redefinition Of The Social Contract - Forbes - March 24th, 2020
- Commentary: We need food, medicine and safety not tax cuts and corporate bailouts to face coronavirus - The Daily World - March 24th, 2020
- New Zealand Orders Month-Long Lockdown To Halt Spread Of Coronavirus - International Business Times - March 24th, 2020
- All the Coronavirus Tribes You've Met During the Outbreak - VICE - March 24th, 2020
- Fiscal Policies to Protect People During the Coronavirus Outbreak - International Monetary Fund - March 5th, 2020
- Column: Socialism is not the American way | Opinion - Duncan Banner - February 29th, 2020
- P.E.I. Premier Dennis King talks climate, economy and highs and lows in Part 2 of his year-end interview with The Guardian - The Journal Pioneer - January 3rd, 2020
- We need to test whether our millions in education aid is actually working - Financial Post - January 3rd, 2020
- A modern method of cutting poverty: Investigating what Universal Basic Income will mean for Northern families - Mancunian Matters - December 13th, 2019
- The Guardian view on Finlands new PM: a different type of leadership - The Guardian - December 13th, 2019
- Want to Retire in Harmony? Make Sure All Parts of Your Plan Are in Sync - Kiplinger's Personal Finance - December 13th, 2019
- Broadband for All could revolutionize wifi in UK, if it's possible - Inverse - November 30th, 2019
- California higher education hangs in the balance as UC, Cal State search for new leaders - Los Angeles Times - November 30th, 2019
- Food shopping at dollar stores - Brantford Expositor - August 22nd, 2017
- How Cities Can Rebuild the Social Safety Net - CityLab - August 20th, 2017
- Universal Basic Infrastructure to help decrease India's poverty - Economic Times - August 15th, 2017