Politics Pragmatic Capitalism Pdf


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Alternative perspectives on finance, economics and investing. My View On: Minsky's Financial Instability Hypothesis · Bringing Back the Pragcap Discussion Forum! Odd Lots Podcast – Talking MMT · Three Things I Think I. Book Review: Pragmatic Capitalism. One of the many reasons investors have been so whipsawed by the markets since is a lack of understanding about.

Pragmatic Capitalism Pdf

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Cullen Roche at Pragmatic Capitalism has been a fixture on the financial blogging scene for some time now. He was named by Josh Brown as. Editorial Reviews. From Booklist. Roche, financial consultant and blogger, aims to offer a sensible framework for considering money, finance, and economics in. A Cheat Sheet for Understanding the Different Schools of Economics _ Pragmatic Capitalism - Download as PDF File .pdf), Text File .txt) or read online.

Well I am tempted to say unlike 20th century interpretations of socialism, ecosocialism places Marx at the centre of its analysis. Marx and Engels were contradictory thinkers — if you understand Marxism as a slogan or something empirically flat you ignore the nuances of the system.

So yes Marx and Engels praised globalisation, argued that a raising of the productive forces created working class agency and the potential to create a society that met human needs.

However, it is equally true that they were profoundly aware of environmental problems and the way that capitalism attacks through the environment. They are simply its possessors, its beneficiaries, and have to bequeath it in an improved state to succeeding generations as boni patres familias [good heads of the household].

Book Review: Pragmatic Capitalism

Marxism was transformed into a form of positivism, crude productivism dominated and Stalinism took its toll. Twentieth century socialism in its reformist, social democratic flavours was also productivist.

Of course there were exceptions. Lenin had some green tinges but, alas, after he died socialism was deformed in so many ways. While I am not a Leninist, I would acknowledge there is a big difference between his ideas and many later interpretations of Leninism.

In the early years after the Russian Revolution, conservation was very important. Rosa Luxemburg cared for animals and birds. Ecosocialism is focused on democratic property rights — the commons.

Socialism is primarily about property relations — these are articulated together with productive forces, of course, but Marx was primarily interested in a communist society, that is, a society based on democratic ownership of the means of production by the population. This is key and this, as Marx reminds us in the quote from Das Kapital, must be achieved in ways that sustain future prosperity.

Derek Wall: 'Ecosocialism is a pragmatic, effective response to the crisis on our planet'

That is, ecology is vital. In your recent book The Rise of the Green Left you track the development of ecosocialist ideas but also the growth of social movements that are influenced by, and are helping to further develop, ecosocialism. Where are these movements the strongest?

Well Australia deserves an honorable mention. An Australian, the late great Nick Origlass, who was a revolutionary and in his last years a Green Party member, fought all his life using elections, strike action and direct action and is a real hero to me.

In Britain, although more formally anarchist than ecosocialist, the direct action environmental movement since the anti-roads protest of the s and more recent climate camps have used militant direct action to challenge the destruction of the planet.

They have linked with workers like the occupying wind turbine workers at Vestas on the Isle of Wight and they have seen capitalism as the root of environmental destruction.

However, the real action is in Latin America — from the Mapuche revolt in Chile to the struggles of indigenous peoples in countries like Ecuador, the social movements for ecology and social justice are racing ahead. In turn, leaders like Morales and Chavez have been arguing for ecosocialist ideas. It was nice to see, for example, the recent car-free day in Bolivia. The relationship between states and social movements is vital.

State lefts have not always fully delivered but without left victories space for social movements would be reduced. At their best, the socialist states aspire to ecosocialism. However, there are stark contradictions. The social movements need to keep pushing the states.

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However, make no mistake, the Western media, who want a return of the old comprador elite states that will crush the social movements, use ecological failures to attack these countries. As I have noted the most militant and effective of the social movements in the world are Aidesep in the Peruvian Amazon. We can all learn from them — they are seriously good and strategic.

The social protests from Chile to here in Britain show that people are growing tired of neo-liberalism and are prepared to challenge the system. Some environmentalists and writers have pointed to the dangers of endless economic growth and have offered various proposals for a zero-growth or steady state economy.

Is zero growth possible in a capitalist economy?

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The short answer is no. Firms compete to make profit. Those who make the most profit can reinvest in capital and with more efficient machinery they out compete other firms. Firms have to make profit to survive.

The problem is, from declining oil to diminishing fish stocks, an environmental wipeout is occurring. We could rollout good public transport, eat lower on the food chain, make goods that last longer — there are all sorts to ways of gaining prosperity without growth. You can make goods repairable or modular for easy upgrade, but in an irrational system we throw away and buy more and the system works.

But the better the system works the worse it is for us and the rest of nature.

But capitalism only works if we work harder, consume more and throw more away. Capitalism without growth is capitalism in crisis, as we can see at present. The commons is collectively-owned property, as opposed to state or privately-owned. Communities, including indigenous and peasant farmers, have collectively regulated resources including land, forests and fisheries for thousands of years. Access is free, but those with access must conserve the resource.

In , [US political economist] Elinor Ostrom won a Nobel Prize for economics, incidentally the first woman to do so. Her research shows that, with care, commons can create sustainable and prosperous economies. Therefore when we analyze and understand the system we must always approach it from the reality that we reside in a fiat monetary system that is credit based. Any discussions about barter or commodity money are largely inapplicable to our modern monetary reality.

It is the thing that gives us access to the show that is the economy. Mistaking money for wealth is like mistaking the theater ticket for the performance. The reality is that the ticket is the means to the end.

For most of us true wealth includes things like shelter, food, water, security, companionship, family, and things that money may or may not give you access to. The capitalist system is most efficient and productive when its users are providing goods and services that enhance the lives of other participants within this system.

The private, profit-motivated, and competitive nature of the capitalist system is operating best when its users understand that good capitalists serve themselves best by serving others. Abnormal Returns, since its launch in , has brought the best of the finance and investment blogosphere to its readers.

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E-mail sign-up. Search Search for: We use cookies to improve your browsing experience and the functionality of our site.There have been hysterics by many over Fed policies and what they would mean for the financial markets yet not enough voices that offer objective or helpful views on the matter. It was unique, covered a wide variety of interesting material and I gained a new perspective on a number of important financial issues.

So yes Marx and Engels praised globalisation, argued that a raising of the productive forces created working class agency and the potential to create a society that met human needs. They have linked with workers like the occupying wind turbine workers at Vestas on the Isle of Wight and they have seen capitalism as the root of environmental destruction. The Amazon is key as a carbon sink, absorbing CO2.


The commons is always under threat of enclosure. What are the most valuable insights ecosocialists can bring to discussions about the source of our ecological problems? British spellings are welcome.