Module Directory

In this module, we will study the views of both defenders and critics of capitalism.

In exploring the arguments around capitalism as an economic system and form of life, we will study a range of texts, both historical (such as Adam Smith, G.W.F. Hegel, Karl Marx, Friedrich von Hayek, Milton Friedman, Karl Polanyi) and contemporary (such as Nancy Fraser, Liza Herzog, Debra Satz, Elizabeth Anderson, and Wolfgang Streeck)

The aim of this module is:

• To familiarise students with discussions of capitalism and its critics, specifically those influenced by the Western Marxist tradition and its forerunners.

By the end of this module, students will be expected to be able to:

1. Have knowledge of the Western Marxist and its forerunners.


2. Have a good understanding of the main theories, models and concepts applied in the analysis and critique of capitalism.


3. Have a good critical evaluation of the arguments made by advocates and critics of capitalism.

In recent years, and especially since the financial crisis of 2008, the social consequences, moral acceptability, and even the long-term viability of capitalism have come under renewed scrutiny.

Is capitalism the best way of organizing the economic life of society, so as to secure individual freedom and economic prosperity? Or does it lead to the pillaging of nature and exploitation of human beings, socially damaging levels of inequality, and the morally regrettable transformation of everything of value into a commodity for sale? And if it does lead to fundamental problems, can it be reformed or do we need a non-capitalist economy (and what would that be)?

Indicative Syllabus (the exact details will change from year-to-year)

• Introduction
  We begin by considering what capitalism is, with particular focus on its current phase -- i.e. what is often called "neoliberalism". The next sessions are framed by surveying briefly the contested terrain of positions taken by defenders, reformers, and radical critics of capitalism.


• Adam Smith on 'commercial society' and political economy
  Adam Smith is often presented as the founding father of modern economic theory, and as someone who defended unrestricted free-market capitalism (or 'commercial society', as he called it). We investigate his views and uncover some of its complexities, including (a) his openness to certain forms of state intervention and market regulation, and (b) his critical views of certain aspects of capitalism.


• Hegel on freedom, abstract right, and capitalism
  Hegel recognises that capitalism realises an important dimension of freedom, but he also criticises it for overlooking other dimensions of freedom. Moreover, he realised that capitalism leads to crises and argues that it will continue to do so, unless it is regulated by the state and supplemented by other spheres of recognition and self-realisation (as well as welfare provision). Thus, he is one of the first reformist critics of capitalism.


• Karl Marx (I): The Young Marx and the Critique of Alienation
  Karl Marx stands out among the early radical critics of capitalism for the intellectual power and scope of his work, and for his deep understanding of the presuppositions and implications of the new theories of political economy. We consider various aspects of his theory in this module. This week we start with his earlier works and the influential charge that alienation is intrinsic to the capitalist mode of production.


• Marx's critique of capitalism II: exploitation and justice
  Next, we critically scrutinise Marx's claims about the exploitative nature of capitalism, and the normative status of these claims, looking particularly at Western Marxist accounts. Are the proletarians forced to sell their labour power? And if so, does this mean that they are exploited?


• The Empire Strikes Back – 20th/21st century defenders
  Not least in the wake of the experiences in nominally socialist countries, defenders of capitalism hit back. This week, we discuss the case they make for capitalism's superiority over other socio-economic systems.


• Reading Week – no lecture/class unless notified otherwise by teacher.
  The purpose of Reading Week is for students to catch up on reading from previous weeks (notably any readings in addition of the weekly required readings) and make major progress with their assignments. Also, if teaching events have to be rescheduled, they usually fall in Reading Week. Office hours will normally run in Reading Week, and students should avail themselves of this opportunity to discuss module material or raise any other queries about their studies, personal development or future career.


• Capitalism and Democracy
  Right from the beginning, an important criticism of capitalism has been that it is undemocratic, and this has been particularly important within the Western Marxist tradition. Private ownership of the means of production removes a vital aspect of social life (material production) from collective control. Also, economic power always threatens to control political processes too. This kind of criticism has regained new salience in the context of neoliberalism, where the social constraints of the welfare state on capitalism are being dismantled. Reformist critics make a range of proposals to regulate capitalism in a way that is meant to render it compatible with democracy.


• Feminism and the Critique of Capitalism
  This week, we consider arguments over the relation between emancipatory goals of feminism and the critique of capitalist society – something particularly important within Western Marxism. We also consider related issues to do with commodification (i.e. turning some things normally not for sale -- like reproductive labour -- into things that can be sold and bought, into commodities).


• Why Not Socialism?
  In the final week, we consider what radical critics say about a socialist alternative, especially those standing in the Western Marxist tradition, and discuss the merits and drawbacks of this alternative.

This module will be delivered via:

• One 1-hour lecture per week.
• One 1-hour discussion seminar per week at which issues covered in the lecture and the wider literature will be discussed.

Week 8 is Reading Week.