The End of Capitalism

From: Subject: The End of Capitalism Date: Sun, 9 Jan 2005 20:29:32 -0800 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0031_01C4F689.ED88E260" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0031_01C4F689.ED88E260 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.via-visioninaction.org/articles/auth6/A.htm The End of Capitalism

The=20 End of Capitalism
and the Triumph of the = Market=20 Economy

James C. Bennett

An=20 excerpt from the author=92s forthcoming book The Anglosphere=20 Challenge.
Reprinted=20 by permission of the author

A funny thing = happened on the way=20 to the Third Millennium. Capitalism ended. At least, capitalism as = defined=20 by the man who coined the term. It is a peculiarity of = socio-economic=20 systems that they are typically known by the names that others = give to=20 them. The knights and princes of the Middle Ages=20 never knew that they lived under feudalism; this name was invented = only in=20 the modern era.

Our=20 current era is a particular case of these peculiarities. We call = our=20 economic system capitalism, and our = political=20 system one of democratic nation-states. Yet the term capitalism = comes from=20 Karl Marx, who thought that the era of market-economy = nation-states was,=20 in the middle of the 19th Century, on the verge of being replaced = by a=20 world state with a centralized command economy, which he termed = scientific=20 socialism. He was wrong about the inevitability of the transition = to a=20 command economy, as well as the desirability of that transition. = These=20 facts have finally been generally accepted. Yet we continue to = accept his=20 term of capitalism, and for the most part his definition of that = system,=20 and think of the market economy and capitalism as being = synonymous. This=20 is sloppy thinking.

Marx=20 saw capitalism as a step on the road to centralization of society, = economy, and the State. In his system, the relation of individuals = to the=20 means of production of material goods and services was the = fundamental=20 tool for analyzing society. In his system, land was the principal = means of=20 production under feudalism, at a time when agriculture was the = principal=20 productive activity, and the fact that land was owned by feudal = lords made=20 them the ruling class of feudal society. He saw capitalism as = being the=20 system of the industrial revolution, in which industry replaced agriculture as the principal = productive=20 activity. The means of production =97 the industrial plants and = tooling =97=20 were large, expensive machine installations, and were owned by the = shareholders of the corporations that arose to build them. Thus = the class=20 of shareholders became the ruling class of industrial society. = Because=20 ownership of capital =97 liquid, investable wealth, and the = industrial=20 plants it paid for =97 was the characteristic of this class, he = called the=20 system capitalism.

Over=20 the past three decades, however, an enormous transition has taken = place.=20 Industrial manufacture has declined as the dominant and = characteristic=20 activity of the economy, and has been replaced by the production,=20 organization, and manipulation of information. The means of = producing and=20 processing information have become the principal economic = activity, and=20 the tools used in those processes =97 computers and information = networks =97=20 have become the principal means of production. At first, this = seemed to=20 not matter to Marxists, and others who saw the ownership of = capital and=20 thereby of the means of production to be the salient feature of = the=20 economy. The production and manipulation of information seemed to = require=20 large, capital-intensive tools =97 computers, communications = networks, and=20 broadcasting systems =97 and it seemed as if large corporations = could=20 dominate this field by the control of the massive capital needed = to create=20 and operate these tools.

The=20 rise of Microsoft to dominance seemed to validate this model. = Employing=20 thousands of Microserfs, using its massive capital to amass = software=20 patents and enforce them, maintaining battalions of lawyers to = wear down=20 the competition, and using its capital throw-weight to establish = new=20 products through brute-force control of advertising and = distribution,=20 Microsoft seemed to be the Standard Oil of the new industry. Yet = just as=20 Microsoft seemed to be guaranteeing the predominance of the = capitalist=20 model into the new era, several significant things were happening = which=20 suggested that, rather than being the first corporation of the new = era,=20 Microsoft was the last corporation of the passing one. =

The=20 first thing was that the falling price of computers crossed the = line to=20 the point where the average programmer could afford to own a = computer=20 capable of producing the code he typically produced. This meant = that, for=20 the first time since the beginning of the Industrial Revolution, = the=20 ownership of the most critical tool of production of the most = critical=20 industry of the world=92s leading economy became readily = affordable by the=20 individual worker. Throughout the first three decades of the = Information=20 Age, the individual worker was still as dependent on his employer = for his=20 means of production as was any textile worker in Manchester=20 or Lawrence=20 in 1840. Suddenly, this changed. Now, it is as if a steelworker = could=20 afford his own blast-furnace or rolling-mill; an automobile worker = his own=20 assembly line. By strict Marxist definitions, capitalism ended = some time=20 in the early 1990s. I have nowhere seen this fact brought to the = attention=20 of the world.

The=20 second thing which has changed is the rise of the Internet. This = is taking=20 the control of the communication networks, and ultimately of the=20 communications media, out of the hands of the large corporations = which=20 have always controlled them. It is creating the basis for a = heterogeneous,=20 worldwide, real-time market in which packages of communications=20 capability, and content, will be bought and sold as commodities, = and in=20 which small players will likely hold the advantage over big ones. = The=20 Internet, the computer, and broadcasting capabilities will just be = arbitrary divisions within a wider uniform medium. The cost of a = facility=20 for Webcasting is far less than the cost of a facility for = television=20 broadcasting; in a few years the quality of the Webcast will be as = good,=20 if not better, than that of broadcast television, and the cost of = a=20 Webcasting facility for high-quality production will readily be in = the=20 range of many individuals. Just as the individually-owned computer = capable=20 of producing first-rate software is revolutionizing the work = relations of=20 software, the individually-owned Webcasting facility will change = the=20 nature of the media.

It=20 is also changing the dynamics of production. Even though the tools = of=20 production can now be owned by the = workers,=20 individually and severally, there still seemed to be a need to = bring=20 programmers together in one place and put them under the control = of=20 management. Although this is still the case in = most=20 instances, the rise of Linux and other open-source products has = provided=20 another paradigm, and one which will soon grow to become the = principal=20 model of production in the principal industry of the leading = economies of=20 the planet.

The=20 open-source software world is unlike anything described by Marx, = either as=20 present reality or future possibility. Let us consider the world = of Linux,=20 the most famous open-source product. Software code is produced = without=20 direct cash compensation by a wide collection of individuals, = voluntarily=20 coordinating themselves over the Internet. Consensus is the = primary=20 decision-making mode. Expertise and renown are then used as a = platform for=20 marketing individual=92s services as employees and as members of=20 entrepreneurial teams in for-profit companies (such as Red Hat) = which take=20 the basic open-source code (which is available to all, free on the = Internet), and turn it into commercial variants which are sold and = supported by those companies. The Linux world runs what amounts to = a=20 parallel economy paying in reputation, rather than cash, linked = loosely to=20 the cash economy. It is a one-way linkage; reputation can be = turned into=20 cash, but cash cannot be turned into reputation. It is remarkably = free=20 from regulation and confiscation; no government agency can take = reputation=20 away from one participant and give it to another. =

The=20 closest analogy to the Linux model of production may be that of = the live=20 theater industry. There would-be actors perform for free or for = minuscule=20 reward to demonstrate their talents. Eventually they are accepted = in a=20 profit-making enterprise, or band together with other would-be = entrants to=20 form a new company. Once a certain breakthrough is made, the = reputation of=20 the actor becomes a reliable meal-ticket, and often a means to = wealth. The=20 difference between the theater model and the Linux model is that = whereas=20 the demand for theatrical entertainment is capped, and is = relatively=20 inelastic, the demand for good software is enormous and will = continue to=20 grow, as more and more of the functions of society become suffused = with=20 and dependent upon computation.

The=20 process of producing Linux seems like Marx=92s ultimate communism, = after the=20 supposed withering away of the socialist state =97 from each = according to=20 his ability would be a fair way of describing the production side. = But the=20 distribution side is entirely different. The product is given away = not to=20 each according to his need, but automatically and universally. The = only=20 thing the producers get is reputation, and that is awarded on an = utterly=20 ruthless basis of merit. Meanwhile, within the larger Linux = universe, a=20 sub-universe of pure laissez-faire market relations plays out, = with=20 entrepreneurial companies acting in accordance with pure market = theory.=20

The=20 real evidence that this model is not a fluke, but rather a = harbinger of a=20 new economic model, is that open-source products compete very well = against=20 the products of traditional capitalist corporations. Apache, an=20 open-source product, has established itself firmly in the server=20 marketplace. Linux as a server operating system is gaining market = share=20 daily against Windows NT, a traditionally-produced,=20 traditionally-supported, and traditionally-marketed product. It is = particularly noteworthy that the server market is commercial: more = demanding and more quality-conscious than the client market, where = Windows=20 products still hold sway, for now, with less-demanding, less=20 quality-conscious consumers. Linux beats Windows NT because it is = more=20 reliable and more robust than the Microsoft product. This is=20 extraordinary. Imagine if a type of aircraft developed by amateur=20 homebuilders and produced by small entrepreneurial companies were = to be=20 bought by airlines in preference to the aircraft of Boeing or = Airbus, who=20 in turn could only compete in the private pilot markets! Yet this = is the=20 exact parallel to the situation in server software today.=20

The=20 Linux model will not become the sole model for software production = or=20 sales, particularly on the consumer side, where branding will = remain=20 important. However, it, or what it evolves into over time, will be = an=20 important model for software, and one of the dominant modes of = production.=20 It is also important to understand that software will come to = encompass=20 the bulk of the value of any manufactured product, as integrated=20 design-to-automated production systems become the norm in = industry. As I=20 discuss in my book, flexible, automated, computer-controlled = fabrication=20 facilities, ultimately quite small and decentralized, will become = the=20 normal means of fabrication of goods. Time on such machines will = become a=20 commodity, which the market will force down to the lowest possible = margin.=20 What will be valuable will be the software that describes the = goods and=20 commands its manufacture. There is no reason to believe that such=20 software, and therefore the design of most goods, could not be = produced on=20 the Linux model. Given the stability and reliability of = open-source=20 software compared to closed-source, it will probably be preferred = for=20 applications where reliability is important. The example of a = homebuilt=20 aircraft being preferred by airlines over Boeing products was = fanciful;=20 however, in the world where industrial goods are mostly software = by value,=20 an open-source aircraft design might be a reality. =

At=20 the same time that Marx=92s capitalism becomes obsolete as an = economic=20 category, it is clear that the new economy is a market economy =97 = and=20 likely to become a purer market economy than ever before seen. = What we are=20 witnessing is the triumph of F. A. Hayek over Marx, not just in = the=20 political realm, but in the realm of social science as well. = Hayek, the=20 Nobel laureate Austrian economist, offered an understanding of the = market=20 economy which will be the underpinning of the economics and social = science=20 of the Internet Era. Hayek understood that the essence of the = market=20 economy is not the ownership of the means of production, but the = exchange=20 process itself. The Linux model confounds Marx=92s rules = completely, but is=20 entirely consistent with a Hayekian, or market-process = understanding. So=20 long as the exchange of values is freely taken by a wide range of = actors,=20 and the final product is the result of those exchanges creating an = emergent understanding of the relative value of the items = exchanged, it is=20 a market process. The fact that the Linux model values the = original inputs=20 by the volunteer hackers only in reputation, rather than cash, = does not=20 mean that it is not a market process. Hayek=92s theory explains = the Linux=20 world as readily as it did the corporate world of the = mid-Twentieth=20 Century in which it was formulated.

The=20 Linux model has profound consequences for the fate of = corporations, as=20 does the Internet Era for the existing, centralized nation-states. = Nobel=20 economics laureate Ronald Coase posited his Theory of the Firm, = which=20 demonstrated that corporations offered an advantage in the = marketplace=20 because their size allowed essential internal functions to be = performed=20 with lower transaction costs than a comparable-sized network of = individual=20 actors. The Linux world is an example of what happens when the = easy=20 communications of Internet, and the substitution of reputation = payments=20 for cash payments, lowers the transaction costs of working in an=20 open-source network to below those of the competing firm. Only the = small,=20 entrepreneurial firms working within the Linux world (such as Red = Hat)=20 preserve the advantages of the corporate form as they interface = with the=20 cash-economy world. Cash- and reputation-based economies mesh = readily in=20 an overall framework of free exchange. In this new medium, a new = Theory of=20 the Network is needed to supplement Coase=92s Theory of the Firm.=20

This=20 understanding has been largely absent from the debate over the=20 post-nation-state future which I have summarized previously. Many=20 observers seem to have the expectation that, while the Internet = economy=20 would undercut the power of the nation-state, it would leave the = great=20 corporations not only intact, but essentially omnipotent in the = economy of=20 the future. This is as na=EFve as the assumption that the collapse = of the=20 independence of the nobility at the end of the Middle Ages would = leave=20 kings omnipotent. Although this did happen in some places for some = periods=20 of time, in general the consequence of the collapse of baronial = power was=20 ultimately to empower new actors: the new trading and = manufacturing=20 classes in the maritime states, and civil and military bureaucrats = in the=20 continental states.

Corporations=20 and the established wealthy have relied heavily on the power of=20 nation-states to protect them from competition, and most = importantly, from=20 the instability of technological change (Schumpeter=92s creative=20 destruction). One of the most successful public-relations triumphs = of the=20 Twentieth Century was the selling of the idea that social = democracy was=20 forced on the unwilling rich for the benefit of the poor and = working=20 classes. Rather, social democracy has been a device to stabilize = society=20 and limit opportunities for upward mobility to narrow, = state-administered=20 meritocratic channels. =

Massive=20 taxes on new income hurt new startups and upwardly mobile = entrepreneurs=20 far more than established wealthy families and corporations. Heavy = financial and product regulations cripple new competition and = protect=20 established firms. State-mandated labor union rights and lavish = mandated=20 employee benefits also present a formidable barrier to entry to = new=20 companies. Existing family wealth can usually be sheltered in = offshore=20 trusts or other wealth-preservation devices available to those = with the=20 large existing fortunes needed to justify the transaction costs of = these=20 mechanisms.

Thus,=20 it is no wonder that established wealthy families and their = corporate=20 empires have often supported social-democratic politics. The = Rockefellers=20 in the US, the Wallenbergs in Sweden, and the entire Tory wet = class in=20 Britain have spent much of the Twentieth Century supporting the = genteel=20 politics of regulated capitalism and tax-supported redistribution = of=20 (some) wealth. They would have preferred that politics be a debate = between=20 their parties (the Rockefeller Republicans in the US, the = Christian=20 Democrats on the Continent, and the pre-Thatcher Tories, = exemplified by=20 Rab Butler, in England) and the more moderate socialists and=20 social-democrats of the Left (Humphrey Democrats, the Social = Democratic=20 parties of the Continent, Hugh Gaitskell=92s Labour in the UK).=20

It=20 is also little wonder that the political classes, overwhelmingly = dependent=20 on large bureaucratic institutions for their incomes, viewed = voices=20 outside this consensus with horror. Barry Goldwater, Ronald = Reagan, and=20 Margaret Thatcher in the political arena, and Milton Friedman and = F.A.=20 Hayek in the sphere of professional economics all encountered = ferocious=20 ridicule and criticism far out of proportion to the impact of the = actual=20 policies they advocated or implemented. What sparked intense = opposition=20 was their threat to a reigning consensus.

The=20 changes introduced by the Thatcher and Reagan governments were = more=20 important as indicators of direction than for the scope of changes = accomplished in themselves. More important was the wave of = deregulation,=20 decontrol, and privatizations introduced worldwide in the 1980s = and 1990s=20 by conservatives, liberals, and socialists alike, which resulted = in=20 substantial shakeups to the existing corporate structures. Many=20 established, change-resistant bureaucracies either reformed or = adapted, or=20 vanished from the scene. This process is far from finished, but = one can=20 now see a delayered, downsized, leaner and meaner corporation, = more=20 network-like in its internal structure, and more flexible in its = response=20 to the marketplace. Gone are many of the characteristics of the=20 mid-century corporation, including the expectation of lifelong = loyalty in=20 either direction.

It=20 is tempting, then, to see the new corporation as the endpoint of = this=20 transition process. But the logic of the end of capitalism, as = described,=20 argues that the transition is far from complete, and the endpoint = is not=20 even necessarily visible today. The stock markets are today = dazzled by=20 companies such as Netscape, which began with a product produced by = two=20 college students in their dormitories in the early Nineties, for a = system,=20 the WorldWide-Web, created as an open-source phenomenon. They have = not=20 really begun to understand true open-source companies such as Red = Hat. And=20 Red Hat and its like are not the endpoint of this evolution = either.=20

There=20 will still be a role for corporations, including large = corporations, in=20 the network economy of the Internet Era. Their economic weight and = established brand names will continue to be valuable assets. = However,=20 their relation to the whole system will be very different from the = role of=20 corporations in the economy now passing. The network economy of = free=20 exchange will be the matrix; individuals, small groups, and open = networks=20 (like the Linux community) will interact with corporations without = subservience. In this very open and fluid environment, which we = might dub=20 the Network Marketplace, opportunities will abound for the astute. =

The=20 political question is, what will be the relationship between the = state=20 forms and the marketplace forms? I have argued that the world = political=20 system of large, centralized nation-states is transitioning to one = of=20 smaller, more coherent regional states linked in loose confederal = forms on=20 civilizational lines, the Network Commonwealths. These will = interact with=20 a fluid network economy in which much-changed corporations, = largely links=20 between financing and research centers, will interact with a host = of=20 smaller actors in a market-economy matrix. Government = intervention, as I=20 discuss elsewhere, will be much more local and limited =97 = specific=20 interventions for limited ends. The world of helpless individuals = squeezed=20 between large, powerful states and large, powerful corporations = will be a=20 dim historical memory =97 neither will survive in their = historical,=20 Twentieth Century essence, although the forms will still likely be = there.=20 Fears of corporate domination of the Network world are misplaced. = In fact,=20 as the power of big corporations dwindle, it will likely be = left-wing=20 nostalgics who mourn them the most.

The=20 new understanding of the market is essential to comprehend the = Network=20 Economy. The Marxist concept of capitalism has long outlived its=20 usefulness, if ever it had any. At most, it was a tool for = understanding=20 power relationships in the early Industrial revolution era; as a = tool for=20 understanding corporations, it was readily superseded by Coase=92s = theory of=20 the firm. Capitalism is dead. Let us move on to examine the = emerging world=20 of the Network Economy and the Network Commonwealth.=20

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