,SAVAGE CAPITALISM IS BACK - & IT WILL NOT TAME ITSELF 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,BACK 9 ! #iS1 ,I US$ TO GET 9TO >GUM5TS ) ,RUSSIAN FRI5DS AB\T CAPITALISM4 ,?IS WAS A TIME :5 MO/ Y\NG EA/]N ,EUROPEAN 9TELLECTUALS W]E AVIDLY EMBRAC+ EV]Y?+ ASSOCIAT$ ) ?AT P>TICUL> ECONOMIC SY/EM1 EV5 AS ! PROLET>IAN MASSES ( !IR C\NTRIES REMA9$ DEEPLY SUSPICI\S4 ,:5EV] ,I'D REM>K ON SOME CRIM9AL EXCESS ( ! OLIG>*S & CROOK$ POLITICIANS :O W]E PRIVATIZ+ !IR C\NTRIES 9TO !IR [N POCKETS1 !Y W\LD SIMPLY %RUG4 

0,IF Y\ LOOK AT ,AM]ICA1 !RE W]E ALL SORTS ( SCAMS LIKE ?AT BACK 9 ! #a#i? C5TURY ) RAILROADS & ! LIKE10 ,I REMEMB] ONE *E]FUL1 BESPECTACL$ ,RUSSIAN TW5TYSOME?+ EXPLA9+ TO ME4 0,WE >E /ILL 9 ! SAVAGE /AGE4 ,IT ALWAYS TAKES A G5]ATION OR TWO = CAPITALISM TO CIVILIZE ITSELF40 

0,& Y\ ACTUALLY ?9K CAPITALISM WILL DO ?AT ALL BY ITSELF80 

0,LOOK AT HI/ORY6 ,9 ,AM]ICA Y\ HAD Y\R ROBB] B>ONS1 !N - #e YE>S LAT] - ! ,NEW ,DEAL4 ,9 ,EUROPE1 Y\ HAD ! SOCIAL WELF>E /ATE 444 0 

0,BUT1 ,S]GEI10 ,I PROTE/$ 7,I =GET HIS ACTUAL NAME71 0?AT DIDN'T HAPP5 BECAUSE CAPITALI/S JU/ DECID$ TO BE NICE4 ,?AT HAPP5$ BECAUSE !Y W]E ALL AFRAID ( Y\40 

,HE SEEM$ T\*$ BY MY NAIVETY4 

,AT ?AT TIME1 !RE WAS A S]IES ( ASSUMPTIONS EV]YBODY HAD TO ACCEPT 9 ORD] EV5 TO BE ALL[$ TO 5T] S]I\S PUBLIC DEBATE4 ,!Y W]E PRES5T$ LIKE A S]IES ( SELF-EVID5T EQUATIONS4 0,! M>KET0 WAS EQUIVAL5T TO CAPITALISM4 ,CAPITALISM MEANT EXORBITANT WEAL? AT ! TOP1 BUT IT ALSO MEANT RAPID TE*NOLOGICAL PROGRESS & ECONOMIC GR[?4 ,GR[? MEANT 9CREAS$ PROSP]ITY & ! RISE ( A MIDDLE CLASS4 ,! RISE ( A PROSP]\S MIDDLE CLASS1 9 TURN1 W\LD ALWAYS ULTIMATELY EQUAL /ABLE DEMOCRATIC GOV]NANCE4 ,A G5]ATION LAT]1 WE HAVE LE>N$ ?AT NOT ONE ( !SE ASSUMPTIONS CAN ANY LONG] BE ASSUM$ TO BE CORRECT4 

,! REAL IMPORTANCE ( ,?OMAS ,PIKETTY'S BLOCKBU/]1 ,CAPITAL 9 ! #b#a/ ,C5TURY1 IS ?AT IT DEMON/RATES1 9 EXCRUCIAT+ DETAIL 7& ?IS REMA9S TRUE DESPITE SOME PR$ICTABLE PETTY SQUABBL+7 ?AT1 9 ! CASE ( AT LEA/ ONE CORE EQUATION1 ! NUMB]S SIMPLY DON'T ADD UP4 ,CAPITALISM DOES NOT CONTA9 AN 9H]5T T5D5CY TO CIVILIZE ITSELF4 ,LEFT TO ITS [N DEVICES1 IT CAN BE EXPECT$ TO CREATE RATES ( RETURN ON 9VE/M5T SO MU* HI<] ?AN OV]ALL RATES ( ECONOMIC GR[? ?AT ! ONLY POSSIBLE RESULT WILL BE TO TRANSF] MORE & MORE WEAL? 9TO ! H&S ( A H]$IT>Y ELITE ( 9VE/ORS1 TO ! COMP>ATIVE IMPOV]I%M5T ( EV]YBODY ELSE4 

,9 O!R WORDS1 :AT HAPP5$ 9 WE/]N ,EUROPE & ,NOR? ,AM]ICA BETWE5 R\<LY #aiag & #aige - :5 CAPITALISM DID 9DE$ CREATE HI< GR[? & L[] 9EQUALITY - WAS SOME?+ ( A HI/ORICAL ANOMALY4 ,!RE IS A GR[+ REALIZATION AMONG ECONOMIC HI/ORIANS ?AT ?IS WAS 9DE$ ! CASE4 ,!RE >E MANY !ORIES AS TO :Y4 ,ADAIR ,TURN]1 =M] *AIRMAN ( ! ,F9ANCIAL ,S]VICES ,AU?ORITY1 SUGGE/S IT WAS ! P>TICUL> NATURE ( MID-C5TURY 9DU/RIAL TE*NOLOGY ?AT ALL[$ BO? HI< GR[? RATES & A MASS TRADE UNION MOVEM5T4 ,PIKETTY HIMSELF PO9TS TO ! DE/RUCTION ( CAPITAL DUR+ ! WORLD W>S1 & ! HI< RATES ( TAXATION & REGULATION ?AT W> MOBILIZATION ALL[$4 ,O!RS HAVE DIFF]5T EXPLANATIONS4 

,NO D\BT MANY FACTORS W]E 9VOLV$1 BUT ALMO/ EV]YONE SEEMS TO BE IGNOR+ ! MO/ OBVI\S4 ,! P]IOD :5 CAPITALISM SEEM$ CAPABLE ( PROVID+ BROAD & SPREAD+ PROSP]ITY WAS ALSO1 PRECISELY1 ! P]IOD :5 CAPITALI/S FELT !Y W]E NOT ! ONLY GAME 9 T[N3 :5 !Y FAC$ A GLOBAL RIVAL 9 ! ,SOVIET BLOC1 REVOLUTION>Y ANTI-CAPITALI/ MOVEM5TS FROM ,URUGUAY TO ,*9A1 & AT LEA/ ! POSSIBILITY ( WORK]S' UPRIS+S AT HOME4 ,9 O!R WORDS1 RA!R ?AN HI< RATES ( GR[? ALL[+ GREAT] WEAL? = CAPITALI/S TO SPREAD >\ND1 ! FACT ?AT CAPITALI/S FELT ! NE$ TO BUY (F AT LEA/ SOME PORTION ( ! WORK+ CLASSES PLAC$ MORE MONEY 9 ORD9>Y PEOPLE'S H&S1 CREAT+ 9CREAS+ CONSUM] DEM& ?AT WAS ITSELF L>GELY RESPONSIBLE = ! REM>KABLE RATES ( ECONOMIC GR[? ?AT M>K$ CAPITALISM'S 0GOLD5 AGE04 

,S9CE ! #a#i#gS1 AS ANY SIGNIFICANT POLITICAL ?REAT HAS REC$$1 ?+S HAVE GONE BACK TO !IR NORMAL /ATE3 ?AT IS1 TO SAVAGE 9EQUALITIES1 ) A MIS]LY #a.0 PRESID+ OV] A SOCIAL ORD] M>K$ BY 9CREAS+ SOCIAL1 ECONOMIC & EV5 TE*NOLOGICAL /AGNATION4 ,IT WAS PRECISELY ! FACT ?AT PEOPLE SU* AS MY ,RUSSIAN FRI5D BELIEV$ CAPITALISM W\LD 9EVITABLY CIVILIZE ITSELF ?AT GU>ANTE$ IT NO LONG] HAD TO DO SO4 

,PIKETTY1 9 CONTRA/1 BEG9S HIS BOOK BY D5\NC+ 0! LAZY RHETORIC ( ANTI-CAPITALISM04 ,HE HAS NO?+ AGA9/ CAPITALISM ITSELF - OR EV51 = ?AT MATT]1 9EQUALITY4 ,HE JU/ WI%ES TO PROVIDE A *ECK ON CAPITALISM'S T5D5CY TO CREATE A USELESS CLASS ( P>ASITICAL R5TI]S4 ,AS A RESULT1 HE >GUES ?AT ! LEFT %\LD FOCUS ON ELECT+ GOV]NM5TS D$ICAT$ TO CREAT+ 9T]NATIONAL ME*ANISMS TO TAX & REGULATE CONC5TRAT$ WEAL?4 ,SOME ( HIS SUGGE/IONS - AN #h.0 9COME TAX6 - MAY SEEM RADICAL1 BUT WE >E /ILL TALK+ AB\T A MAN :O1 HAV+ DEMON/RAT$ CAPITALISM IS A GIGANTIC VACUUM CLEAN] SUCK+ WEAL? 9TO ! H&S ( A T9Y ELITE1 9SI/S ?AT WE DO NOT SIMPLY UNPLUG ! MA*9E1 BUT TRY TO BUILD A SLI<TLY SMALL] VACUUM CLEAN] SUCK+ 9 ! OPPOSITE DIRECTION4 

,:AT'S MORE1 HE DOESN'T SEEM TO UND]/& ?AT IT DOESN'T MATT] H[ MANY BOOKS HE SELLS1 OR SUMMITS HE HOLDS ) F9ANCIAL LUM9>IES OR MEMB]S ( ! POLICY ELITE1 ! %E] FACT ?AT 9 #bad A LEFT-LEAN+ ,FR5* 9TELLECTUAL CAN SAFELY DECL>E ?AT HE DOES NOT WANT TO OV]?R[ ! CAPITALI/ SY/EM BUT ONLY TO SAVE IT FROM ITSELF IS ! REASON SU* RE=MS WILL NEV] HAPP54 ,! #a.0 >E NOT AB\T TO EXPROPRIATE !MSELVES1 EV5 IF ASK$ NICELY4 ,& !Y HAVE SP5T ! PA/ #c YE>S CREAT+ A LOCK ON M$IA & POLITICS TO 5SURE NO ONE WILL DO SO ?R\< ELECTORAL MEANS4 

,S9CE NO ONE 9 !IR RI<T M9D W\LD WI% TO REVIVE ANY?+ LIKE ! ,SOVIET ,UNION1 WE >E NOT GO+ TO SEE ANY?+ LIKE ! MID-C5TURY SOCIAL DEMOCRACY CREAT$ TO COMBAT IT EI!R4 ,IF WE WANT AN ALT]NATIVE TO /AGNATION1 IMPOV]I%M5T & ECOLOGICAL DEVA/ATION1 WE'RE JU/ GO+ TO HAVE TO FIGURE \T A WAY TO UNPLUG ! MA*9E & />T AGA94 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,JANU>Y #g1 #bba 3 ,SAVAGE CAPITALISM IS BACK - & IT WILL NOT TAME ITSELF -- ,ADD$4 
,JANU>Y #d1 #bbb 3 ,SAVAGE CAPITALISM IS BACK - & IT WILL NOT TAME ITSELF -- ,UPDAT$4 

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