Seeking the Principles of Power and Danger

Maurice Dobb’s commenced his “Studies in the Development of Capitalism” with the question of definition. He argued that quite apart from pedantry, questions of definition and definitional stances “ipso facto” implied the implementation of a “principle of classification” and therefore shape the scope of analysis(1).In reference to capitalism, he identified three major perspectives that applied counterpoised principles of classification and causal explanations of historical capitalism. The first popular approach outlined by Dobb, was that of Werner Sombart who attempted to ascertain the essence of capitalism through an appreciation of the “bourgeois spirit”(2). Max Weber followed a similar approach to the problem of capitalism with the proposed connection between Protestantism and the spirit of capitalism(3). The second position, linked capitalism to the separation of production and retail sale with the introduction of intermediaries. The third conception, and the position taken by Do...

In recent years there has been a spate of news reports on the ‘new economy’, the shifts in corporate structure and the resultant transformations in the nature of employment. Richard Sennett, in a series of works on the culture of “new capitalism”, has attempted to map the connection between large-scale trends in corporate structure and the employee’s experience of work and self. The operational logic of this new capitalism isn’t new; for Sennett (1997, p. 161) the novelty lies in the innovative organizational structure of business, which seemingly flouts Marx’s thesis that the concentration of production goes hand-in-hand with the concentration of capital. In the world of new capitalism, once stable corporate bureaucracies have become increasingly “flexible” and “highly mobile” enterprises, ultimately less secure in their position (Sennett, 1997, p. 161). In turn, Sennett argues, work has become subject to recurrent metamorphoses, engendering more uncertainty and instability in the w...