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Coming to Terms with Contemporary Capitalism: Beyond the Idealism of Globalisation and Capitalist Ascendancy Arguments

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  • P. Kennedy

Abstract

This article challenges the prevailing orthodoxy which suggests that contemporary global capitalism is in the ascendancy. In the context of an evaluation of the extensive literature supporting the ascendancy argument and a brief synopsis of empirical evidence supporting a decline thesis, a number of alternative theories of capitalist transition are then assessed. It is argued that each theory, in different ways, offers an inadequate explanation of contemporary capitalist development. On the basis of this assessment, the article then contributes to a theory of capitalist decline by examining and explaining the importance of the Marxist conception of social law, the law of value and the role of gold as world money, to an understanding of contemporary capitalism's transition and decline. [1]

Suggested Citation

  • P. Kennedy, 1998. "Coming to Terms with Contemporary Capitalism: Beyond the Idealism of Globalisation and Capitalist Ascendancy Arguments," Sociological Research Online, , vol. 3(2), pages 49-63, June.
    • Handle: RePEc:sae:socres:v:3:y:1998:i:2:p:49-63
    DOI: 10.5153/sro.150
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    References listed on IDEAS

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    1. Grahame F. Thompson, 1993. "The Economic Emergence Of A New Europe?," Books, Edward Elgar Publishing, number 425.
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    Cited by:

    1. Reuben Soto, Sergio, 2008. "La crisis económica actual: una visión desde la economía política," Revista de Ciencias Económicas, Instituto de Investigaciones en Ciencias Económicas, Universidad de Costa Rica, vol. 26(2), December.
    2. Sergio, Reuben, 2009. "La crisis económica actual: una visión desde la economía política [The actual economic crisis: a vision from the political economy]," MPRA Paper 15048, University Library of Munich, Germany.
    3. Bernard McKenna, 2000. "Labour Responses to Globalization: The Australian Experience by Bernard McKenna," Asia Pacific Business Review, Taylor & Francis Journals, vol. 7(1), pages 71-104, September.

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