In
political philosophy
Political philosophy studies the theoretical and conceptual foundations of politics. It examines the nature, scope, and Political legitimacy, legitimacy of political institutions, such as State (polity), states. This field investigates different ...
, particularly
Frankfurt School
The Frankfurt School is a school of thought in sociology and critical theory. It is associated with the University of Frankfurt Institute for Social Research, Institute for Social Research founded in 1923 at the University of Frankfurt am Main ...
critical theory, advanced capitalism is the situation that pertains to a harmonious and
self-regulating economic system, a society in which
individual freedom
Individualism is the moral stance, political philosophy, ideology, and social outlook that emphasizes the intrinsic worth of the individual. Individualists promote realizing one's goals and desires, valuing independence and self-reliance, and ad ...
defines wider economic freedom or a
capitalist model has been integrated and developed deeply and extensively and for a prolonged period in a freedom-based culture. The expression ''advanced capitalism'' distinguishes such societies from the historical previous forms of capitalism,
mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources ...
and
industrial capitalism, and partially overlaps with the concepts of a
developed country
A developed country, or advanced country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for eval ...
; of the
post-industrial age; of
finance capitalism; of
post-Fordism
The concept of post-Fordism was originally invented by the economist Robin Murray in the British magazine ''Marxism Today'' in 1988. It referred to the emergence of new production methods defined by flexible production, the individualization of ...
; of the
spectacular society; of
media culture; and of "developed", "modern", and "complex" capitalism, all variants of economic freedom.
Antonio Gramsci
Various writers identify
Antonio Gramsci
Antonio Francesco Gramsci ( , ; ; 22 January 1891 – 27 April 1937) was an Italian Marxist philosophy, Marxist philosopher, Linguistics, linguist, journalist, writer, and politician. He wrote on philosophy, Political philosophy, political the ...
as an influential early theorist of advanced capitalism, even if he did not use the term himself. In his writings Gramsci sought to explain how capitalism had adapted to avoid the revolutionary overthrow that had seemed inevitable in the 19th century. At the heart of his explanation was the decline of raw coercion as a tool of class power, replaced by use of
civil society
Civil society can be understood as the "third sector" of society, distinct from government and business, and including the family and the private sphere.[Jürgen Habermas
Jürgen Habermas ( , ; ; born 18 June 1929) is a German philosopher and social theorist in the tradition of critical theory and pragmatism. His work addresses communicative rationality and the public sphere.
Associated with the Frankfurt S ...]
has been a major contributor to the analysis of advanced-capitalistic societies. Habermas observed four general features that characterize advanced capitalism:
* Concentration of industrial activity in a few large firms
* Constant reliance on the state to stabilize the economic system
* A formally democratic government that legitimizes the activities of the state and dissipates opposition to the system
* The use of nominal wage increases to pacify the most restless segments of the work force
[Habermas, 1988: 37, 75.]
See also
*
Capitalist mode of production
*
Late capitalism
The concept of late capitalism (in German: ''Spätkapitalismus''), also known as late-stage capitalism, was first used by the German social scientist Werner Sombart (1863–1941) in 1928, to describe the new capitalist order emerging at that tim ...
*
Post-Fordism
The concept of post-Fordism was originally invented by the economist Robin Murray in the British magazine ''Marxism Today'' in 1988. It referred to the emergence of new production methods defined by flexible production, the individualization of ...
*
State capitalism
State capitalism is an economic system in which the state undertakes business and commercial economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, ...
*
State monopoly capitalism
The theory of state monopoly capitalism (also referred as stamocap) was initially a Marxist thesis popularised after World War II. Lenin had claimed in 1916 that World War I had transformed laissez-faire capitalism into ''monopoly capitalism'', ...
*''
White Collar: The American Middle Classes''
References
Bibliography
*
Jürgen Habermas
Jürgen Habermas ( , ; ; born 18 June 1929) is a German philosopher and social theorist in the tradition of critical theory and pragmatism. His work addresses communicative rationality and the public sphere.
Associated with the Frankfurt S ...
. ''
Legitimation Crisis
Legitimation crisis refers to a decline in the confidence of administrative functions, institutions, or leadership. The term was first introduced in 1973 by Jürgen Habermas, a German sociologist and philosopher. Habermas expanded upon the conc ...
''. Trans. by T. McCarthy. Boston: Beacon, 1973
from google books
* Sombart, Werner (1916) ''Der moderne Kapitalismus. Historisch-systematische Darstellung des gesamteuropäischen Wirtschaftslebens von seinen Anfängen bis zur Gegenwart.'' Final edn. 1916, repr. 1969, paperback edn. (3 vols. in 6): 1987 Munich: dtv. (Also in Spanish; no English translation yet.)
*Ian Gough
State Expenditure in Advanced Capitalism
' New Left Review
*Fredric Jameson (1991) '' Postmodernism, or, the Cultural Logic of Late Capitalism''
*Ernest Mandel ''Late Capitalism''
Capitalist systems
Frankfurt School
Self-regulation
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