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Beyond Capitalism pp 55–105Cite as

Palgrave Macmillan

Financialised, High-tech Capitalism Based on Modern Slavery

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Abstract

There is a widespread, almost sickening belief that a new socioeconomic order (albeit still capitalist) is emerging from the global economic crisis.

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Notes

  1. 1.

    The best example of this theoretical froth, which has passed into popular belief with consequences similar to those wreaked by a weapon of mass destruction (cognitive and behavioural), can be seen in M. Jensen and W. Meckling, Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure, in “Journal of Financial Economics”, Issue 3, 1976.

  2. 2.

    Note. Kondratiev, “Die langen Sozialwissenschaft und Sozialpolitik” 56: 573–609, 1926, returned to in Review of Economic Statistics (1935) and again in “The Long Waves in Economic Life.” Review of Economic Statistics 17 (6): 105–115. 1935. After he was shot and killed during the purges of 1938, his main works were collected in Dynamics of Economic Development: Long Cycles and Industrial Growth in Historical Context. London: Macmillan, 1998.

  3. 3.

    A. Gerschenkron, Economic Backwardness in Historical Perspective, Harvard University Press, Cambridge, MA, 1962.

  4. 4.

    M. King, The End of Alchemy: Money, Banking, and the Future of the Global Economy, Norman and Company, New York, 2016.

  5. 5.

    See the very fine work by T. F. Gelthner, Stress Test: Reflections on Financial Crisis, The Business Book, London, 2014.

  6. 6.

    See the interesting comparison in M. K. Brunnemeier, H, James, J. Landau, The Euro and the Battles of Ideas, Princeton University Press, Princeton and Oxford, 2016.

  7. 7.

    P. Sraffa, Production of Commodities by means of Commodities. Prelude to a Critique of Economic Theory, Cambridge University Press, Cambridge, 1960.

  8. 8.

    E. Rullani, Lavoro in transizione: prove di quarta rivoluzione industriale in Italia, due for publication.

  9. 9.

    H. Kern, M. Schuman, Das Ende der Arbeiststeilung? Rationalisierung in der Industriellen Produktion, Verlag Bech’sche, Munchen, 1984.

  10. 10.

    See also my own Organizzazione, lavoro e innovazione industriale nell’ Italia tra le due guerre, Rosenberg and Sellier, Turin, 1978.

  11. 11.

    Note Kondratieff, op. cit.

  12. 12.

    The reference is to P. Marsh, The New Industrial Revolution, Yale University Press, New Haven, 2012.

  13. 13.

    E. Brynjolfsson and A. McAfee, The Second Machine Age: Work, Progress and Prosperity in a Time of Brilliant Technologies, Norton, 2014. La tecnologia aiuta il lavoro? with my Presentazione, Go Ware, Firenze, 2014. Si vedano anche: T. Cowen, Is Over: Powering America beyond the Age of the Great Stagnation, Plume, 2014. For an illuminating discussion on these topics, see The Robots Are Coming by J. Lanchester, in “London Review of Books”, Vol. 37, No. 5, 5 March 2015, pages 3–8.

  14. 14.

    E. Brynjolfsson and A. McAfee, cit.

  15. 15.

    T. Cowen, cit.

  16. 16.

    R. Solow, Growth theory: an exposition, Oxford, Clarendon Press, 1970.

  17. 17.

    R. J. Gordon, Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds, NBER Working Paper No. 18315, August 2012.

  18. 18.

    The unmistakable reference is to Volume 5 of the work by J. Maynard Keynes, The General Theory of Employment, Interest and Money, Londra, Macmillan, 1936.

  19. 19.

    C. Benedykt Frey et M. A. Osborne The future of employment: How susceptible are jobs to computerisation? WHO Working Paper, Oxford, September 2013.

  20. 20.

    A. Hansen, Full Recovery or Stagnation, Norton Company, New York, 1938.

  21. 21.

    J. Lanchester, The Robots Are Coming, cit.

  22. 22.

    M. Ford, Rise of the Robot. Technology and the Threat of a Jobless Future, Basic Books, New York, 2014.

  23. 23.

    J. A. Schumpeter, The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Transaction Books, New Brunswick–New Jersey, 1934–1983.

  24. 24.

    M. Ford, cit, p. 123.

  25. 25.

    G. Sapelli, Organizzazione, lavoro e innovazione industriale nell’ Italia tra le due guerre, Rosenberg and Sellier, Turin, 1978, G. Sapelli, Economia, tecnologia e direzione d’ impresa in Italia, Einaudi, Turin, 1994.

  26. 26.

    M. Granovetter, The Impact of Social Structure on Economic Outcomes, in “Journal of Economic Perspectives”, vol. 19, n. 1, 2005, pp. 33–50, M. Magatti, Il potere istituente della società civile, Laterza, Bari, 2005.

  27. 27.

    P. Alferj, A. Favazzo, La manifattura additiva. Una grande opportunità, in “Impresa e città”, n. 1, 2015, pp. 17–30. I must also quote (Centro Studi Confindustria), La manifattura additiva. Alcune valutazioni economiche con particolare riferimento all’ industria italiana, in “Scenari industriale”, n. 5, 2014, pp. 1–23.

  28. 28.

    A. Granelli, L. De Biase, Inventori d’ Italia, Guerini & Associati, Milan, 2014.

  29. 29.

    N. Rosenberg, Inside the Black Box: Technology and Economics, Cambridge University Press, Cambridge, MA, 1983.

  30. 30.

    Alfred Marshall, Elements of economics of industry, London, Macmillan, 1892 and interesting reflections on the topic, in J. K. Whitaker (ed.) Centenary Essays on Alfred Marshall, Cambridge University Press, 1990.

  31. 31.

    T. Khun, The Structure of Scientific Revolutions, Chicago University Press, Chicago, 1962.

  32. 32.

    J. P. Kruth, M. C. Leu, T. Nakagawa, Progress in Additive Manufacturing and Rapid Prototyping, “Annals of the CIRP”, vol. 47/2/1998, pp. 525–540.

  33. 33.

    A fantastic description of the history of these processes is given in a work by various authors entitled Metal Fabrication by Additive Manufacturing Using Laser and Electron Beam Melting Technologies, in “JMST”, 2012, 28(1), pp. 1–14.

  34. 34.

    B. Baufeld, O. Van der Biest, R. Gaut, Additive manufacturing of Ti-6Al-4V components by shaped metal deposition: Microstructure and Mechanical properties, in “Materials and Design”, 31(20101), pp. 5106–5111.

  35. 35.

    A. A. V. V., Three-dimensional Printing: The Physic and implications of Additive Manufacturing, in “CIRP Annals. Manufacturing Technology”, vol. 42, issue 1, 1993, pp. 257–280.

  36. 36.

    G. N. Levy, The role and future of the Laser Technology in the Additive Manufacturing environment, in “Physic Procedia” Key Note Paper, 2010.

  37. 37.

    S. Mellor, L. Hao, D. Zhang, Additive Manufacturing frame work for implementation, in “International Journal of Production Economics”, 149, (2014), pp. 194–201.

  38. 38.

    Op. cit., p. 195.

  39. 39.

    Op. cit., p. 196.

  40. 40.

    G. Sapelli, Per una cultura dell’ impresa. Strategia e saper del management moderno, Franco Angeli/ISVET, Milan, 1989.

  41. 41.

    E. PUGLIESE (edited by), L’inchiesta sociale in Italia, Carocci, Rome, 2008.

  42. 42.

    For an overview of the practice of conducting interviews in order to study corporate history, see. D. BIGAZZI, Impresa, lavoro e fabbrica: alcune riflessioni sull’utilizzo delle testimonianze orali, in R. COVINO (edited by), Fonti orali e storia dell’impresa. Atti del seminario nazionale di Arezzo, 15 ottobre 1993, Rubbettino, Soveria Mannelli 2000, pp. 39–53; our methodological principles differ, but see in particular M. S. FISHER, G. DAWNEY (edited by), Frontiers of Capital. Ethnographic Reflections on the New Economy, Duke University Press, Durham-London, 2006.

  43. 43.

    W. Sombart, Warum gibt es in den Vereinigten Staaten keinen Sozialismus? Tübingen: Mohr, 1906.

  44. 44.

    T. Geiger, Demokratie ohne Dogma: Die Gesellschaft zwischen Pathos und Nüchternheit. Munich: Szczesny, 1963 and a work by P. Farneti, Theodor Geiger e la coscienza della società industriale, Turin, Giappichelli, 1966.

  45. 45.

    F. Engels, Die Lage der arbeitenden Klasse in England, Lipsia, 1845.

  46. 46.

    H. Braveman, Labor and Monopoly Capital. The Degradation of Work in the Twentieth Century, Monthly Review Press, New York, 1974.

  47. 47.

    P. Baran & M. Sweezy, Monopoly Capital: An Essay on the American Economy and Social Order, Monthly Review Press, New York, 1966.

  48. 48.

    G. Sapelli, La cultura della produzione:“autorità tecnica e “autonomia morale”, in (edited by B. Bottiglieri and P. Celli), “Le culture del lavoro e l’ esperienza di Torino nel quadro europeo”, Il Mulino, Bologna, 1987, pp. 23–52 and pp. 157–160 (Una replica).

  49. 49.

    G. Freidmann et P. Naville, Traité de scociologie du travail, Editions Armand Colin, Paris, 1961.

  50. 50.

    J.H. Goldthorpe and D.W. Lockwood, F. Bechlofer, J. Platt, The Affluent Worker: Industrial Attitudes and Behavior, Cambridge University Press, Cambridge, 1969.

  51. 51.

    G. Runcuiman, Relative Deprivation and Social Justice, Penguin Books, London, 1972.

  52. 52.

    S. Weil, La condition ouvriére, Gallimard, Paris, 1951.

Bibliography

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  • A. Gerschenkron, Economic Backwardness in Historical Perspective, Harvard University Press, Cambridge, MA, 1962.

    Google Scholar 

  • M. King, The End of Alchemy: Money, Banking, and the Future of the Global Economy, Norman and Company, New York, 2016.

    Google Scholar 

  • T. F. Gelthner, Stress Test: Reflections on Financial Crisis, The Business Book, London, 2014.

    Google Scholar 

  • M. K. Brunnemeier, H, James, J. Landau, The Euro and the Battles of Ideas, Princeton University Press, Princeton and Oxford, 2016.

    Google Scholar 

  • P. Sraffa, Production of Commodities by means of Commodities. Prelude to a Critique of Economic Theory, Cambridge University Press, Cambridge, 1960.

    Google Scholar 

  • E. Rullani, Lavoro in transizione: prove di quarta rivoluzione industriale in Italia, due for publication.

    Google Scholar 

  • H. Kern, M. Schuman, Das Ende der Arbeiststeilung? Rationalisierung in der Industriellen Produktion, Verlag Bech’sche, Munchen, 1984.

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  • See also my own Organizzazione, lavoro e innovazione industriale nell’ Italia tra le due guerre, Rosenberg and Sellier, Turin, 1978.

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  • Note Kondratieff, op. cit.

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  • P. Marsh, The New Industrial Revolution, Yale University Press, New Haven, 2012.

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  • E. Brynjolfsson and A. McAfee, The Second Machine Age: Work, Progress and Prosperity in a Time of Brilliant Technologies, Norton, 2014. La tecnologia aiuta il lavoro? with my Presentazione, Go Ware, Firenze, 2014.

    Google Scholar 

  • T. Cowen, Is Over: Powering America beyond the Age of the Great Stagnation, Plume, 2014.

    Google Scholar 

  • The Robots Are Coming by J. Lanchester, in “London Review of Books”, Vol. 37, No. 5, 5 March 2015, pages 3–8.

    Google Scholar 

  • R. Solow, Growth theory: an exposition, Oxford, Clarendon Press, 1970.

    Google Scholar 

  • R. J. Gordon, Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds, NBER Working Paper No. 18315, August 2012.

    Google Scholar 

  • J. Maynard Keynes, The General Theory of Employment, Interest and Money, London, Macmillan, 1936.

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  • C. Benedykt Frey and M. A. Osborne The future of employment: How susceptible are jobs to computerisation? WHO Working Paper, Oxford, September 2013.

    Google Scholar 

  • A. Hansen, Full Recovery or Stagnation, Norton Company, New York, 1938.

    Google Scholar 

  • M. Ford, Rise of the Robot. Technology and the Threat of a Jobless Future, Basic Books, New York, 2014.

    Google Scholar 

  • J. A. Schumpeter, The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Transaction Books, New Brunswick- New Jersey, 1934–1983.

    Google Scholar 

  • G. Sapelli, Organizzazione, lavoro e innovazione industriale nell’ Italia tra le due guerre, Rosenberg and Sellier, Turin, 1978.

    Google Scholar 

  • G. Sapelli, Economia, tecnologia e direzione d’ impresa in Italia, Einaudi, Turin, 1994.

    Google Scholar 

  • M. Granovetter, The Impact of Social Structure on Economic Outcomes, in “Journal of Economic Perspectives”, vol. 19, n. 1, 2005, pp. 33–50.

    Article  Google Scholar 

  • M. Magatti, Il potere istituente della società civile, Laterza, Bari, 2005.

    Google Scholar 

  • P. Alferj, A. Favazzo, La manifattura additiva. Una grande opportunità, in “Impresa e città”, n. 1, 2015, pp. 17–30.

    Google Scholar 

  • Centro Studi Confindustria, La manifattura additiva. Alcune valutazioni economiche con particolare riferimento all’ industria italiana, in “Scenari industriali”, n. 5, 2014, pp. 1–23.

    Google Scholar 

  • A. Granelli, L. De Biase, Inventori d’ Italia, Guerini & Associati, Milan, 2014.

    Google Scholar 

  • N. Rosenberg, Inside the Black Box: Technology and Economics, Cambridge University Press, Cambridge, MA, 1983.

    Google Scholar 

  • Alfred Marshall, Elements of economics of industry, London, Macmillan, 1892 and interesting reflections on the topic, in J. K. Whitaker (ed.) Centenary Essays on Alfred Marshall, Cambridge University Press, 1990.

  • T. Khun, The Structure of Scientific Revolutions, Chicago University Press, Chicago, 1962.

  • J. P. Kruth, M.C. Leu, T. Nakagawa, Progress in Additive Manufacturing and Rapid Prototyping, “Annals of the CIRP”, vol. 47/2/1998, pp. 525–540.

    Article  Google Scholar 

  • Metal Fabrication by Additive Manufacturing Using Laser and Electron Beam Melting Technologies, in “JMST”, 2012, 28(1), pp. 1–14.

    Google Scholar 

  • B. Baufeld, O. Van der Biest, R. Gaut, Additive manufacturing of Ti-6Al-4V components by shaped metal deposition: Microstructure and Mechanical properties, in “Materials and Design”, 31 (2010), pp. 5106–5111.

    Article  Google Scholar 

  • A. A. V. V., Three-dimensional Printing: The Physic and implications of Additive Manufacturing, in “CIRP Annals. Manufacturing Technology”, vol. 42, issue 1, 1993, pp. 257–280.

    Google Scholar 

  • G. N. Levy, The role and future of the Laser Technology in the Additive Manufacturing environment, in “Physic Procedia” Key Note Paper, 2010.

    Google Scholar 

  • S. Mellor, L. Hao, D. Zhang, Additive Manufacturing frame work for implementation, in “International Journal of Production Economics”, 149, (2014), pp. 194–201.

    Article  Google Scholar 

  • G. Sapelli, Per una cultura dell’impresa. Strategia e saper del management moderno, Franco Angeli/ISVET, Milan, 1989.

    Google Scholar 

  • E. Pugliese (ed.), L’inchiesta sociale in Italia, Carocci, Rome, 2008.

    Google Scholar 

  • D. Bigazzi, Impresa, lavoro e fabbrica: alcune riflessioni sull’utilizzo delle testimonianze orali, in R. COVINO (ed.), Fonti orali e storia dell’impresa. Atti del seminario nazionale di Arezzo, 15 ottobre 1993, Rubbettino, Soveria Mannelli 2000, pp. 39–53; our methodological principles differ, but see in particular M.S. Fisher, G. Dawney (ed.), Frontiers of Capital. Ethnographic Reflections on the New Economy, Duke University Press, Durham–London, 2006.

    Google Scholar 

  • W. Sombart, Warum gibt es in den Vereinigten Staaten keinen Sozialismus? Tübingen: Mohr, 1906.

    Google Scholar 

  • T. Geiger, Demokratie ohne Dogma: Die Gesellschaft zwischen Pathos und Nüchternheit. Munich: Szczesny, 1963.

    Google Scholar 

  • P. Farneti, Theodor Geiger e la coscienza della società industriale, Turin, Giappichelli, 1966.

  • F. Engels, Die Lage der arbeitenden Klasse in England, Lipsia, 1845.

    Google Scholar 

  • H. Braveman, Labor and Monopoly Capital. The Degradation of Work in the Twentieth Century, Monthly Review Press, New York, 1974.

    Google Scholar 

  • P. Baran & M. Sweezy, Monopoly Capital: An Essay on the American Economy and Social Order, Monthly Review Press, New York, 1966.

    Google Scholar 

  • G. Sapelli, La cultura della produzione:“autorità tecnica e “autonomia morale”, in (edited by B. Bottiglieri and P. Celli), “Le culture del lavoro e l’ esperienza di Torino nel quadro europeo”, Il Mulino, Bologna, 1987, pp. 23–52 and pp. 157–160.

    Google Scholar 

  • G. Freidmann and P. Naville, Traité de scociologie du travail, Editions Armand Colin, Paris, 1961.

    Google Scholar 

  • J. H. Goldthorpe and D.W. Lockwood, F. Bechlofer, J. Platt, The Affluent Worker: Industrial Attitudes and Behavior, Cambridge University Press, Cambridge, 1969.

    Google Scholar 

  • G. Runcuiman, Relative Deprivation and Social Justice, Penguin Books, London, 1972.

    Google Scholar 

  • S. Weil, La condition ouvrière, Gallimard, Paris, 1951.

    Google Scholar 

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    Giulio Sapelli

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Sapelli, G. (2019). Financialised, High-tech Capitalism Based on Modern Slavery. In: Beyond Capitalism. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-20769-4_2

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