Sunday, September 6, 2020

Market Watch Op-Ed: Taking the Racism Out of Capitalism Isn’t Good Enough

Karl Marx
The Marxist advance continues with support from stunning new places.

MarketWatch, an online Dow Jones publication, has published an op-ed by Nicholas Tampio, a professor of political science at Fordham University and Enzo Rossi, an associate professor of political science at the University of Amsterdam.

The two promote the idea that capitalism and racism have been heavily intertwined but they go further and charge that it is not enough to end this alleged racism. They even name drop a key developer of cultural-Marxism, Antonio Gramsci.

From the piece:
People who fight “racial capitalism” are combating a system that played an important role in human history but is already on the way out...

From our perspective, woke capitalism, not racial capitalism, is the future, though it will not necessarily be any better for most people of color than its earlier, cruder version...

[W]e agree with Michael Walzer that the concept of racial capitalism may obfuscate rather than clarify what is going on right now...

 According to Marx, capitalism is happy to extend political freedom to more and more people. Capitalism wants a lot of people to work and consume.

Discriminating against laborers or buyers does not make business sense—especially for large corporations with a global reach. But that is a very different thing that granting the majority of people the right to control the means of production.

Capitalism is a pyramid with a small number of owners and managers on top of a large base of workers. Capitalism, to restate Marx’s idea, is woke and exploitative...

To paraphrase Antonio Gramsci, the old racial capitalism is dying and the new woke capitalism is not fully born yet. Arguably, woke capitalism is transracial rather than postracial, and it remains to be seen whether a truly postracial capitalism can be achieved.

What is clear is that while the woke transformation of capitalism admittedly improves the opportunities of some people of color, it does little to address the fundamental problems of capital’s exploitation of people and planet, and it may even work as a new legitimation story—call it wokewash—for capitalism’s old racket.
In other words, the modern-day vanguard is now moving past hate of capitalism for its alleged racism and promoting the full Marxist hate of capitalism itself.

This has always been the plan as observed by those playing close attention.

What is remarkable is that there appear to be capitalist hate sympathizers spread in all nooks and crannies of media and that media ownership is allowing this coprolite to be promoted in its media instruments. Now even in a Dow Jones vehicle.

Few understand, very few, but Israel Kirzner's view of entrepreneurship destroys the idea that current capitalists have "control of the means of production" whereby it is impossible for new capitalists to emerge. At a very high intellectual level, Kirzner's writings on competition and entrepreneurship may become the most important writings in the battle against statists.



  1. Marketwatch is a very left-wing website. I look at it every day for information about the markets, and it's constantly full of liberally biased opinion articles and headlines.

  2. No. While Kirzner's arguments are important and correct, the battle for capitalism is ethical and cultural and not economic per se. Always has been; always will be.

  3. Those who can DO. Those who can't TEACH.

  4. "A professor of political science" is just an euphemism for "a trained Marxist".

  5. Interesting! Here in South Africa we are acutely aware of the legacy of Apartheid and how well-meaning affirmative action policies has given the disadvantaged minority precious little access to the control of the means of production. Our company is tackling the problem with programmes which are designed to bring those at the bottom of the socio-economic pyramid into the supply chain.

  6. Sadly, it's not only political science that is full of Marxists ... economics is also loaded with the parasites. In fact, the London School of Economics was founded by the socialist Fabian Society, which is proud of its socialist foundation, history and traditions. Their longstanding goals have been the expansion of state power.