Economics

The argument that keeps failing is not the argument about which system is better. It is the assumption, buried inside that argument, that the categories are stable — that capitalism, socialism, mercantilism, feudalism refer to four distinct, mutually exclusive arrangements, and that the story of modern history is one of them winning. They have not been stable for five centuries. What has been stable is something more basic: there is a surplus, and someone claims it. The form the claiming takes has changed. The claiming has not. …

The public conversation about AI and work is stuck on the wrong question. “Will my job be replaced?” is the framing everyone reaches for, because it has a clean visual: a robot taking a specific seat. The headlines love it. Goldman: AI to replace 300 million jobs. McKinsey: half of all work activity automatable. The displacement frame promises an event — an announcement, a layoff, a press release — and the policy answers it suggests are familiar: retraining, universal basic income, regulation. …

The book Technofeudalism: What Killed Capitalism by Yanis Varoufakis got me into thinking about the Minotaur, but at the same time I couldn’t help but think about Kirtimukha. I decided to write a piece comparing the two myths and how they relate to capitalism. Capitalism: A Labyrinthine Monster or an Eternal Hunger? Throughout history, economic systems have been compared to great forces of nature, war machines, or living organisms. But if we turn to mythology, two figures stand out as powerful metaphors for modern capitalism: the Minotaur, a monster lurking in an inescapable labyrinth, and Kirtimukha, a self-consuming face that never disappears. …

In the modern world, China occupies an undeniable space in the global economy. The phrase “Made in China” is stamped on everything from smartphones to sneakers, a symbol of the country’s manufacturing prowess. At the same time, “China” often evokes harsh criticism, with terms like “communist regime” and “authoritarian state” frequently making headlines. This juxtaposition exposes a glaring hypocrisy: the world decries China’s politics but thrives on its economic output. …

The concepts of Marxism, capitalism, and socialism often dominate discussions about economics and politics. While each represents a distinct approach to organizing society, their real-world implementations often deviate significantly from their ideals. To understand their realities, it’s crucial to examine their theoretical foundations and how they’ve played out historically. Marxism: The Revolutionary Ideal Marxism, rooted in the works of Karl Marx and Friedrich Engels, envisions a classless society where workers control the means of production. Its core critique is of capitalism’s tendency to exploit labor for profit. Marx predicted that this exploitation would inevitably lead to class struggle, culminating in a revolutionary overthrow of capitalist systems. …