The weird thing is, these information asymmetries make capitalism less efficient than it would be with less asymmetry. They don’t serve the interests of capital; they serve the interests of management.
We’ve stopped being capitalist a long time ago. Now we have corporate feudalism. We prop up old companies, tamp down on startups, and do our best to make sure companies make most of their money from rent seeking.
Marx characterized this as “anarchy of production” - without centralize control, the whims of the market inevitably undermine economic growth. It’s what causes the boom and bust cycles.
I think Marx also underestimated the class interest of the managerial class, which shows up rather vividly in actually-existing socialisms as well. Principal/agent problems are a doozy.
I think Marx underestimated the class divisions created by colonialism between colonizers and the colonized. It turns out that settlers could be bribed with the superprofits created through the superexploitation of colonized people. It took later theorizing by Lenin and Mao and Fanon and Du Bois to advance theory to that point.
Sure, although once we foreground the concept of “colonialism” it also crops up in those socialist contexts too: see the Bolsheviks’ treatment of Ukraine, or the ongoing maintenance of North Korea as a source of slave labor.
The weird thing is, these information asymmetries make capitalism less efficient than it would be with less asymmetry. They don’t serve the interests of capital; they serve the interests of management.
We’ve stopped being capitalist a long time ago. Now we have corporate feudalism. We prop up old companies, tamp down on startups, and do our best to make sure companies make most of their money from rent seeking.
(pst that’s just capitalism)
Marx characterized this as “anarchy of production” - without centralize control, the whims of the market inevitably undermine economic growth. It’s what causes the boom and bust cycles.
I think Marx also underestimated the class interest of the managerial class, which shows up rather vividly in actually-existing socialisms as well. Principal/agent problems are a doozy.
Maybe.
I think Marx underestimated the class divisions created by colonialism between colonizers and the colonized. It turns out that settlers could be bribed with the superprofits created through the superexploitation of colonized people. It took later theorizing by Lenin and Mao and Fanon and Du Bois to advance theory to that point.
Sure, although once we foreground the concept of “colonialism” it also crops up in those socialist contexts too: see the Bolsheviks’ treatment of Ukraine, or the ongoing maintenance of North Korea as a source of slave labor.