Supercapitalism

Subtitled 'the battle for democracy in an age of big business', this brilliant overview of the evolving relationship between capitalism and democracy enables one to understand some key developments of the last 50 years. Focusing mainly on America, the author explains how capitalism and democracy were relatively evenly balanced until the 1970s, but since then intense global competition has produced supercapitalism as firms compete for our attention as consumers and investors. As consumers, we are looking for better deals, and as investors for better returns. This conflicts with our role as citizens, and competitive pressures have encouraged companies to step up their political contributions and lobbying efforts in order to influence public policy to their advantage. Major institutional checks such as labour unions have declined and deregulation has won out, this latter factor being a major contributor to the credit crunch. Negative social consequences of supercapitalism have included widening inequality, reduced job security, loss of community and environmental degradation. The author argues that democracy is the appropriate vehicle for responding to such social consequences and that we must rediscover our capacity as citizens alongside our roles as consumers and investors. He encourages us to remember that the purpose of democracy is to accomplish ends that we cannot achieve as individuals and that we need to exercise our rights to provide frameworks within which these social costs are properly regulated. A major contribution to a critical debate for our time.