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In a large number of countries, fundamental shifts are taking place in the balance of power between political parties or movements. In nearly all cases, the nature of political discourse underlying national politics has changed radically, the politics of identity having now become prominent. We argue that the failure of capitalism to bring about universal prosperity is at the origin of the rise of this type of politics. It fails to secure decent living conditions for unskilled workers in the core states of Western Europe, and it fails to secure opportunities for social mobility for the equivalent of the European middle-class in the (semi)peripheral states. An analysis of three cases of politics of identity that have the connotation of civilization – Islamism, Hindu nationalism and extreme right-wing nationalism in Europe – corroborates this view. These three cases of politics of identity appear to be related to a crisis of legitimacy. However, this does not imply that Islamism and Hindu nationalism are the non-Western equivalents of extreme right-wing nationalism in Europe. The former are phenomena of the periphery, the latter is a phenomenon of the core.

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This analysis by David Bollier from the United Nations University, introduces the debate around production and consumption as a central flagpole to which literature around capitalism has been pegged. It is interesting to note that David also introduces the notion that too much capital is available from companies that do not seem to have sufficient investment opportunities that can generate profits. In other words, ‘the amount of capital available is far greater than the real economy’.

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A 59 minute podcast from NPR on “What do we mean when we talk about capitalism? Our economic system might seem inevitable, but it’s a construction project hundreds of years in the making and no part of it is natural or left to chance”. 

Listen here