Lecture series: ‘Capitalism not likely to fall in the near future’
Seventh lecture on modern philosophy discusses the advent of capitalism in 16th century Europe.
ISLAMABAD:
The seventh lecture on modern philosophy and history by Ashfaq Saleem Mirza focused on the advent of capitalism in 16th century Europe.
Titled ‘The March of Capitalism’, it took place at Friedrich Ebert Stiftung (FES) building on Friday. The topics covered in the discussion included the demise of feudalism, the role of Calvinism and the difference between commodity and product in the capitalist system.
The intellectual and writer, Dr Ashfaq Saleem Mirza, who has been conducting these sessions, kicked off the lecture by introducing Mercantilism; one of the earliest forms of capitalism, which states that the wealth of a nation is increased through a positive balance of trade with other nations.
Mercantilism was dominant in Italy and Switzerland and its effects later branched out to America from 1521 to 1669 when Columbus brought 18,000 tons of silver and 200 tons of gold to Spain from America.
Mirza posited that capitalism initially grew out of mass commodity production. However, he said it is important to understand the difference between commodity and product.
Giving the example of milk, he explained, “when milk is used for consumption it is a product of subsistence, but if milk is used for exchange, it is a commodity.”
Furthermore, he said it is when capitalism took strong hold that human labour became commoditised, as it lead to the division between means of production (labour, capital, resources) and private ownership (those who control the means of production).
This distinction between the owners and the owned resulted in the creation of the bourgeoisie and the proletariat.
Mirza also spoke about one of the most important essays written on capitalism; Max Weber’s ‘The Protestant Ethic and the Spirit of Capitalism.’
In the essay, Weber studies the Protestant/Calvinist ethic and how it buttressed the dominance of capitalism. The Calvinist ethic rested on the premise of ‘predestination’, the idea that material wealth could be taken as a sign of salvation in the afterlife, and lack there of being damnation.
The fear of negative economic indicators impacting the afterlife drove individuals to work hard and not indulge in frivolous and hedonistic activities. This image of the hard worker is evident through out the history of capitalism.
Due to the inherent controversy of capitalism and the recent Occupy Wall Street Movement, there was much discussion during the lecture.
Even though it is easy to banish capitalism as a perpetuator of inequality and despair among the masses, Mirza stated that the flexibility and survival of capitalism must be noted.
Citing historical examples, Mirza displayed capitalism’s flexibility. During the 1933 recession and 1970s movement, many felt it was the end of capitalism, yet it continued to prevail. Even when the Soviet Union’s apparent victory was inevitably dissolved.
Mirza said present day examples of socialism, such as China, still borrow from capitalism largely and Venezuela only gained true socialist momentum under Hugo Chavez’s regime.
“The Wall Street movement, though a powerful revolt against the system, is not enough to revolutionise capitalism altogether,” he remarked
Analysing Marx’s predictions about capitalism’s inevitable fall, Mirza stated that even though they are invaluable in the history of humanity, they have not yet seen the light of dawn.
He further commented, “There are no visible indicators of demise of capitalism in the near future, but prediction in history is not advisable.”
The next lecture will not take place at FES building. Instead, it will be aired on FM99 on March 1 from 5pm to 7pm.
Published in The Express Tribune, February 18th, 2012.
The seventh lecture on modern philosophy and history by Ashfaq Saleem Mirza focused on the advent of capitalism in 16th century Europe.
Titled ‘The March of Capitalism’, it took place at Friedrich Ebert Stiftung (FES) building on Friday. The topics covered in the discussion included the demise of feudalism, the role of Calvinism and the difference between commodity and product in the capitalist system.
The intellectual and writer, Dr Ashfaq Saleem Mirza, who has been conducting these sessions, kicked off the lecture by introducing Mercantilism; one of the earliest forms of capitalism, which states that the wealth of a nation is increased through a positive balance of trade with other nations.
Mercantilism was dominant in Italy and Switzerland and its effects later branched out to America from 1521 to 1669 when Columbus brought 18,000 tons of silver and 200 tons of gold to Spain from America.
Mirza posited that capitalism initially grew out of mass commodity production. However, he said it is important to understand the difference between commodity and product.
Giving the example of milk, he explained, “when milk is used for consumption it is a product of subsistence, but if milk is used for exchange, it is a commodity.”
Furthermore, he said it is when capitalism took strong hold that human labour became commoditised, as it lead to the division between means of production (labour, capital, resources) and private ownership (those who control the means of production).
This distinction between the owners and the owned resulted in the creation of the bourgeoisie and the proletariat.
Mirza also spoke about one of the most important essays written on capitalism; Max Weber’s ‘The Protestant Ethic and the Spirit of Capitalism.’
In the essay, Weber studies the Protestant/Calvinist ethic and how it buttressed the dominance of capitalism. The Calvinist ethic rested on the premise of ‘predestination’, the idea that material wealth could be taken as a sign of salvation in the afterlife, and lack there of being damnation.
The fear of negative economic indicators impacting the afterlife drove individuals to work hard and not indulge in frivolous and hedonistic activities. This image of the hard worker is evident through out the history of capitalism.
Due to the inherent controversy of capitalism and the recent Occupy Wall Street Movement, there was much discussion during the lecture.
Even though it is easy to banish capitalism as a perpetuator of inequality and despair among the masses, Mirza stated that the flexibility and survival of capitalism must be noted.
Citing historical examples, Mirza displayed capitalism’s flexibility. During the 1933 recession and 1970s movement, many felt it was the end of capitalism, yet it continued to prevail. Even when the Soviet Union’s apparent victory was inevitably dissolved.
Mirza said present day examples of socialism, such as China, still borrow from capitalism largely and Venezuela only gained true socialist momentum under Hugo Chavez’s regime.
“The Wall Street movement, though a powerful revolt against the system, is not enough to revolutionise capitalism altogether,” he remarked
Analysing Marx’s predictions about capitalism’s inevitable fall, Mirza stated that even though they are invaluable in the history of humanity, they have not yet seen the light of dawn.
He further commented, “There are no visible indicators of demise of capitalism in the near future, but prediction in history is not advisable.”
The next lecture will not take place at FES building. Instead, it will be aired on FM99 on March 1 from 5pm to 7pm.
Published in The Express Tribune, February 18th, 2012.