Research output: Contribution to Journal/Magazine › Journal article
Research output: Contribution to Journal/Magazine › Journal article
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TY - JOUR
T1 - The Demise of Capitalism?
T2 - Lessons from an Entropic Perspective on the Current Crises - Review of Robert Biel (2012) 'The Entropy of Capitalism'
AU - Tyfield, David
PY - 2013/1
Y1 - 2013/1
N2 - How are we to understand the multiple overlapping crises of the present? In a superbly enlightening synthesis of Marxian (critique of) political economy and systems theory, Robert Biel presents a compelling case for the importance of an entropic perspective, regarding both thermodynamic and informational flows that constitute and transform social systems. This perspective offers an insightful analysis of neoliberalism as an attempt to harness the entropic benefits of spontaneous and complex emergence for the purposes of capitalist accumulation. The current crises may thus be understood as the overflowing of the resultingcomplexity and the pathological response of neoliberal powers, furtheraccelerating this process. But is capitalism itself thus exhausted? An alternativescenario of rejuvenated capitalism is outlined, together with the implications of Biel’s analysis for critical realism, critical social theory and a politics of the Left.
AB - How are we to understand the multiple overlapping crises of the present? In a superbly enlightening synthesis of Marxian (critique of) political economy and systems theory, Robert Biel presents a compelling case for the importance of an entropic perspective, regarding both thermodynamic and informational flows that constitute and transform social systems. This perspective offers an insightful analysis of neoliberalism as an attempt to harness the entropic benefits of spontaneous and complex emergence for the purposes of capitalist accumulation. The current crises may thus be understood as the overflowing of the resultingcomplexity and the pathological response of neoliberal powers, furtheraccelerating this process. But is capitalism itself thus exhausted? An alternativescenario of rejuvenated capitalism is outlined, together with the implications of Biel’s analysis for critical realism, critical social theory and a politics of the Left.
KW - Capitalism
KW - Crisis
KW - Entropy
KW - Neoliberalism
KW - Neosocialism
KW - Systems
M3 - Journal article
VL - 12
SP - 112
EP - 128
JO - Journal of Critical Realism
JF - Journal of Critical Realism
SN - 1476-7430
IS - 1
ER -