Theorizing capitalism: Classical foundations and contemporary innovations

In: European journal of social theory, Band 18, Heft 4, S. 351-367

Abstract

Contemporary reflections on capitalism as a social-historical formation build on the legacy of classical theorists and comparative analysts. To clarify the main lines of this ongoing debate, it seems useful to distinguish three dichotomies that have been central to interpretations of capitalist development. The question of unity and diversity has been most prominent in the controversies of the past few decades; its ramifications range from micro-economic research on 'varieties of capitalism' to less sustained discussions about the place and role of capitalism within the framework of multiple modernities. Another key distinction contrasts systemic perspectives on capitalism with historical ones. In this regard, Schumpeter's work is particularly interesting, but as an illustration of the problematic rather than an answer to the basic questions. The notion of a spirit of capitalism is most frequently associated with Weber's work, where the spirit appeared as the source of a dynamic to which it then fell victim. Reconsiderations of the issue have raised questions about more durable versions and more varied expressions of the spirit, less likely to be eliminated by a self-propelling dynamic. Finally, comments on the articles included in the special issue suggest that they all have something to say on all three aspects of the field, but that their most innovative content may consist in attempts to move beyond systemic models of unity.