Capitalism, Plutonomy and the Pursuit of Wealth

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The capitalist mode of production represents a radical break from traditional methods of organizing economic activity. Because it has taken extremely diverse forms and evolved in complex ways over time, it is not easy to define precisely. Many authors have seen through this complexity of forms to the simplicity of the spirit: Max Weber writes about capitalism that ‘Man is dominated by the making of money, by acquisition as the ultimate purpose of his life. Economic acquisition is no longer subordinated to man as the means for the satisfaction of his material needs’. It is natural for men to want wealth so that they can fulfill their needs, acquire luxuries, status, travel, or do anything else they desire. However, it is not natural to hoard wealth and revel in its possession. Ancient philosophers from Aristotle to Lao Tzu are united in their assessment that while money can be very useful, love of money is extremely harmful. Modern thinkers like Keynes agreed that the pursuit of wealth is a “disgusting morbidity” and a “mental disease”. Nonetheless, they launched a daring experiment to harness the powerful force of greed for accumulation of wealth and elimination of want.

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