Political capitalism
Concept introduced by Max Weber
From Wikipedia, the free encyclopedia
Political capitalism[1] or Politically oriented capitalism is a concept introduced by Max Weber in his 1921 book Economy and Society to describe monetary profit-making through non-market means.[2][3] In 2018, Holcombe describes political capitalism as an economic system in which the sharp distinction between states and markets is blurred.[4][5][6][7][8]
Robert Brenner and Dylan Riley have characterized the post-1990 economy of United States as political capitalism, where raw 'political power' rather than 'productive investment' is the "key determinant of rate of return".[9]
Filippa Chatzistavrou broadens the concept of political capitalism applied in the digital age by pushing further the idea of states and high tech markets being co-constitutive in order to include not only rent seeking, property rights' issues and surplus extraction mechanisms, but also models of governance.[10]
Background
The definition of capitalism as an economic system based on monetary profit-making rather than a subsistence economy is shared by Max Weber and Fernand Braudel.[11][12]
