Three on Goldman Sachs

07Oct11
View of Downtown focused around the Goldman Sa...

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From Engage:

“With all due respect to Goldman Sachs, it’s actually run by a complex network of bastards. Or do Goldman Sachs pay me to say that? You’ll never know.”

Useful reading on #Occupy Wall Street:
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One Response to “Three on Goldman Sachs”

  1. An excerpt from an article I recently wrote about the OWS phenomenon related to anti-semitism:

    As I see it, the most problematic aspect of the Wall Street demonstrations is its inability to adequately conceptualize the capitalist social formation. If you ask the protestors what the root of society’s woes is, one common response you will hear is “greed” or “corporate greed.” Greed, however, is hardly unique to the capitalist mode of production. Max Weber made this abundantly clear in his outstanding introduction to The Protestant Ethic and the Spirit of Capitalism:

    Unlimited greed for gain is not in the least identical with capitalism, and is still less its spirit. Capitalism may even be identical with the restraint, or at least a rational tempering, of this irrational impulse. But capitalism is identical with the pursuit of profit, and forever renewed profit, by means of continuous, rational, capitalistic enterprise. For it must be so: in a wholly capitalistic order of society, an individual capitalistic enterprise which did not take advantage of its opportunities for profit-making would be doomed to extinction. (Max Weber, The Protestant Ethic and the Spirit of Capitalism. Pgs. xxxi-xxxii).

    Beyond this basic point, the problem with seeing “greed” as the root of all society’s evils is that it mistakes an epiphenomenal characteristic of capitalism for something more fundamental. As my friend Jeremy Cohan (also of Platypus) pointed out with reference to this text, it is remarkable the way that capitalism tames the traits of greed and competitiveness into our everyday patterns of behavior. Capitalism exists in such a manner that it normalizes these personality traits throughout the whole of society.

    Another consequence of blaming the gross disparity of wealth that exists between the highest echelons of the capitalist social order and the rest on a mere personality flaw (the poor moral constitution of the top 1%) is that it ignores the way that the capitalists themselves are implicated by the intrinsic logic of Capital. This misunderstanding ultimately amounts to what might be called the “diabolical” view of society — the idea that all of society’s ills can be traced back to some scheming cabal of businessmen conspiring over how to best fuck over the general public. (The “diabolical” view of society is not all that far removed from conspiracy theories about the “New World Order,” the Illuminati, or “International Jewry.” Indeed, it is not surprising to see that shades of anti-capitalism misrecognized as anti-semitism have cropped up amongst some pockets of Occupy Wall Street; see Moishe Postone’s excellent essay on “Anti-Semitism and National Socialism”). Capitalism is not a moral but rather a structural problem.

    One of the most glaring problems with the supporters of Occupy Wall Street and its copycat successors is that they suffer from a woefully inadequate understanding of the capitalist social formation — its dynamics, its (spatial) globality, its (temporal) modernity. They equate anti-capitalism with simple anti-Americanism, and ignore the international basis of the capitalist world economy. To some extent, they have even reified its spatial metonym in the NYSE on Wall Street. Capitalism is an inherently global phenomenon; it does not admit of localization to any single nation, city, or financial district.

    Moreover, many of the more moderate protestors hold on to the erroneous belief that capitalism can be “controlled” or “corrected” through Keynesian-administrative measures: steeper taxes on the rich, more bureaucratic regulation and oversight of business practices, broader government social programs (welfare, Social Security), and projects of rebuilding infrastructure to create jobs. Moderate “progressives” dream of a return to the Clinton boom years, or better yet, a Rooseveltian new “New Deal.” All this amounts to petty reformism, which only serves to perpetuate the global capitalist order rather than to overcome it. They fail to see the same thing that the libertarians in the Tea Party are blind to: laissez-faire economics is not essential to capitalism. State-interventionist capitalism is just as capitalist as free-market capitalism.

    Nevertheless, though Occupy Wall Street and the Occupy [insert location here] in general still contains many problematic aspects, it nevertheless presents an opportunity for the Left to engage with some of the nascent anti-capitalist sentiment taking shape there. So far it has been successful in enlisting the support of a number of leftish celebrities, prominent unions, and young activists, and has received a lot of media coverage. Hopefully, the demonstrations will lead to a general radicalization of the participants’ politics, and a commitment to the longer-term project of social emancipation.

    To this end, I have written up a rather pointed Marxist analysis of the OWS movement so far that you might find interesting:

    “Reflections on Occupy Wall Street: What It Represents, Its Prospects, and Its Deficiencies”

    THE LEFT IS DEAD! LONG LIVE THE LEFT!


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