Transformations of Capitalism

Book excerpt: A diverse, complex, and stable, yet volatile system, capitalism has undergone fundamental transformations over the past century. Entrepreneurial capitalism has become increasingly managerial and corporate in nature. No longer dominated by industrial production, capitalist economies are now geared toward supplying services and toward integrating the working class into capitalist society. Individual companies have given rise to complex relationships between state, economy, and multinational corporations. Focusing on the structural shifts in advanced political economies, this volume brings to light trends that occur "below" the surface of economic activity. The essays identify the basic patterns of those transformations and their implications -- social, political, and economic -- for contemporary and future capitalisms.