2015•Oxford University Press eBooksRequires access
3. How did we get here?
James Fulcher
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Abstract
Capitalism has transformed considerably since it started. We are now in a very distinct stage of its development. ‘How did we get here?’ examines the development of industrial capitalism and divides it into three stages: anarchic capitalism, managed capitalism, and remarketized capitalism. The deficiencies and conflicts of anarchic capitalism led to the development of a managed capitalism, which showed that it is possible to protect people from the worst consequences of free market forces with state intervention and regulation. Managed capitalism generated its own problems, however, and a second transformation to remarketized capitalism has provided greater choice and more freedom for the individual, but also a less secure life, intensified work pressures, and greater inequality.