The term capitalism doesn't mean much when applied to today's world. Originally, its defining characteristic was that the economy was controlled by those who owned the means of production.
The typical reader of this article works in front of a computer at a desk in an office block. He or she probably does not know who owns any of these things. It is quite likely that each is owned by someone different – a pension fund, a property company or a leasing business – none of whom is their employer. (http://www.ft.com/intl/cms/s/0/86667196-3afc-11e1-b7ba-00144...)
The strange thing is, in school we still learn Marx's critique of the old capitalism. I guess it's because there's nothing politically sensitive about critiquing a system that doesn't exist anymore. Today's business world is run by a professional management class.
Modern titans derive their authority and influence from their position in a hierarchy, not their ownership of capital. They have obtained these positions through their skills in organisational politics, in the traditional ways bishops and generals acquired positions in an ecclesiastical or military hierarchy.
Not only is control completely different, but spreading ownership of the means of production to the masses has become a conservative cause, in the form of privatization of social security and other individual account schemes where citizens use tax-privileged savings accounts instead of services provided directly by the government.
The typical reader of this article works in front of a computer at a desk in an office block. He or she probably does not know who owns any of these things. It is quite likely that each is owned by someone different – a pension fund, a property company or a leasing business – none of whom is their employer. (http://www.ft.com/intl/cms/s/0/86667196-3afc-11e1-b7ba-00144...)
The strange thing is, in school we still learn Marx's critique of the old capitalism. I guess it's because there's nothing politically sensitive about critiquing a system that doesn't exist anymore. Today's business world is run by a professional management class.
Modern titans derive their authority and influence from their position in a hierarchy, not their ownership of capital. They have obtained these positions through their skills in organisational politics, in the traditional ways bishops and generals acquired positions in an ecclesiastical or military hierarchy.
Not only is control completely different, but spreading ownership of the means of production to the masses has become a conservative cause, in the form of privatization of social security and other individual account schemes where citizens use tax-privileged savings accounts instead of services provided directly by the government.