The Long Term: Capitalism and Culture in the New Millennium |
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Authors: | MG Piety |
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Institution: | 1. Drexel University, 3141 Chestnut St, Philadelphia, PA, 19104, U.S.A.
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Abstract: | One of the most significant developments in the latter part of the 20th century and the first part of this new millennium
has been the triumph of short-term over long-term thinking. We are increasingly a culture that looks neither to the past nor
to the future, but only to the next “quarter,” or to the next Delphic pronouncement by Alan Greenspan. This cultural construction
of time has given rise to social, political and personal problems of unprecedented magnitude. The short-term focus of contemporary
American capitalism is causing us to behave, both individually and collectively, in an increasingly irrational and thus self-destructive
manner. Ours is now the most violent, crime-ridden society in the industrialized world. Capitalism is sometimes blamed for
this, yet there are other capitalist societies that do not suffer the same evils we suffer. I argue that we can learn from
these societies how to correct some of the ills of our own system and in this way construct a new paradigm of the market,
a paradigm for the new millennium, a more mature, rational version of capitalism that would focus on the long rather than
the short term. |
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