iCHSTM 2013 Programme • Version 5.3.6, 27 July 2013 • ONLINE (includes late changes)
Index
| Paper sessions timetable | Lunch and evening timetable | Main site
Restless capitalism
Stan Metcalfe | University of Manchester, United Kingdom

“Why do capitalist economies evolve in the way that they do?” The answer lies, on the one hand, in the nature of human curiosity and the corresponding growth of knowledge. On the other hand, the rules of the game induce the self transformation of each particular economic order. The history of technology shows the manner of self transforming is contingent on the manner of self-ordering - different instituting frames have different dynamic consequences.

Capitalist economies are also ignorance economies, in which highly specialised individuals and teams know a great deal about very little, so that the productive strength of the system, its collective knowing, depends on how the pools of specialised, narrow understandings are connected. Connectivity requires organisation and organisation depends on rules of the game and on belief and trust so that we can rely upon the testimony and actions of others. Economic configurations demonstrate immense richness and subtlety but order is not equilibrium. Systems in equilibrium do not evolve. The day to day structures of capitalism is the product of ordering processes and these structures are restless - their development is open-ended and unpredictable.