From corporate critique to finance critique
Tellingly, activist ire today is no longer directed at the Starbucks and Niketowns which famously had their windows smashed in 1999. Rather, OWS has zeroed in on institutions of finance that produce nothing tangible that can be wrapped up in ethical packaging. Perhaps this will be the next frontier for the ‘new spirit’ of capitalism, but for now, housing bubbles and the gentrification that follows, betting on derivative futures and other forms of unbridled speculation are all easy targets for populist rage because they irreducibly exist to do nothing but make ever more money. The Wall Street versus Main Street frame expresses a preference for the ‘real’ economy of hard work and the production of useful things, which is counterpoised to a ‘parasitic’ world of banks and traders who shuffle other people’s money around in a global digital casino. Yet this discourse betrays a ressentiment passed off as anti-capitalism. It ignores the fact that small business owners are not immune to this logic, and must maximize profit by increasing sales, increasing worker productivity or lowering wages, the same as individual workers compete with their fellows for raises and better positions to improve their lot. It is not the competitive logic of capitalism that is challenged, but only its most obvious, odious and ‘abstract’ form, which is in reality inseparable from its ‘good’ manifestations.
In the absence of a systemic critique of capitalism, the US left often gets hopeful whenever class and economic inequality are broached in any form whatsoever, no matter how problematically. However, a vague constellation of populist themes and anti-banker sentiment coupled with skepticism towards the traditional left, theory and politics as such could just as easily be channeled in non-emancipatory responses to economic inequality. The explosive rise of Golden Dawn in Greece is a chilling reminder of the continuing danger of reactionary forms of anti-capitalism, ranging from various backward-looking communitarianisms, survivalism, to outright fascism. The atrophy of the left during 40 years of neoliberal hegemony, during which the very word capitalism disappeared from political discourse, has resulted in an uncritical optimism and historical amnesia of the potentially deeply reactionary forms such amorphous discontent might take. Some observers have noted worrisome parallels to anti-Semitism in left critiques which focus only on ‘disloyal’ bankers and an ‘unreal’ cosmopolitan consumer culture opposed to ‘authentic’ national communities and cultures (Arnold 2012; Ogman 2013). However, lacking the strong socialist or communist tradition found in Europe, critiques of capitalism in the USA have often taken nationalist and producerist forms (Wilentz 1984). Thus, this divergent political history results not in the anti-Semitic ‘socialism of fools’ August Bebel warned of, but instead simply a foolish socialism. Today, strong currents of anti-intellectualism, political pluralism, a preference for consensus and an aversion to ideological sectarianism maintain this state of affairs.













