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LPE Originals

Moral Orders of Capitalist Legitimacy

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In today’s seemingly deglobalizing economy, policymakers across the world are in a quandary over how to regulate foreign firms. Should policymakers prevent foreign firms from attaining dominant market positions in order to prop up domestic industry? Or should they permit foreign firms to establish ownership and control of domestic markets in the hope of accelerating industrialization, economic modernization, and societal transformation? As Traders, Speculators, and Captains of Industry shows, such decisions are shaped by deeply institutionalized and highly contested moral beliefs about business actors and practices.
LPE Originals

Game Over: The End of Financial Regulation as We Knew It

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Many on the left continue to view cryptocurrency as little more than a grift. Yet the crypto industry aims to achieve something much more dangerous: functional monetary sovereignty. Their infrastructures create new conditions for exchange, wealth, and information. By ignoring these developments, we increasingly live in a dystopian world of monetary fiefdoms, and we find ourselves lacking the legal imagination to meet the moment.
LPE Originals

Inside the Failure to Regulate Stablecoins

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From legislative paralysis to regulatory fragmentation to strategic incoherence, Democrats have spent the past five years squandering opportunities to assert control over the future of digital currencies. To reverse course, progressives need to embrace a coordinated approach that balances innovation, privacy, and systemic risk.
LPE Originals

Why Antitrust Reform Matters

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In the recent exchange between the Marxists and the antitrusters, much of the disagreement has turned on different understandings of the project of antitrust reform. What is its animating goal? Is antitrust a substitute or complement to other forms of regulation? And how does antitrust relate to broader political movements? Identifying rival stances that one might take on these questions can help clarify this debate, while also showing how antitrust law can serve as an instrument for democratizing economic life.
LPE Originals

The Anarchist Currency with a Government Sponsor

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Despite its professed commitment to radical libertarianism and a non-state theory of money, the crypto industry is actively cultivating government intervention in markets on its behalf. From recruiting states to accept cryptocurrency for tax payments to pushing for the establishment of a Bitcoin reserve, crypto interests are partnering with the government to craft demand for currencies that hardly anyone uses.
LPE Originals

Facing the Limits

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In Free Gifts, Alyssa Battistoni explores capitalism’s persistent failure to value the natural world. Yet the lesson of this exploration is much broader: that capitalism imposes fundamental limits on our collective freedom.
LPE Originals

Is Climate Change an Externality?

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Environmental harms are often cast as externalities, even by those seeking to emphasize their urgency. Yet the major modern environmental statutes, written before America’s neoliberal turn toward Coasean thinking, expressly rejected the use of economic analysis in designing pollution regulation. What does this history teach us, and how might our thinking shift if we rejected the idea that climate change is best thought of as an externality?
LPE Originals

What Can Politics Make of Nature?

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Alyssa Battistoni’s Free Gifts argues that capitalism limits our freedom to decide how to value the nonhuman world. Politics, as the domain in which we choose the terms of our collective life, has a special role to play in moving beyond these limitations. But what is Battistoni’s conception of politics, and how big is the effective space that the turn to politics opens up for such choice?
LPE Originals

When Nature is Worthless

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Under capitalism, the social domination of nature occurs through and is mediated by the commodity form. Certain portions of non-human nature can be valued, but only when they are transformed into commodities in the course of the capitalist production process. Other portions are not even commodifiable; the biological and physical processes subtending our existence are largely illegible to capitalist subjects qua capitalist subjects, and so are ignored or disdained even as they collapse.
LPE Originals

In the Shadow of Commodification

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While capitalism is typically said to commodify everything, much of what makes up our world isn’t commodified at all. It instead appears as a free gift: a social form that describes the condition of usefulness lacking value. The idea of the free gift can give us a deeper understanding of the environmental problems that plague contemporary capitalism. It can also help us better understand capitalism itself.
LPE Originals

Marx, Antitrust, and the Logic of Capital

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Antitrust may promise to tame corporate power, but it leaves untouched the deeper logic of capitalism that compels production for profit’s sake. In this sense, antitrust is not voluntarist enough, choosing to fight capital with one hand tied behind its back. At the same time, however, antitrust places too much faith in law as a source of normative authority and in an administrative state whose legitimacy is evaporating before our eyes.
LPE Originals

Can DEI Workers Strike Back?

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Even as the Trump administration seeks to dismantle DEI in the name of “merit,” the law it distorts still harbors possibilities for resistance. Title VII prohibits retaliation against employees who oppose discrimination, and workers purged for their past DEI efforts should consider pursuing retaliation claims against their employers. Such lawsuits would raise the costs of anticipatory capitulation, while also providing some measure of relief to workers already harmed.