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LPE Originals

Modern(izing) Indian Capital?

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Jason Jackson’s erudite Traders, Speculators, and Captains of Industry shows that, for more than a century, Indian firms labeled as “traditional” capital faced policy hostility, while those considered “modern” were more likely to receive favorable government treatment. Yet how should we understand the modernity of so-called “modern Indian capitalists”? Did Indian capital ever shed its identity as speculators and traders, or was this classification merely a way to block foreign competition?
LPE Originals

Market Governance in Trumpworld

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Over the past year, the much-touted right-wing embrace of anti-monopolism has been reduced to a distant memory. What has emerged instead is a personalist form of market governance, where regulatory authority persists only insofar as it serves the ambitions of political insiders.
LPE Originals

Capital Without Moral Cover?

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Jason Jackson’s Traders, Speculators, and Captains of Industry argues that capitalist societies develop a moral hierarchy of market actors, enabling certain firms to position their interests as good for society and thus deserving of regulatory protection. Though focused on India, the book also invites reflection on the recent return of patrimonial capitalism in the United States: is this merely an inversion of the prevailing moral hierarchy, or a post-moral turn in which firms no longer justify their privileged status in terms of a shared future?
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

The American Media Polycrisis: Cascading Layers of Capture

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In countries facing democratic backsliding, attention often centers on state capture of the press. Recent U.S. media failures, however, demand a wider lens. Authoritarian encroachment here rests on deeper layers of capitalist and oligarchic capture. Understanding how these different layers interact and reinforce one another is a necessary first step toward building a more democratic media system.
LPE Originals

What is the Point of Overtime Laws?

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When Congress eliminated taxes on overtime last summer, it framed the move as a win for workers. However, by encouraging people to spend more time on the job, the policy runs directly counter to the original purpose of overtime laws: to protect workers’ personal time and give them greater control over their lives. A better agenda would involve shortening the workweek, increasing the overtime premium, and banning mandatory overtime.
LPE Originals

Martin Shkreli Had a Point

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A decade ago, Martin Shkreli became the most hated man in America by raising the price of Daraprim – an antiparasitic essential for immunocompromised patients – from $17.50 to $750 per pill. Though Shkreli’s conduct was lambasted in the court of public opinion, the legal framework that allowed this 4,000 percent increase remains in place. And Daraprim? It still costs $750 a pill.
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

Hospice Commodification and the Limits of Antitrust

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As hospice care is increasingly dominated by private equity firms, an antitrust response, while necessary, has the potential to normalize the language of the market as the default mode for discussing healthcare reform. Hospice demonstrates what is lost when healthcare is described as a mere economic exchange, and Medicare’s per diem hospice benefit harbors as-yet-unrealized potential for decommodification.
LPE Originals

The Rise of OIRA 2.0

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The Trump Administration’s use of individualized, firm-level waivers and exemptions marks a new frontier in presidential control of the administrative state. This strategy allows the administration to bypass the formal process for repealing regulations while turning deregulation itself into a tool for distributing political favors.
LPE Originals

Intel and the New State Capitalism

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While some have cast the U.S. government’s $8.9 billion equity stake in Intel as the first step on the road to socialism, upon closer examination it looks more like a distinctive form of American state capitalism: one that entrenches corporate power while foreclosing more democratic and effective alternatives.
LPE Originals

Predistribution and the Law and Economics of Income Inequality

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Law and Economics scholars argue that if income redistribution is to happen at all, it should occur exclusively through the tax system, rather than through supposedly less efficient methods, such as the minimum wage, collective bargaining, or housing regulation. Yet even by their own lights, these arguments fail: in many cases, predistributive policies are actually more efficient than the tax and transfer system. More fundamentally, to address economic inequality, we must move beyond narrow issues of distribution and transform the mode of production itself.