“An economy based on information, with its tendency to zero-cost products and weak property rights, cannot be a capitalist economy.”

— Paul Mason (journalist) , book PostCapitalism: A Guide to our Future

PostCapitalism: A Guide to our Future (2015)

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Paul Mason (journalist) 11

British journalist 1960

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“In the new-democratic republic under the leadership of the proletariat, the state enterprises will be of a socialist character and will constitute the leading force in the whole national economy, but the republic will neither confiscate capitalist private property in general nor forbid the development of such capitalist production as does not "dominate the livelihood of the people", for China's economy is still very backward.”

Mao Zedong (1893–1976) Chairman of the Central Committee of the Communist Party of China

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“In an ideal socialist economy, the reward for invention would be completely separated from any charge to the users of information. In a free enterprise economy, inventive activity is supported by using the invention to create property rights; precisely to the extent that it is successful, there is an underutilization of the information.”

Kenneth Arrow (1921–2017) American economist

Kenneth J. Arrow (1962). "Economic Welfare and the Allocation of Resources for Invention." In: The Rate and Direction of Inventive Activity. Princeton University Press.; cited in: Thrainn Eggertsson, Economic behavior and institutions. 1990. p. 22
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“On a second front, a powerful new technology platform is developing out of the bowels of the Second Industrial Revolution, speeding the central contradiction of capitalist ideology to the end game mentioned above. The coming together of the Communications Internet with the fledgling Energy Internet and Logistics Internet in a seamless twenty-first-century intelligent infrastructure—the Internet of Things (IoT)—is giving rise to a Third Industrial Revolution. The Internet of Things is already boosting productivity to the point where the marginal cost of producing many goods and services is nearly zero, making them practically free. The result is corporate profits are beginning to dry up, property rights are weakening, and an economy based on scarcity is slowly giving way to an economy of abundance.”

Jeremy Rifkin (1945) American economist

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“The essential feature of a capitalist world-economy… is production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.”

Immanuel Wallerstein (1930–2019) economic historian

Wallerstein (1979) The Capitalist World-Economy. p. 15.

“Aside from Yugoslavia, experiments with decentralization did not extend to planning innovation, the greatest weakness of the socialist economies. Even where markets were allowed to exert more influence over current production, the state was still responsible for planning the future. And state socialism provided only weak incentives for innovation. The Schumpeterian pressure that forced capitalist firms to innovate or die was not present in the planned economy.”

Barry Eichengreen (1952) Economist

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“An exploration of the challenges Korea faces in transforming its economy from a government-directed, low-cost producer to an innovative world economic power based on its own scientific and technological development.”

Lewis M. Branscomb (1926) physicist and science policy advisor

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“Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

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“Executives must have a practical knowledge of how to observe, record, analyze and compare essential facts in relation to… all… that enters into or affects the economy of production, the costs of the product.”

Henry R. Towne (1844–1924) American engineer

Attributed to Henry R. Towne in: William Kent (1914) Investigating an Industry: A Scientific Diagnosis of the Diseases of Management, p. 3
Comment: William Kent mentions the "The Engineer as an Economist," (1886) as the source.

“We had to get rid of occupation and regain and enhance our sovereignty. We have now ended up with a capitalist system. We are calling for social justice, a social security system in terms of creating jobs and enhancing the productive base of the economy.”

Raid Jahid Fahmi (1950) Iraqi politician

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“Political economy … founds its theory of society upon the self-seeking of the isolated individual. Political economy, in this way, “incorporates private property into the very essence of man.””

Anthony Giddens (1938) British sociologist

Source: Capitalism and Modern Social Theory (1971), p. 14 (Quote is from Marx, Early Writings (1964), p. 148).

“An economy based on information, with its tendency to zero-cost products and weak property rights, cannot be a capitalist economy.”

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Paul Mason (journalist) 11

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