Free market bullshit

David Graeber’s on tour, plugging his new book on the remarkably successful and resonant “bullshit jobs” hypothesis. Snipping this from an interview with him at Dissent Magazine:

Brooks: And this also helps to explain why market enthusiasts are wrong in their claims that it’s impossible or unlikely that capitalism will produce bullshit jobs.

Graeber: Yes, exactly. Amusingly enough both libertarians and Marxists tend to attack me on these grounds, and the reason is that both are still basically operating with a conception of capitalism as it existed in maybe the 1860s—lots of little competing firms making and selling stuff. Sure, that’s still true if you’re talking about, say, owner-operated restaurants, and I’d agree that such restaurants tend not to hire people they don’t really need. But if you’re talking about the large firms that dominate the economy nowadays, they operate by an entirely different logic. If profits are extracted through fees, rents, and creating and enforcing debts, if the state is intimately involved in surplus extraction, well, the difference between the economic and political sphere tends to dissolve. Buying political loyalty for your extractive schemes is itself an economic good.

Earlier in the piece Graeber makes that point that, far from being a conspiracy theory, this is precisely the opposite, in that it neatly explains the absence of concerted elite action to rig the econopolitical system: if it ain’t broke (for you), then why expend any effort trying to fix it?

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