Hypercapitalism
Marxist scholars use the term “Hypercapitalism” to depict that form of capitalistic social organization, which is marked by the speed and intensity of global flows. Also referred to as corporate capitalism, scholars blame hypercapitalism for causing misbalance and fragmentation in social life. They believe capitalism has done this by allowing commercial or business interests to penetrate every aspect of human experience. In short, hypercapitalism is the extreme form of capitalism at the expense of traditional values.
The first and foremost critique against capitalism is that it destroys traditional values. Competitive global market economies play a crucial role in transforming traditions and alter social interaction. Innovation is one of the ways through which the markets change traditions. We can take the example of Amazon. Over the years, Amazon has absorbed and systematically shut out small businesses by centralizing all of its products in a single market place. This was achieved with their dramatic undercut of prices compared to small business by cheap labour and thus, ultimately pricing the small businesses. With the coming of new technologies, industries, and goods and services, older ones become obsolete and shut down. This leads to the transformation of traditional work and social relations, which play an essential cultural and economic role in a nation. Some conventional and artisanal trades are lost, which is cultural impoverishment. However, it is critical to note that capitalism aims at industrialization. Capitalism and industrialization are related but are not the same thing. The industrialization has also taken place in non-capitalist societies like the Soviet Union and communist China. The reality is, most of the scholars critique industrialism than capitalism or the free market. Critics are also of the view that capitalism promotes radical concepts of autonomy. This type was evident among some bankers during the financial crisis.
Capitalism has dramatic effects on culture, but at the same time, it can’t be blamed for cultural destruction. Market economies come with trade-offs, and cultural dysfunction and cultural renewal are complex and cannot be explained by economic analysis alone. Capitalism is not perfect and needs vibrant mediating institutions, affluent civil society and a strong religious culture to control its adverse effects.
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Shahjadi Jemim Rahman