At the London School of Economics, 21 February 2012
Standing in support of unregulated markets, of unaccountable capital flows, of virtual financial products, are scholars who frequently claim the legitimation provided by a university. The university is at times put under pressure to demonstrate its utility as the seat of the single hegemonic model of society and economy that prevails.
I believe universities are challenged now not only to recover the moral purpose of original thought, emancipatory scholarship,
Weber, of course, could not have envisaged the consequences of the journey intellectual thought would make from reason to rationality, but then on to calculable rationality, and finally, in our own time, to the speculative gambling that is at the heart of so much global misery with its view of those humans who share our fragile planet, not as citizens, but as rational choice maximizing consumers.
We are in such a winter as Weber foretold. For example, we have arrived at quite widespread acceptance by policy makers of a proposition rejected by the majority of serious economic historians, that markets are rational. This, on occasion, leads, in the extreme, to the suggestion, absurd and all as it may sound, that it is people who are irrational, the markets rational
The mid-twentieth century constituted an atmosphere where social capital emerged and social democracy mediated conflict. The twentieth century saw too a public debate about the role of the State, the rights of the individual and social policy, of the balance between these areas.
In succeeding decades political philosophy and social theory gave way to issues of administration analysis of the role of the State faded and gave way to applied studies, in an administrative sense, of the State’s actions.
A discourse based on solidarity interdependency, shared vulnerability, community, gave way to a discourse on lifestyle and individual consumption. A society of citizens gave way to a disaggregated mass of individual consumers.
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