ive always thought markets and capitalism were the same thing and markets were inherent to capitalism, but now im reading things that say they're not? Is this accurate? What's the difference? Can markets exist without capitalism, and vice versa?
ive always thought markets and capitalism were the same thing and markets were inherent to capitalism, but now im reading things that say they're not? Is this accurate? What's the difference? Can markets exist without capitalism, and vice versa?
Giovanni Arrighi has some interesting things to say about this in The Long Twentieth Century, in either the Intro or Chapter 1 (whichever one is a long summary of the book).
In particular, he comments on the work of Fernand Braudel, who views the circuits of modern commodity exchange as consisting of three layers: The production layer, market (exchange) layer, and capitalist layer. He viewed the capitalist layer as sitting above the market; it is a set of social relations erected so that the market layer could be shaped by capitalists, in order to more tightly control the process and siphon more surplus
It’s a good read, worth downloading from libgen for that chapter alone