The Erosion of Political Reason: New Book Highlights the Urgent Need for Economic Philosophy
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A critical gap in higher education – the near absence of economic philosophy courses at Italian public universities, wiht the exception of Ca’ Foscari University of Venice – underscores a growing crisis in how we understand the relationship between power, economics, and governance. This deficiency fuels the demand for a re-examination of foundational ideas,powerfully addressed in the updated and expanded edition of Adelino Zanini’s Economic Philosophy (DeriveApprodi,pp. 528, €30), originally published in 2005.
The new edition of Zanini’s work arrives at a moment of pressing relevance, particularly with the addition of a new chapter dedicated to German ordoliberal thought. The core issue, as the book elucidates, is a widening chasm between the realms of philosophy and economics, a rift exacerbated by the rise of monopolistic tech giants and the increasing influence of figures who prioritize economic power over democratic principles. The text points to the concerning trend of transferring management of the US state apparatus to Elon Musk. this move, the analysis contends, represented an attempt to directly link political action to the interests of economic power, bypassing traditional democratic processes. One observer noted that figures like Peter Thiel, founder of Palantir, openly question the compatibility of democracy with freedom, stating, “I no longer believe that democracy is compatible with freedom” and “the only real inequality I can think of is that between those who are alive and those who are dead.” Such sentiments, the text suggests, signal a dangerous erosion of political reason.
Though, the relationship between political philosophy and political economy has not always been adversarial. zanini’s book meticulously traces their historical dialectic, beginning with the very origins of capitalism. The author examines four key stages of this relationship, embodied by the intellectual contributions of adam Smith, Karl Marx, Joseph Schumpeter, and John Maynard Keynes.
The Ethical Foundation: Adam Smith
Zanini’s analysis confirms that Adam Smith, frequently enough considered the father of modern economics, fundamentally understood the connection between ethics and economics. For Smith,the nascent science of political economy,as a study of capitalism,could only exist within a framework that integrated the ethical,economic,and political spheres. He was, the text asserts, the first – and last – of the classical economists capable of presenting these three domains as a unified whole. In essence,the book argues,economic philosophy was born with Smith.
The Inseparable Synthesis: Karl Marx
With Karl Marx,the text argues,the relationship between economic science and political science reached its zenith,becoming so intertwined as to be indistinguishable. This synthesis formed the bedrock of a social dialectical understanding of history, driven by inherent contradictions. Marx’s critique of political economy revealed how the political realm increasingly became subordinate to economic forces, challenging the notion of a naturally occurring capitalist social order.
Diverging Paths: Schumpeter and Keynes
joseph Schumpeter and John Maynard Keynes, while both influential economic thinkers, represented contrasting philosophies.Schumpeter expressed skepticism towards state regulation, fearing it would stifle the “creative destruction” inherent in capitalism. Keynes, conversely, believed that unregulated markets were inherently unstable and required active government intervention to ensure economic stability.
The Rise of ordoliberalism and its Contemporary Relevance
The updated edition of Zanini’s work adds a crucial chapter on the economic philosophy of ordoliberalism, a school of thought to which Zanini previously dedicated a substantial essay in 2022. This addition is particularly timely, serving as a direct response to the Keynesian view of the state as an entity operating above the free market.
The text contends that contemporary neo-ordoliberal regulation operates in service of a “techno-oligarchic potentate” class dominating platform capitalism. The relationship between figures like Musk and Trump, despite its inherent contradictions, exemplifies this dynamic, reinforcing the urgent relevance of Zanini’s analysis. The circle, the text concludes, is now complete, demanding a renewed engagement with the fundamental questions of economic philosophy to safeguard the principles of political reason.
