Bourgeoisie Out, Expertoisie In: The New Political Economies at Loggerheads

Donald Clark Hodges and Larry Lustig

American Journal of Economics and Sociology, 2002, vol. 61, issue 1, 367-381

Abstract: Part I of our paper pinpoints the “political” in the new political economies: first, the distinction between political, public, and civic economies that are almost invariably confused; second, the role of power politics, force, and fraud in determining income differentials in the name of market forces. Part II pinpoints the “new” in twentieth‐century political economies: first, the emergence of a fourth factor of production in addition to labor, capital, and land, whether identified with organization, knowledge, headwork, education, brainpower, management, or information; second, the subordination of capital to this new factor; third, the formation of a new social class based on its ownership; fourth, the struggle between the owners of capital and the new class for control over decision making and for the lion's share in distribution; fifth, the reliance on government to protect and advance the interests of the new class of professionals; and sixth, the eclipse of the old class struggle between bourgeoisie and proletarians by a new class struggle between managers and managed, executives and executants, “knows” and “know‐nots.” Part III pinpoints the “loggerheads” or sources of dissension between the “human capital” and post‐capitalist variants of the new political economies: first, over whether the expertoisie constitute a new social class or a fraction of the bourgeoisie; second, over whether the new economic order constitutes an advanced stage of capitalism or the advent of a post‐capitalist society; and third, whether the “knows” exploit the “know‐nots” through their monopoly of economic and political power. Why “political,” why “new,” and why “at loggerheads”? Our essay divides into three parts our tentative answers to these questions.

Date: 2002
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