Omar Bennett
The word capitalism does not appear in the US Constitution. While the US is often described as a capitalist country, there is nothing in the Constitution that requires it to be run on capitalist principles. The relationship between capitalism and the US Constitution has been the subject of much scholarly debate, with some arguing that the American Revolution and the creation of the Constitution accelerated capitalist development and protected the interests of capitalists, particularly in the context of slavery and class power.
| Characteristics | Values |
|---|---|
| The word "capitalism" in the Constitution | The word "capitalism" does not appear in the US Constitution |
| The relationship between capitalism and the Constitution | The Constitution created a country safe for investors, protecting the interests of Southern capitalists and slave owners |
| Academic perspectives | Marx, Fishkin, Forbath, and Holton have written about the relationship between capitalism and the US Constitution |
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What You'll Learn
Capitalism and the creation of the US Constitution
The word "capitalism" does not appear in the US Constitution. However, the Constitution's creation and the American Revolution are deeply intertwined with the development of capitalism as an economic system in the US, particularly concerning slavery and property relations.
Scholars of American political development, including David Brian Robertson, have examined the Constitutional Convention, shedding light on the goals and challenges faced by the framers. One key aspect is the relationship between capitalism, slavery, and the formation of the US Constitution. While not all slavery was "capitalist," plantation slavery, which was prevalent in the South, was a form of large-scale capitalism. The commodities produced by enslaved labour embodied the labour power of the enslaved, and the Southern capitalist class reproduced itself through this exploitative system.
The American Revolution has been characterised as a "bourgeois revolution" by scholars like Kulikoff, who argues that the dominant ideology of the revolution aligned with bourgeois ideals and accelerated capitalist development. This does not imply that a capitalist class led the revolution but rather that the long-term consequences of the revolution facilitated the emergence of capitalism as the dominant mode of production.
The Constitution's legal support for slavery ensured the protection of the interests of Southern capitalists. In this context, law and class were inseparable. Slave owners directly influenced the creation of the legal architecture, exerting their class power over the state. This dynamic shaped the political and economic landscape of the young nation, with merchants and landowners benefiting from the enforcement of legal claims on landed property.
Marx offers a critical perspective on the relationship between production, domination, and the state. He argues that the specific economic form in which unpaid surplus labour is extracted shapes the relationship of domination and servitude. This, in turn, forms the basis for the entire configuration of the economic community and its political form. Marx's insights highlight the interplay between modes of production and state structures, suggesting that historical modes of production, such as slavery, articulate with specific forms of state power.
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The history of capitalism and social life
The word "capitalism" does not appear in the US Constitution, but the document's creation was influenced by the interests of Southern capitalists, who were also slave owners. The way slavery was legally supported by the Constitution ensured that the interests of this capitalist class were protected.
Capitalism is a social arrangement for producing goods in an economy. It is relatively new, arising alongside the Industrial Revolution in the late 17th century. Before capitalism, other systems of production and social organisation were prevalent, including European feudalism, where society was segmented into social classes based on birth or lineage. Capitalism, however, grew out of this system, with rising urbanism and cities becoming centres of industry and trade during the late Middle Ages and Renaissance.
Under capitalist production, business owners retain ownership of the goods produced, and profits are closely associated with the concept of private property. The profit motive is the driving force of capitalism, creating a competitive environment where businesses compete to maximise profits and gain market share.
The history of capitalism is not just a history of commerce, finance, and politics, but also a history of revolution in social life. For example, when capitalism arrived in 17th-century England, it negatively impacted the status of women, according to historian Alice Clark. More recently, some scholars argue that neoliberal economic policies are exacerbating inequality and poverty, creating new forms of contemporary slavery, and accelerating environmental destruction.
The future of capitalism is also being questioned. The collapse of the Soviet bloc in 1991 reduced the influence of socialism, and by the 21st century, mixed economies with capitalist elements dominated. However, the transition to an information society may challenge some aspects of capitalism, and some speculate that the development of mature nanotechnology could make capitalism obsolete.
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The relationship between capitalism and slavery
Slavery has been viewed as both a regional institution of cruelty in the South and a national institution integral to the economic prosperity of the United States. The Southern slave economy, centered around cotton, tobacco, and sugar, had ripple effects throughout the entire US economy, with merchants in the North facilitating the trade of slave-grown commodities and reaping significant profits. This economic interdependence created a shared political interest between the North and the South in maintaining the institution of slavery, as it benefited individuals and institutions in both regions.
The labor of enslaved individuals was instrumental in the development of American capitalism, particularly during the Industrial Revolution. Enslaved workers in the South produced the cotton that fueled the textile industry, both domestically and internationally. This "empire of cotton" created global interconnections and facilitated the expansion of capitalism worldwide. However, it is important to note that while slavery generated wealth for some, it was a brutal system of human bondage that treated individuals as commodities to be bought and sold.
In conclusion, the relationship between capitalism and slavery is intricate and multifaceted, with economic, political, and social linkages that have shaped the development of the United States and the world. The labor of enslaved individuals played a significant role in the expansion of capitalism, and the economic interdependence between the North and the South influenced the legal and political landscape surrounding slavery. While scholars continue to debate the exact nature and extent of the relationship between these two systems, it is clear that they were interconnected in complex ways that have had lasting impacts on society.
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The Anti-Oligarchy Constitution
The book "The Anti-Oligarchy Constitution: Reconstructing the Economic Foundations of American Democracy", authored by Joseph Fishkin and William Forbath, is a significant contribution to progressive thought, urging readers to view the economy through a political lens. It explores the history of American democracy and the Constitution, highlighting the importance of preventing economic concentration to preserve democracy.
Fishkin and Forbath argue that the Constitution should be interpreted as an instrument of political economy, with a mandate to generate a robust middle class that can prevent domination by economic elites. They suggest that the Constitution imposes a duty on legislatures to prevent oligarchy and promote a broad distribution of wealth and power. This perspective led to various political movements throughout American history, including Jacksonians fighting special economic privileges, Populists breaking up monopoly power, and Progressives battling for union rights.
The book provides a detailed exploration of the "democracy-of-opportunity" tradition, demonstrating how it has been central to American politics from the Founding Fathers to the present. It showcases how earlier generations viewed the Constitution as the socioeconomic and institutional foundation of a self-governing republic. Fishkin and Forbath also delve into the complex relationship between capitalism, slavery, and the Constitution, an area that has been the subject of scholarly debate.
"The Anti-Oligarchy Constitution" offers a fresh perspective on American constitutional theory and progressive political thought. It encourages readers to reconsider the Constitution's role in shaping economic relationships and promoting equality. By presenting a broad slate of reforms, the authors aim to address the issues of our time, such as the growing inequality and damage to democracy in this new Gilded Age.
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Constitutional political economy and domination
The word "capitalism" does not appear in the US Constitution, but the document's economic underpinnings have been a subject of academic interest. The relationship between capitalism and the US Constitution has been explored by scholars, including in the context of historical developments such as slavery and the emergence of social movements.
In examining the constitutional political economy, it is essential to consider the interplay between economic and political processes and their impact on power dynamics. K. Sabeel Rahman's work, "Domination, Democracy, and Constitutional Political Economy in the New Gilded Age," delves into these dynamics. Rahman's research suggests that the Progressive Era-inspired perspective on democratic political economy underscores a theory of social change. This theory is highly relevant to contemporary debates about the role of law and courts in addressing economic inequality.
Rahman's work emphasizes the need to shift the focus of economic power through legislative and regulatory actions, such as antitrust measures and public utility regulations. Additionally, enhancing democratic political power can be achieved by creating avenues for citizen participation at various levels of governance. This perspective aligns with the "'small-c' constitutionalism", which focuses on social movements, public philosophy, and the laws that shape politics and economics.
The exploration of constitutional political economy extends beyond academic discussions. Thomas Ferguson, Research Director at the Institute for New Economic Thinking, highlights the innovative approach taken by Pabst and Scazzieri in their book, "The Constitution of Political Economy." According to Ferguson, Pabst and Scazzieri combine the constitutional tradition in political discourse with the structural tradition in economic thought. This integration provides a novel perspective that reveals the intertwining of structural economic relationships and constellations of interests, addressing the challenges of the present epoch.
In conclusion, the absence of the word "capitalism" in the Constitution does not diminish the significance of economic considerations in its interpretation and implementation. The works of scholars like Rahman, Pabst and Scazzieri contribute to our understanding of the complex interplay between economics and politics, offering insights into the dynamics of domination and social change.
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Frequently asked questions
No, the word 'capitalism' does not appear in the US Constitution.
The absence of the word does not mean that the US is not a capitalist country. The US is often identified as a capitalist country in a broader sense, and the Constitution has been interpreted to support capitalist structures, such as through its protection of slavery, which served the interests of Southern capitalists.
The US Constitution does not explicitly mention a right to start or operate a business. However, it creates a country safe for investors, with a focus on market integration.
Yes, the US Constitution can be amended, although it would be a challenging process.
