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In Extravagance and Misery: The Emotional Regime of Market Societies, Alan Thomas, Alfred Archer, and Bart Engelen investigate the extensive and growing economic inequalities that characterize the affluent market societies of the West. Drawing on insights from political philosophy and the new science of happiness, they show the damaging impact that existing inequalities have on our well-being, and offer an explanation for what went wrong in our highly unequal and frequently unhappy societies.
Combining the approaches of philosophy and political economy, the authors expose the economic, social and political mechanisms that create and perpetuate economic inequalities. They employ research from the new science of happiness to assess the impact of those mechanisms on the well-being of the poor, the middle class and the rich. They scrutinize the role of key emotions, such as shame (amongst the poor), envy and admiration (towards and for the rich) as well as discussing which emotional narratives serve to justify and entrench excessive inequalities in income and wealth.
The result is an explanation of the emotional regime that characterizes our capitalist societies and that perpetuates the unfair gap between the extravagance of the rich and the misery of the poor. Extravagance and Misery concludes with a proposal of how to re-shape this emotional regime in the interests of justice and solidarity.
Contents
Introduction
Chapter One: The Problem of Inequality
Propositional Summary
Introduction
1 The Facts of Inequality
2 The Structural Basis of the 'New' Inequality
3 Is America an 'Outlier'?
4 Inequality and Globalisation
Chapter Two: Empirical Data on Inequality and Dual Economy
Propositional Summary
Introduction
1 The Critique of Rent Seeking
2 Wage Suppression and the Dual Economy
3 Rent Seeking, Resentment and Angrynomics
Chapter Three: Addressing Inequality: A Normative Framework
Propositional Summary
Introduction
1 The Badness of Inequality
2 Distinctions of Caste and Class
3 Domination, Wealth and Anxiety
4 A Distinction Within Egalitarianism
Chapter Four: Recruiting the Science of Happiness
Propositional Summary
Introduction
1 Problematic Correlations
2 A Positive Role for the Science of Happiness?
3 Going Beyond the Spirit Level
Chapter Five: Emotions, Explanations and Emotional Regimes
Propositional Summary
Introduction
1 A General Conception of Emotions
2 The Justificatory Role of Emotions
3 Emotions in Social Explanations
4 Universalism or Constructivism About Emotions?
5 Reddy's Conception of Emotional Regimes
6 Other Aspects of Emotional Regimes
7 The Emotional Appeal of Market Fundamentalism
Chapter Six: Rousseau, Smith and Hegel on the Emotional Regimes of Commercial Society
Propositional Summary
Introduction
1 Rousseau's Originating Critique
2 From Rousseau to Smith
3 From Smith to Hegel
4 The New Inequality in a Classical Frame
5 Rousseau's, Smith's and Hegel's Emotional Regimes
Chapter Seven: The Emotional Regimes of Roman Republicanism and Political Liberalism
Propositional Summary
Introduction
1 Republicanism's Economy of Esteem
2 Political Liberalism's Emotional Regime
3 Rawlsian Stability in a Rousseauian Frame
Chapter Eight: The Promises and Failures of Capitalist Market Societies
Propositional Summary
Introduction
1: The Continuing Appeal of Smith's Ideal
2 Extending the Model to Financialised Capitalism
3 Veblen: The Engineer versus the Capitalist
4 Kalecki: The Disciplinary Role of Unemployment
5 The Proliferation of Capitalist Discipline
6 Financialisation and the Disciplinary Role of Debt
7 Can Smith's Ideal Survive in the Twenty-First Century?
Chapter Nine: Positional Goods and Opportunity Hoarding
Propositional Summary
Introduction
1 Hirsch on Positional Goods
2 Opportunity Hoarding
3 Positionality and Cultural Legislation
4 Positionality, De-Marketisation and Public Goods
Chapter Ten: The Science of Happiness, Inequality and Well-being
Propositional Summary
Introduction
1 Why (Not) Use Empirical Evidence about Happiness and Well-being?
2 General and Specific Conceptions of Well-being
3 Our Approach: Ecumenical Yet Committed
4 Well-being: Methodological and Normative Issues
5 Well-being and Emotional Regimes
6 Income, Wealth and Well-being
7 Income and Wealth Inequality and Its Relation to Well-being
8 Using the Science of Happiness
Chapter Eleven: Inequality, Shame, Envy and Admiration: A Smithian Perspective
Propositional Summary
Introduction
1 The Inevitability of Shame in Stratified Societies
2 The Moral Psychological Impact of the Shame of Poverty
3 Shame, Stigmatisation and Rationality
4 Smith and Admiration for the Rich
5 Veblen and Emulation for the Rich in Market Societies
6 Admiration, Emulation and Envy in Capitalist Market Societies
7 Ought We to Disregard Envy and Admiration for the Rich?
Chapter Twelve: The False Promise of Meritocracy and Its Emotional Regime
Propositional Summary
Introduction
1 A Short History of Meritocracy
2 Meritocracy as an Incoherent Ideal
3 Meritocracy as an Unrealisable Ideal
4 Meritocracy as an Unstable Ideal
5 The Falsity of the Meritocratic Explanation of the New Inequality
6 The Functional Role of Meritocratic Beliefs
7 Merit's Role in the Emotional Regime of Capitalism
8 The Impact of Meritocratic Beliefs on Well-being
9 Meritocracy, Oppression and Affective Injustice
Chapter Thirteen: Republican and Liberal Emotional Regimes Revisited
Propositional Summary
Introduction
1 Strong and Weak Egalitarianism and Stability
2 Self-Respect, Confidence and Mutual Investment
3 Full Employment and the De-Commodification of Labour
4 Realistic Utopianism about Work: Eliminating Bottlenecks
5 De-Marketisation, Public Goods and the Commons
6 Rawlsian Associationalism: Putting Positionality in Its Place
7 A People's Money
8 Priorities Without Prioritarianism
Conclusion
List of Works Cited
