How the New Forms of Common Value Creation Challenge Both the Market State and State Capitalism
These evolving dynamics — the decommodification of common goods through co-governance and the deterritorialization of value through co-production — are shattering the liberal assumptions which underlie state capitalism. The emergence of this new kind of management and valuation for the preservation of natural and social assets is posing a momentous crisis for the Market State, imperiling the functional legitimacy of state sovereignty, national currencies, domestic fiscal policy, international trade and finance, and the global monetary system. - James Quilligan James Quilligan has written an extraordinary and must-read mini-essay, that has also been published for On the Commons: Beyond State Capitalism 1. The challenge of decommodification and deterritorialisation “In considering the essential problem of how to produce and distribute material wealth, virtually all of the great economists in Western history have ignored the significance of the commons — the shared re...