Economic system nowadays is interwoven with myriad aspects of life that can not be separated. The evolving of world’s economics mechanism that was signed by several events namely industrial revolution in England and the great depression in the United States gave markedly contributive impact to world’s modern capitalism system that is attach to society. Economic system is not the sole rapid development exist, moreover the other scientific findings leads to the actualization of postmodern era through digital era and sophisticated inventions thus these are connected to form a dynamic dilemma as it involves more complex study.
Recalling classic capitalism, elucidated by Adam Smith stating that capitalism uses an invisible hand in market mechanism thus it shall not be interrupted by any intervention. In the Wealth of Nation (1776) Smith stated that when each individual works, he only means to gain profit from himself however with the supervision of invisible hand he will promote an aim beyond its intention. This term refers to economic growth and the increase of standard living in a nation. Smith also encourages global market as it advantage in order to get more affordable raw materials or other imported goods. The principle of supply and demand, elasticity, return of diminishing and utilitarian principle are the economists’ focus study for years. Albeit, critics of capitalism is a concern since Karl Marx discoursed the disadvantage of capitalism system where negative characteristics of this system is more dominant rather than its positive characteristics. The system is destined to destruct in a certain point under the matter that emerges from itself. One of capitalism characteristics is individual worker exploitation. Marx adopted labor value theory stating that the value of good depends on the number of labor employed to produce. Competitiveness triggers capitalist to maximize labor exploitation then makes labors’ life in subsistence limit. Capitalism also created alienation for labors. The aspects of alienation labor encompassing labors are alienated from how they do production, labors are losing control towards goods they produced, surplus value created by labors enrich their master whereas they will only accept subsistence wage, and working power from labor is a property for the capitalists. Marx conscientiously described every dark side of capitalism but missed how flexible it is. Eventually, although capitalism create greater risk of world’s economics catastrophe, wider economic gap among nations and emerge social-political tensions but still the aftermath and repercussion gradually faded. The existence of capitalism today and its rapid growth that leads to (some) nations prosperity can prove its flexibility through the epochs. Capitalism is undeniable and so the era of postmodern society. Postmodern came after the modern society era after the invention of various means of technology and methods. If the rise of modern era came after industrial revolution and it changes of productions, the rise of postmodern or post-industrialism era primary signed by technology and the establishment of digital platform whether as a social medium or cyberspace which emphasize in consumption. In postmodern era there is a hyperreality situation where reality and fantasy is unable to differ. It affects the hegemony of capitalism with contemporary paradigm. There is a shift of capitalism perspective in postmodern era. The social movement demanding labor prosperity in organized labor union can help the problem for capitalist issue regarding labor, the commodification of resource, the global economic growth mainly from emerging market countries and the development of research that offers holistic solutions. The alienation of labor is no longer the crucial matter for capitalism to hold its existence by digging more profit. Since commodity is not defined according to its function anymore but it defines as what its meant to be and what its meant to be is the relation between society and the whole system of commodity and sign. This sign gives advantage for capitalism to develop its hegemony moreover with the hyperreality condition occurred in society. The concern now is pointed to wider global society at the same time become potential customers for the capitalist. The social construction makes the goods value sold by the capitalist become irrational. Materialistic history in how people decide to buy product is shifted by idea. How the capitalist construct people’s mind into ideal depiction through advertising and global trends makes people believe that those goods must be bought. Society no longer sees product as its function but as its prestige. Capitalism is sucking the blood from consumerism society who is unconsciously alienated by capitalism hegemony. They will keep buying as its the ultimate goal of their happiness. Hence, the alienation by capitalism in the postmodern era is about happen to the consumers in global village level. Source: Inaugural oration of Professor Bagong Suyanto (Universitas Airlangga) Personal notes from various books resume (to be edited)
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