Marx, financial capitalism and the fractured society: Using Bhaskar’s dialectical critical realism to frame a transformatory sociological programme of action for resistance and change

Abstract

This article begins by considering the relevance and limitations of Marx’s writings for understanding post-1970s financial capitalism. Two specific propositions are outlined and developed. The first is that twenty-first-century financial capitalism is conspicuously vulnerable to implosion or collapse, notably via a Habermasian ‘legitimation crisis’. The second traces its progressive ‘fracturing’, with references to neoliberal austerity and post-welfarism and their deepening impact on the disadvantaged and vulnerable and the sick and disabled. The article then turns to Bhaskar’s dialectical critical realism, suggesting, and attempting to show, that it lends additional philosophical and theoretical weight (‘deepens’ in Bhaskar’s terms) the reach and range of Marxian analyses. The third part of the article focuses on Bhaskar’s evolving theory of transformative – or emancipatory – action. It is contended that his account grounds and allows for rational and compelling resistance to financial capitalism’s neoliberal status quo. In the concluding section, the affinity between Bhaskar’s (neo-Marxian) theory of transformative action and the present authors’ concept of ‘action sociology’ is outlined. The article concludes with a manifesto for an action sociology oriented to ‘absence’, challenging ‘constraining ills’ and imagining and researching ‘alternate futures’.