Quotes & Sayings About Capital Market

Free access to the single market will be granted to a country which accepts the four fundamental freedoms of movement of people, goods, services, and capital. — Angela Merkel

The key problem is to find out why that sector of society of the past, which I would not hesitate to call capitalist, should have lived as if in a bell jar, cut off from the rest; why was it not able to expand and conquer the whole of society? ... [Why was it that] a significant rate of capital formation was possible only in certain sectors and not in the whole market economy of the time? — Fernand Braudel

The stock exchanges have converted from "open outcry" where wild traders face each other, yelling and screaming as in a souk, then go drink together. Traders were replaced by computers, for very small visible benefits and massively large risks. While errors made by traders are confined and distributed, those made by computerized systems go wild - in August 2010, a computer error made the entire market crash (the "flash crash"); in August 2012, as this manuscript was heading to the printer, the Knight Capital Group had its computer system go wild and cause $10 million dollars of losses a minute, losing $480 million. — Nassim Nicholas Taleb

The two greatest enemies of the individual in the modern world are communism and psychiatry. Each wages a relentless war against that which makes a person an individual: communism against the ownership of property, psychiatry against the ownership of the self (mind and body). Communists criminalize the autonomous use of capital and labor, and harshly punish those who "traffic" in the black market, especially in foreign currencies. Psychiatrists criminalize the autonomous use of the self, and harshly punish those who "traffic" in self-abuse, especially in self-medication and self-destruction. — Thomas Szasz

Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. — Jeff Bezos

Here is an all-too-brief summary of Buffett's approach: He looks for what he calls "franchise" companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss, or other bad news passes over it like a storm cloud - as when he bought Coca-Cola soon after its disastrous rollout of "New Coke" and the market crash of 1987. He also wants to see managers who set and meet realistic goals; build their businesses from within rather than through acquisition; allocate capital wisely; and do not pay themselves hundred-million-dollar jackpots of stock options. Buffett insists on steady and sustainable growth in earnings, so the company will be worth more in the future than it is today. — Benjamin Graham

A global financial cabal engineered a fraudulent housing and debt bubble [2008], illegally shifted vast amounts of capital out of the US; and used 'privatization' as a form of piracy - a pretext to move government assets to private investors at below-market prices and then shift private liabilities back to government at no cost to the private liability holder Clearly, there was a global financial coup d'etat underway. — Catherine Austin Fitts

Whenever you try to pick market tops and bottoms, you are making a prediction. Guessing what stock is going to outperform the market is forecasting, as is selling a stock for no apparent reason. Indeed, nearly all capital decisions made by most people are unconscious predictions. — Barry Ritholtz

In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on. — Kenneth Fisher

The rumors were that at least one of the three largest commercial banks would go bankrupt, similar to LTCB (Long Term Capital Bank) a couple of years before, causing a market shock that would reverberate around the world. I — David Schneider

The long-standing wisdom that everyone wins in a single world market has been undermined. Global trade, capital flows, and immigration are declining. — Roger Altman

For the 'Rai-kirah' books, I began with the image of Aleksander riding the great wastelands, and that quickly morphed into the desert. Because I wanted my slave market cold and miserable, I chose to set the opening scene in the empire's summer capital in the mountains. — Carol Berg

In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market at home. The inflationists, on the other hand, stressed the shortage of money capital available to manufacturers as a cause of the crisis. — Murray Rothbard

If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles. — Lawrence Summers

Entrepreneurial management in the new venture has four requirements: It requires, first, a focus on the market. It requires, second, financial foresight, and especially planning for cash flow and capital needs ahead. It requires, third, building a top management team long before the new venture actually needs one and long before it can actually afford one. And finally, it requires of the founding entrepreneur a decision in respect to his or her own role, area of work, and relationships. — Peter F. Drucker

So the stock market could have a negative wealth effect and weigh on capital spending, but a sharp decline in long-term interest rates would be an important counterweight. — Joseph Barbera

Because these firms listened to their customers, invested aggressively in new technologies that would provide their customers more and better products of the sort they wanted, and because they carefully studied market trends and systematically allocated investment capital to innovations that promised the best returns, they lost their positions of leadership. — Clayton Christensen

I believe that the banks and the financial services industry take more than their fair share of our profits by using unfair business tactics. It now appears that our entire financial system has taken far more risk than is warranted by its capital structure and that this will lead to a market crash affecting economies worldwide. Gordon L. Eade — Kenneth Eade

It is indeed a misfortune for a woman to be without beauty, as with men the eye is the chief arbiter of qualities in the sex. Her beauty is her capital
her worth in the market matrimonial depends upon it. With her the Virtues are less reverenced when unaccompanied by the Graces. The sex understand this very well; and hence they seek mainly to make captive the eye, knowing the mind and heart will follow as a matter of course. — Christian Nestell Bovee

I strongly believe in the fact
that there's still plenty of money and plenty of private equity capital
available around the globe. What are in short supply are great entrepreneurs
and great teams. A trading opportunity or a company's biggest
challenge is and has always been the team behind it. There's enormous
change under way in every facet of the world. Some is technology
driven, some is market driven. All that change creates unprecedented
opportunity, but to take full advantage of such opportunities I mostly
focus on the team. The right teams and right people behind those
opportunities always win. There is no secret sauce. Trading and investing
has, in my experience, boiled down to building relationships and
exchanging value. It consists of striking the right balance between
backing and interacting with the right teams with the right business
model at the right time and with the right amount of money. — Ziad K. Abdelnour

Fair Trade is a market-based, entrepreneurial response to business as usual: it helps third-word farmers developing direct market access as well as the organizational and management capacity to add value to their products and take them directly to the global market. Direct trade, a fair price, access to capital and local capacity-building, which are the core strategies of this model, have been successfully building farmers' incomes and self-reliance for more than 50 years. — Paul Rice

When we lose our waged jobs we are not freed from work! We are supposed to go on doing the work of reproducing labour power and to make the labour market function by looking for waged jobs. Part of our effort must be to make these dynamics clear so that we can struggle for what we really want, which is a secure income and less work-for-capital so that we have more time to re-craft our lives. Thus, instead of demanding "full employment" and strenuously searching for new jobs, we can demand less restrictive and more unemployment compensation or even "citizen wages" independent of jobs. — Harry Cleaver

Opportunities for growth maximize the benefits derived from high returns on capital. Such opportunities can arise from market growth, either cyclical or structural, or through a firm grabbing share from rivals in existing markets or expanding geographically. The very best companies enjoy a diversified set of growth drivers through ingenuity in the design of products, pricing, and product mix. — Lawrence A. Cunningham

It is never an idea, technology, market forces, or access to capital that makes a company innovative. What differentiates an innovative company from an average company is the people working inside the company. — Jag Randhawa

All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles. — Fred Wilson

There is no country in the world where it's as easy to find venture capital in the stock market as the United States. — Ron Chernow

The globalization of the capital market is actually part of economic globalization. This will create a change in the entire world economy, not just restricted to some fields in some countries. — Richard Grasso

In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time. — Carl Icahn

Social Ecology:
The notion that man must dominate nature emerges directly from the domination of man by man ... But it was not until organic community relation ... dissolved into market relationships that the planet itself was reduced to a resource for exploitation. This centuries-long tendency finds its most exacerbating development in modern capitalism. Owing to its inherently competitive nature, bourgeois society not only pits humans against each other, it also pits the mass of humanity against the natural world. Just as men are converted into commodities, so every aspect of nature is converted into a commodity, a resource to be manufactured and merchandised wantonly. ... The plundering of the human spirit by the market place is paralleled by the plundering of the earth by capital. — Murray Bookchin

Venture capital is always wanting to go up market. — Clayton Christensen

The modern history of capital dates from the creation in the 16th century of a world-embracing commerce and a world-embracing market. — Karl Marx

In reality, the laborer belongs to capital before he has sold himself to capital. His economic bondage is both brought about and concealed by the periodic sale of himself, by his change of masters, and by the oscillation in the market price of labor power. Capitalist production, therefore, under its aspect of a continuous connected process, of a process of reproduction, produces not only commodities, not only surplus value, but it also produces and reproduces the capitalist relation; on the one side the capitalist, on the other the wage-laborer. — Karl Marx

If companies are able to raise equity from the market, then their problems for financing incomplete projects will come to end. Investment cycle in the capital market can kick-start with the money of savers and investors. — Uday Kotak

Nature shrinks as capital grows. The growth of the market cannot solve the very crisis it creates. — Vandana Shiva

Today you have a situation where now the prescription is: People who don't have enough money to buy food should end up paying for their drinking water. That is going to be the kind of situation in which you will get more child labor. You will get more exploitation of women. You're going to get an absolutely exploitative economy as the very basis of living becomes a source of capital accumulation and corporate growth. In fact, the chief of Coca-Cola in India said: "Our biggest market in India comes from the fact that there is no drinking water left. People will have to buy Coca-Cola. — Vandana Shiva

A country with secure property rights, scientific inquiry and technological innovation will become richer. But, since division of labour is limited by the size of the market, it will also benefit from trade, not just in goods and services, but in ideas, capital and people. The smaller a country is, the greater the benefits. Trade is far cheaper than empire, just as internal development is a less costly route to prosperity than plunder. This was the heart of Angell's argument. — Martin Wolf

The advantage of the free market system is that people invest their capital, they create jobs by investing their capital, and hopefully they get a return on that investment. I don't think there's anything wrong with good old American capitalism. — Steve Stivers

These subsidies from four European governments, which include aircraft launch assistance, capital injections, debt forgiveness, have enabled Airbus to develop and range market airliners well below cost. — Norm Dicks

But we have to ask ourselves, what's the purpose of the stock market? It's supposed to be a source of capital for growing business. It's lost that purpose. — Mark Cuban

Those thoroughly incorporated within the inexorable logic of the market and its demands find that there is little time and space in which to explore emancipatory potentialities outside what is marketed as 'creative' adventure, leisure, and spectacle. Obliged to live as appendages of the market and of capital accumulation rather than as expressive beings, the realm of freedom shrinks before the awful logic and the hollow intensity of market involvements — David Harvey

The net effect of increasing scale, centralization of capital, vertical integration and diversification within the corporate form of enterprise has been to replace the 'invisible hand' of the market by the 'visible hand' of the managers. — David Harvey

Private enterprise in the history of civilization has never led large, expensive, dangerous projects with unknown risks. That has never happened because when you combine all these factors, you cannot create a capital market valuation of that activity. — Neil DeGrasse Tyson

An economic system can remain viable only so long as society has mechanisms to counter abuses of either state or market power and the erosion of the natural, social, and moral capital that such abuses commonly exacerbate. — David Korten

If you're going to lead a space frontier, it has to be government; it'll never be private enterprise. Because the space frontier is dangerous, and it's expensive, and it has unquantified risks. And under those conditions, you cannot establish a capital-market evaluation of that enterprise. You can't get investors. — Neil DeGrasse Tyson

Back in the days when the market was a kind of secular god and all the world thrilled to behold the amazing powers of private capital, the idea of privatizing highways and airports and other bits of our transportation infrastructure made a certain kind of sense. — Thomas Frank

What imperialists actually wanted was expansion of political power without the foundation of the body politic. Imperialist expansion had been touched off by a curious kind of economic crisis, the overproduction of capital and the emergence of "superfluous" money, the result of oversaving, which could no longer find productive investment within national borders. For the first time, investment of power did not pave the way for investment of money, since uncontrollable investments in distant countries threatened to transform large strata of society into gamblers, to change the whole capitalist economy from a system of production to a system of financial speculation, and to replace the profits of production with profits in commissions. The decade immediately before the imperialist era, the seventies of the last century, witnessed an unparalleled increase in swindles, financial scandals, and gambling in the stock market. — Hannah Arendt

Step 1: Decide What Capital Market You're In For the sake of clarity, I will introduce some new terminology. When you are acquiring career capital in a field, you can imagine that you are acquiring this capital in a specific type of career capital market. There are two types of these markets: winner-take-all and auction. In a winner-take-all market, there is only one type of career capital available, and lots of different people competing for it. — Cal Newport

I will not undertake to offer an opinion on the capacity of Hindustan to produce cotton. The region is large, and the soil and climate various, the population great and wages low; but I must be permitted to doubt the success of the experiment of driving us out of the market, though backed and patronized by English capital and energy. — John C. Calhoun

Without market prices for capital goods, accounting is not possible. You don't know if you are making money or losing money, saving resources or wasting them, doing the right thing or not doing the right thing. — Llewellyn Rockwell

Bill Miller, the chief investment officer at Legg Mason Capital Management and a major Amazon shareholder, asked Bezos at the time about the profitability prospects for AWS. Bezos predicted they would be good over the long term but said that he didn't want to repeat "Steve Jobs's mistake" of pricing the iPhone in a way that was so fantastically profitable that the smartphone market became a magnet for competition. — Brad Stone

Life has ceased to be lived in a closed world the center of which was man; the world has become limitless and the same time threatening. By losing his fixed place in a closed world man loses the answer to the meaning of his life; the result is that doubt has befallen him concerning himself and the aim of life. He is threatened by powerful superpersonal forces, capital and the market. His relationship to his fellow men, with everyone a potential competitor, has become hostile and estranged; he is free - that is, he is alone, isolated, threatened from all sides. [H]e is overwhelmed with a sense of his individual nothingness and helplessness. Paradise is lost for good, the individual stands alone and faces the world - a stranger thrown into a limitless and threatening world. The new freedom is bound to create a deep feeling of insecurity, powerlessness, doubt, aloneness, and anxiety. — Erich Fromm

This investment will provide capital to help high-potential start-up companies transition from product development to market entry, while also providing skills training to help them position themselves to be more attractive to investors and commercial partners. We are pleased to support the entrepreneurial community in southern Ontario and contribute to economic growth and job creation. — Gary Goodyear

A big Wall Street bank's biggest advantage was its access to vast amounts of cheap risk capital and, with that, its ability to survive the ups and downs of a risky business. That meant little when the business wasn't risky and didn't require much capital. High-frequency traders went home every night with no position in the stock market. They traded in the market the way card counters in a casino played blackjack: They played only — Michael Lewis

Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself. — Mark Carney

One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies. — Murray Rothbard

When the corporation's investment capital becomes impatient for growth, good money becomes bad money because it triggers a subsequent cascade of inevitable incorrect decisions. Innovators who seek funding for the disruptive innovations that could ultimately fuel the company's growth with a high probability of success now find that their trial balloons get shot down because they can't get big enough fast enough. Managers of most disruptive businesses can't credibly project that the business will become very big very fast, because new-market disruptions need to compete against nonconsumption and must follow an emergent strategy process. Compelling them to project big numbers forces them to declare a strategy that confidently crams the innovation into a large, existing, and obvious market whose size can be statistically substantiated. This means competing against consumption. — Clayton M Christensen

The generic concept of capital without which economists cannot do their work has no measurable counterpart among material objects; it reflects the entrepreneurial appraisal of such objects. Beer barrels and blast furnaces, harbour installations and hotel-room furniture are capital not by virtue of their physical properties but by virtue of their economic functions. Something is capital because the market, the consensus of entrepreneurial minds, regards it as capable of yielding an income. This does not mean that the phenomena of capital cannot be comprehended by clear and unambiguous concepts. The stock of capital used by society does not present a picture of chaos. Its arrangement is not arbitrary. There is some order in it. — Ludwig Lachmann

All systems are capitalist. It's just a matter of who owns and controls the capital
ancient king, dictator, or private individual. We should properly be looking at the contrast between a free market system where individuals have the right to live like kings if they have the ability to earn that right and government control of the market system such as we find today in socialist nations. — Ronald Reagan

The American craving for illegal, mind-altering, addictive chemicals provides a steady flow of American capital through the Texas border into Mexico and South America. Basically, the drug traffic is uncontainable as long as its U.S. market exists, but newspapers and other media virtuously trumpet feel-good headlines about "record drug busts" and arrests while the drug trade continues unabated. — William Earl Maxwell

The socialism of centralised state control of industry and production, is dead. It misunderstood the nature and development of a modern market economy. It failed to recognise that the state and public sector can become a vested interest capable of oppression as much as the vested interests of wealth and capital. it was based on a false view of class that became too rigid to explain or illuminate the nature of class division today. — Tony Blair

Conservatives insist that government should be " run more like a business." One might wonder how that could be possible, since government does not market goods and services for the purpose of capital accumulation. — Michael Parenti

Credit expansion is the governments' foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous. — Ludwig Von Mises

The form of association, however, which if mankind continue to improve, must be expected in the end to predominate, is not that which can exist between a capitalist as chief, and work-people without a voice in the management, but the association of the labourers themselves on terms of equality, collectively owning the capital with which they carry on their operations, and working under managers elected and removable by themselves. — John Stuart Mill

well-functioning market requires all three types of investors for socially beneficial projects to have access to cheap capital. Value investors allocate capital to its most productive use. Speculators, because they trade frequently, provide the liquidity and trading volume that allows value investors and relative value traders to execute their trades cheaply. They also ensure that information is disseminated quickly. — Michael Pettis

Smart businesses do not look at labor costs alone anymore. They do look at market access, transportation, telecommunications infrastructure and the education and skill level of the workforce, the development of capital and the regulatory market. — Janet Napolitano

Remember, 2000 was the year of the dot-com bust. The telecom industry lost about $2 trillion in market capital at that time. — Mo Ibrahim

The expansion of the market creates a need for enhanced and more regular supply, and this in turn impels commercial capital to acquire control of production as well. — Rudolf Hiferding

Current public diplomacy and foreign policy making reduces the role of American citizens to mere spectators. The USIA's model of democracy and the free market is promoted as the superpower version of economic globalization, packaged and ready for shipping to clients throughout the world. In this version, foreign capital flows freely while the movement of people, particularly the world's poor, is strictly controlled. Such a commercial package speaks first and foremost for government 'partners,' the Fortune 500 corporations, which are the primary beneficiaries as well as the bankrollers of the American political process. This is a packaged story of America that is incomplete and undemocratic. Where do workers and communities fit into the story? How do private citizens play a part in building dialogue across cultures? — Nancy Snow

What type of new economical system can organize this system? There is another sector in our life, that we rely on every single day, that are absolutely essential: the social commons, the social economy. It is all the activity we engage in to create social capital. It doesn't create capital market. Social commons is growing faster than the market place. It is growing faster than the market place. The social commons include any activity that is deeply social and collaborative. — Jeremy Rifkin

Our inability to share the gifts of nature causes much suffering in the world today... We mistakenly believe that a free market should allow people and corporations to profit from nature, yet we've failed to consider the immense cost to life that occurs whenever people are allowed to reap what they haven't sown at the expense of others. While the privatization of capital can lead to production efficiencies that benefit the entire market, the same can't be said for privatization of nature. Whenever the income stream from nature is privatized, human beings take for themselves the gifts that would better be freely shared with everyone. — Martin Adams

Internet and mobile product development cycles are measured in months, not years. And the capital required to get a product built and into the market is less than $1 million. And the returns, when things work out, can be enormous. — Fred Wilson

Under NAFTA, businesses, their property and their money can travel back and forth across national borders with relative ease, while workers who try to do the same are dubbed illegal, and are snatched off the streets and off factory floors, and are carted back over the borders they crossed. In the "free market" of NAFTA, the freedom is for the wealth and personnel of the capitalists- the thieves- there is no corresponding freedom for the refugees of land theft and conquest whose only capital is their daily toil.

Capitalism is the immense and widely celebrated ideological package used to rewrap theft as freedom, to recast imperialism as democracy. (273) Mexico Unconquered — John Gibler

Rothschild houses had capital in excess of £35 million on the eve of the First World War, all of it family money; it was the job of the partners to manage this huge portfolio. A large part of it they held in the form of European government bonds, the most secure form of investment and also the kind of security the Rothschilds knew best, since they had long been the principal underwriters for new bond issues on the London market. They, more than anyone, stood to lose in the event of a European war, not least because such a war would almost certainly divide the three houses, pitting Paris and perhaps also London against Vienna. Yet the outbreak of war caught them almost entirely by surprise. — Niall Ferguson

Economically, the key flaw in the high-wage argument is that it confuses wage rates with labor costs - and labor costs with total costs. Wage rates are measured per hour of work. Labor costs are measured per unit of output. Total costs include not only the cost of labor but also the cost of capital, raw materials, transportation, and other things needed to produce output and bring the finished product to market. — Anonymous

It is not a problem of the market form but of markets deformed - deformed by the long shadow of historical injustices and the ongoing, continuous exercise of legal privilege on behalf of capital. The market anarchist tradition is radically pro-market and anticapitalist - reflecting its consistent concern with the deeply political character of corporate power, the dependence of economic elites on the tolerance or active support of the state, the permeable barriers between political and economic elites, and the cultural embeddedness of hierarchies established and maintained by state-perpetrated and state-sanctioned violence. — Gary Chartier

Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks. — Charlie Munger

Investing capital in the free market creates innovation, businesses, jobs and economic growth. Investing capital in the government creates more bureaucracy, more paperwork and inefficiency. — Michael Ramirez

If a country develops an economic system that is based on how to pay for the war, and if the amounts of fixed capital investment that are apparent are tied up in armaments, and if that country is a major exporter of arms, and its industrial fabric is dependent on them, then it would be in that country's interests to ensure that it always had a market. It is not an exaggeration to say that it is clearly in the interests of the world's leading arms exporters to make sure that there is always a war going on somewhere. — Marilyn Waring

What if there were no longer only two sides? Not just capital versus labor, but a third team, one that straddled elements of both? I think there's a huge opportunity for a third kind of participant, a linchpin, and now there is an opportunity to change all the rules that we've lived with all our lives. There is a shortage of this third kind of worker, and that shortage means that the market needs you desperately. The con game is ending, at least for people passionate enough to do something about it. — Seth Godin

Let's begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes-indeed, deletes-the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity. — John Kenneth Galbraith

The present tax codes inhibit the mobility and formation of capital, add complexities and inequities which undermine the morale of the taxpayer, and make tax avoidance rather than market factors a prime consideration in too many economic decisions. — John F. Kennedy

The short-term international capital market is shrunken and erratic, and cannot be relied upon to cushion the effects of tendencies to disequilibrium in the balance of payments. — Gunnar Myrdal

The real bosses in the capitalist system of market economy are the consumers. They by their buying and by their abstention from buying decide who should own the capital and run the plants. They determine what should be produced and in what quantity and quality. Their attitudes result either in profit or in loss for the enterpriser. They make poor men rich and rich men poor. They are no easy bosses. — Ludwig Von Mises

Do not rush into a business just because you have the capital. You'd lose your shirt if you jump into it recklessly. Do your homework first. Study the market and look for that golden opportunity. Whatever business you choose to go into, it must be something that you can pursue with passion. — Andrew Tan

THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning. — John Kenneth Galbraith

Lyotard addresses... in Postmodern Fables... [that] ideas of difference, alterity and multiculturalism have become nothing more than streams of cultural capital, streams which themselves fashion, and are fashioned by, the demands of the global market. Hence, the following irony: 'What cultural capitalism has found is the marketplace of singularities'. The result of this discovery, which even reduces the 'postmodern' celebration of difference or otherness to a marketable strategy, is that ideas are stripped of their intrinsic value (value-rationality) and are judged by their value as commodities. This leads to the production of thought that is itself devoid of difference, for streams of cultural capital 'must all go in the right direction' and 'must converge'. Global capitalism, while appearing to affirm the potentiality of cultural differentiation, in fact subordinates difference and alterity to an instrumental logic of exchange, performance and control. — Nicholas Gane