Diagnosing Market Capitalism: A Metacybernetic View

Abstract

This multidisciplinary paper contributes to political economy, social cybernetics, and philosophy by examining distinctions in market capitalist ideologies through a metacybernetic approach. It explores reflexive processes, akin to Adam Smith’s invisible and visible hands, and their impact on market ideologies. The study highlights the evolutifon of these ideologies in balancing egoism and altruism, revealing insights into sociocultural shifts. Some ideologies are more prone to pathologies like market hegemony, which disrupts market viability and social welfare. Diagnosing these ideologies is essential to address issues of market hegemony like platform capitalism, technofeudalism, and surveillance capitalism. After a comparative analysis of capitalist ideologies, the paper focuses on neoliberal and stakeholder capitalism, due to their dominance, contrasting philosophies, policy influence, and roles in global challenges. A metacybernetic perspective is adopted, modelling the market as a complex adaptive system with agency, using Mindset Agency Theory (MAT). MAT distinguishes agency into subagencies of affect and cognition. Recognising the role of spirit, a spirit subagency is configured into MAT to enable explicit consideration of attributes like ethics and the greater good within the market, relationally improving transparency and promoting sustainable and inclusive economic practices. MAT is applied to the evolution of capitalist ideologies, examining their viability and sustainability under changing conditions. With its now triadic interactive subagency structure, MAT identifies eight distinct types of mindset, each characterised by 21 parameters that combine to deliver unique variations, in neoliberal and stakeholder capitalism, of the market ideologies.