What distinguishes the historical social system we are calling historical capitalism is that in this historical system capital came to be used (invested) in a very special way. It came to be used with the primary objective or intent of self-expansion. In this system, past accumulations were 'capital' only to the extend they were used to accumulate more of the same.
Immanuel WallersteinIt is not surprising that liberals believed in progress. The idea of progress justified the entire transition from feudalism to capitalism. It legitimated the breaking of the remaining opposition to the commodification of everything, and it tended to wipe away all the negatives of capitalism on the grounds that the benefits outweighed, by far, the harm.
Immanuel WallersteinThe mode of reconciling the promise of ever-increasing reward for the cadres and the demands of the working classes for a quid pro quo for their loyalty to the state was to offer the latter a small piece of the pie.
Immanuel WallersteinThe employment rates are in very bad shape. We vastly underestimate the unemployment
Immanuel Wallerstein