Money on the Left Legal & Political Foundations of Capitalism with Jamee K. Moudud
Jul 1, 2025
Jamee K. Moudud, a heterodox economist and author of 'Legal and Political Foundations of Capitalism: The End of Laissez-Faire?', explores the intricate relationship between law and economic structures. He critiques the oversimplification of free markets and state intervention, arguing that capitalism has always been shaped by political and legal frameworks. Moudud also discusses the intersections of class, race, and gender within economic systems, while challenging conventional wisdom on crises and innovation. His insights open up a compelling dialogue on the foundations of modern capitalism.
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Serendipitous Journey into Legal Economics
- Jamee K. Moudud discovered the significance of law in economics through serendipitous connections with legal scholars such as Martha McCluskey and Christine Desan.
- Their guidance helped him realize law is integral, not peripheral, to understanding capitalism's structure and power dynamics.
Capitalism Never Was Laissez-Faire
- Capitalism has never experienced true laissez-faire; the supposed free market was always legally and politically shaped.
- Society is fundamentally a political community built on property rights, money, credit, and legal institutions like corporations.
Money as Legal Property
- Money and property rights are inseparable; money is a form of property defined by legal permissions.
- Recognizing money as property helps analyze variations in capitalism and how power is distributed through legal frameworks.
