INTRODUCTION - THE DIRECTION OF CONTEMPORARY CAPITALISM AND THE PRACTICAL RELEVANCE OF THEORY

Two views are outlined on the question of how social theory, and speci fically the theory of capitalist society, can and should be relevant t o political action. For the 'instrumentalist' view the theory cannot p rovide political actors with ultimate ends, but can only give them a d iagram of the social mechanism which they can use in working out means to those ends. By contrast, for the 'formative' view, which is exempl ified by Hegel's view of the role of philosophy in historical change, theory should act as a mirror to social subjects, showing them the nat ure of their own activity and thereby inducing a transformation in the ir basic ends. Some ways are discussed in which a theory of capitalism could play such a formative role for its subjects. It is then argued that, in order to play this role effectively, a formative theory of ca pitalism would need to abstract from any of the putative dynamics inte rnal to capitalism, such as those of globalization and progressive com modification, which are discussed in the following articles. Theory th at deals with such tendencies must stand in an instrumental relationsh ip to political action.