This is not the end for Capitalism, as some claim. In fact, Capitalism is thriving.

Branko Milanovic’s blog piece suggests that Capitalism is thriving, rather than being in crisis, as many suggest. He points to the development of new markets. New technologies have led to the commodification of assets, such as cars and houses, through firms like Uber and Airbnb. There is also the predominance of capitalism in China and Russia post communism.
He suggests that claims that capitalism is in crisis are western centric. The gains from the latest bout of globalisation have been greater for developing Asian countries, such as China, India and Indonesia, than they have been for the US and Europe. This dissatisfaction with globalisation in the west has led to claims about the end of capitalism in the west.
This raises several questions:
To what extent are capitalism and globalisation the same thing?
Is it possible to have growth in one without the other?
To what extent is the growth on the Asian economies based on capitalism and to what extent is it led by the state?
Questions for a future Democracy café perhaps.


One thought on “This is not the end for Capitalism, as some claim. In fact, Capitalism is thriving.

  1. Hi Mark, and added into the mix is the claim by Shoshana Zuboff in her book Surveillance Capitalism that the raw material of capitalism is no longer matter but, well, us – our experiences and information, which is bundled up and sold to the highest bidder. While this information is useful for governments, of course, in the West at least it is the corporate world that is leading the way and making vast profits in the process. Zuboff also argues that from the huge amount of information that we readily hand over in exchange for a certain convenience in shopping, corporations are able to predict what we want when we want it. Still further, however, if you can predict how we behave, then you can start to manipulate our behaviour and she claims that that is precisely what they are doing. The only obstacle in their way is the messy, slow world of politics, which they would rather bypass.

    Liked by 1 person

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