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Does Capitalism Have a Future?, by Immanuel Wallerstein, Randall Collins, Michael Mann, Georgi Derluguian, Craig Calhoun
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In Does Capitalism Have a Future?, a global quintet of distinguished scholars cut their way through to the question of whether our capitalist system can survive in the medium run. Despite the current gloom, conventional wisdom still assumes that there is no real alternative to capitalism. The authors argue that this generalization is a mistaken outgrowth of the optimistic nineteenth-century claim that human history ascends through stages to an enlightened equilibrium of liberal capitalism. All major historical systems have broken down in the end, and in the modern epoch several cataclysmic events-notably the French revolution, World War I, and the collapse of the Soviet bloc-came to pass when contemporary political elites failed to calculate the consequences of the processes they presumed to govern. At present, none of our governing elites and very few intellectuals can fathom a systemic collapse in the coming decades. While the book's contributors arrive at different conclusions, they are in constant dialogue with one another, and they construct a relatively seamless-if open-ended-whole.
Written by five of world's most respected scholars of global historical trends, this ambitious book asks the most important of questions: are we on the cusp of a radical world historical shift?
- Sales Rank: #615209 in eBooks
- Published on: 2013-10-21
- Released on: 2013-10-21
- Format: Kindle eBook
Review
"Finally, a book that will make a difference! Five eminent scholars put together their collective wisdom and their many disagreements to open up a free-wheeling conversation on one of the most important questions of our time: the future of this economic system we call capitalism. This should be mandatory reading for every college student in the world, not because it furnishes the answers but because it opens up all the most important questions."--David Harvey
"Does Capitalism Have a Future is the work of five eminent big-picture thinkers. Their rich analysis of capitalism's contradictions and vision of possibilities for its future evolution are well worth pondering."--Francis Fukuyama
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Most helpful customer reviews
16 of 16 people found the following review helpful.
What, if anything, is to be done?
By Nowhere Man
Since the financial collapse of 2008, we've seen a growing number of texts that worry whether the United States, and the capitalist west in general, will ever return to general prosperity or even retain their global hegemony. This edited volume, which is comprised of essays by four eminent historical sociologists (and one outlier), ponders whether capitalism has any viability left as an economic system. The authors come at this question from a variety of viewpoints - Immanuel Wallerstein, the lead author, is one of the founders of world-systems analysis, and argues that capitalism is undergoing a profound structural crisis that will lead either to collapse or its replacement by a successor system. In this, he's seconded by Randall Collins, who argues that the progressive replacement of white-collar work with information technology will ultimately produce too many redundant unemployed workers who, because they will be unable to participate any longer as consumers, will ultimately collapse the system due to a contraction in demand.
Some of the other writers, specifically Mann and Calhoun, call into question these doom-laden scenarios. Both insist, in their own ways, that economies are far more complex entities than Wallerstein and Collins are willing to credit and while certain aspects of world capitalism (such as the preponderant power of the United States) will inevitably subside, that doesn't mean the entire world-system is itself going to fall apart. Mann, especially, eschews Wallerstein's notion of "system" for a more diffuse view of capitalism as a series of overlapping networks of power and influence. Nonetheless, both Mann and Calhoun acknowledge that the 21st century will witness increasingly severe crises over scarce resources and the growth of new centers of capital power (the BRICS - Brazil, Russia, India, China, South Africa). For them, this means that capitalism may end up moving either into a 'steady-state' (no growth) mode and/or a more internationally managed system, especially when climate change wreaks increasing havoc in the world.
These essays, in aggregate, are quite helpful because they attempt to situate our current economic malaise within a framework of longer-term historical trends. Indeed, their mutually authored conclusion contends that the logic of capitalist development augurs ill for its continuance, in its present form, by 2100. Whether you take a catastrophic (Wallerstein, Collins) or more transformative (Mann, Calhoun) view of this, this volume provides a sober, well-grounded series of scholarly prognostications on what our collective future may look like.
1 of 1 people found the following review helpful.
Evolution not Revolution of capitalism
By jan olaf sipkes
No real alternatives - there may not be any - to a "japanization
syndrome" of our (western) capitalism. But highly interesting
insights which should be read together with Rifkins 3rd industrial sos. & E. Brynjolfsson The 2nd Machine Age and the apparent
Uberization of our Econmies.
12 of 20 people found the following review helpful.
Peak capitalism?
By Ashtar Command
"Does Capitalism Have a Future?" is a relatively short book, featuring an article by World-System theorist Immanuel Wallerstein and a few of his (well-disposed) critics. Wallerstein argues that capitalism will inevitably collapse. He bases his prediction on a Marxist-inspired deterministic theory about "Kondratiev waves" and "hegemonic cycles". Old Marx would call it "the tendency of the rate of profit to fall". The hegemonic cycles sound more Spenglerite. While his theory is interesting, Wallerstein (who is presumably an old sixties radical) places too much emphasis on the world-changing role of the 68 student radicals and the Occupy Wall Street movement. Does he really believe that a bunch of college students were the movers and shakers behind recent world history? He is less sure about what will replace capitalism, though. A left-liberal utopia, fascism, or what?
His critic Michael Mann argues for a non-deterministic perspective, where political decision-making (or its dismal failure) plays the crucial role. For that reason, nobody can say whether or not capitalism will fail. If the decision-makers put their acts together, capitalism might actually survive, perhaps in a more state-interventionist form. Ironically, he implicitly believes that Wallerstein's theory is Euro-centric. Neither the Great Depression, nor the recent finance crisis, were truly global, and nor are the "hegemonic cycles". In my opinion, Mann misses the forest for all the trees. *Why* did decision-makers frequently screw up? What is the material basis of their failures to stop crises and depressions? If massive state intervention is the only thing that can save capitalism, doesn't that point to a fundamental instability of the system?
The most curious article in the collection is authored by Randall Collins, who claims that capitalism will collapse by super-automation and the dramatic over-development of information technology, which will destroy the employment opportunities of the middle classes. Perhaps, but it's difficult to take this scenario seriously as a fundamental reason for capitalist collapse, since the energy crisis will make complete automation impossible.
Collins' article points to a serious problem with the entire collection. All contributors are seemingly oblivious to peak oil, and all except Craig Calhoun treat the environmental crisis as just another possible constraint on the system. Only Calhoun makes it central. It's also interesting to note that they all talk about climate change rather than peak oil. While both scenarios entail less use of fossil fuels, there is a crucial difference. In the climate change scenario, we "voluntarily" stop using fossil fuels, thereby (perhaps) saving the day. In the peak oil scenario, we are forced to stop using oil whether we like it or not, with all the consequences this entails. Thus, the emphasis on climate change is a typical conceit, since it gives us the illusion of actually being in charge of the situation...
Does capitalism have a future? Of course not, since nothing last forever. However, it's demise is probably predetermined by other reasons than the ones mostly discussed in this book.
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