Does Capitalism Have a Future? by Immanuel Wallerstein, Craig Calhoun, Michael Mann, Randall

By Immanuel Wallerstein, Craig Calhoun, Michael Mann, Randall Collins, Georgi Derluguian

In Does Capitalism Have a Future?, a world quintet of exceptional students reduce their method via to the query of no matter if our capitalist method can live on within the medium run. regardless of the present gloom, traditional knowledge nonetheless assumes that there's no actual substitute to capitalism.

The authors argue that this generalization is a fallacious outgrowth of the positive nineteenth-century declare that human historical past ascends via levels to an enlightened equilibrium of liberal capitalism. All significant historic structures have damaged down finally, and within the smooth epoch numerous cataclysmic events-notably the French revolution, global battle I, and the cave in of the Soviet bloc-came to cross whilst modern political elites didn't calculate the implications of the procedures they presumed to manipulate. at the moment, none of our governing elites and intensely few intellectuals can fathom a systemic cave in within the coming many years. whereas the book's members arrive at assorted conclusions, they're in consistent discussion with each other, they usually build a comparatively seamless-if open-ended-whole.

Written by way of 5 of world's most useful students of worldwide old tendencies, this bold e-book asks an important of questions: are we at the cusp of an intensive international historic shift?

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Extra resources for Does Capitalism Have a Future?

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No matter. The structural crisis of technological displacement transcends cycles and financial bubbles. It is the deep threat to the future of capitalism. Yes, there are short-term crises driven by financial, cyclical and other mechanisms; but what I focus upon here is a long-term structural shift, one that very likely will bring capitalism to an end within the next thirty to fifty years. I make no claims for the purity or authenticity of the lesson that I borrow from Marx. Sociology today, if it believes in anything, believes in multiple processes, multiple causes, and multiple paradigms for dealing with our chosen aspects of the world.

I make no claims for the purity or authenticity of the lesson that I borrow from Marx. Sociology today, if it believes in anything, believes in multiple processes, multiple causes, and multiple paradigms for dealing with our chosen aspects of the world. In an important sense, in sociology Weber has triumphed over Marx, and we all talk about the interpenetration of class, politics, and culture, and of gender too. Nevertheless, there are moments when the key feature of long-term structural change is at issue—above all the issue of structural crisis.

Mechanism of speculation is encouraging consumption via indebtedness. ) What was different this time has been its scale and the ingenuity of the new financial instruments used to pursue speculative activity. The biggest A-phase expansion in the history of the capitalist world-economy has been followed by the biggest speculative mania. It is not hard to follow the successive targets of indebtedness, each producing a bubble and each finally collapsing. The first big one was the OPEC-induced large oil price rises in 1973 and 1979.

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