End of Capitalism?

Is Capitalism collapsing under its own weight?  German thinker Wolfgang Streeck believes it is.  He has written a book about it: How Will Capitalism End?  I don’t think I’ll read that book because the only review I read says that “it makes for tough reading.”  Though I don’t really mind tough books, economics is not my cup of tea.

Capitalism has weakened many systems that people would like to have.  By nurturing individualism, it has weakened society.  Its cutthroat competition has weakened human cooperation.  By subjugating everything to money and trade, it has weakened human values as well as political systems.  Yes, the trader is more powerful today than the politician, thanks to capitalism.  That’s a situation which the shrewd politician won’t like at least though right now we have the politician and the trader colluding with each other.

Streeck argues that the weakening of social and political systems has generated five systemic disorders: “stagnation, oligarchic redistribution, the plundering of the public domain, corruption and global anarchy.” [Quoted from the book review] In simple words, it means that only a few people are benefitting by capitalism now.  How long will the vast majority continue to tolerate such a system which makes a few individuals richer and richer at the cost of the majority?

Streeck says that as of now the majority of people are managing by inventing survival strategies such as “coping, hoping, doping and shopping.”  Once again, in simple words it means that we manage by hook or by crook to get on, hope that the situation will turn better tomorrow (as our government keeps promising almost every day), take recourse to whisky or drugs for temporary consolation, and drive to the nearest shopping mall trusting in the latest products of happiness foisted on us by relentless TV ads. 

Quite many of us are seeking consolation in religion, I think.  Streeck doesn’t apparently mention that.  Look at the mounting religious beliefs and practices.  Even the cows have become a religious fad – an ominous one at that!  Isn’t religious extremism of the various types we’re witnessing another shrill cry against capitalism and its loud clamours?

Streeck is not very optimistic, however.  He doesn’t see any better alternative in the offing.  After all, alternatives are born only when dominant systems die and rot.  We are yet to get the stench of capitalism’s rot!