Future of Capitalism: Introduction

This chapter gives introductory remarks regarding the future of capitalism. The book takes the view that there is nothing fundamentally flawed with capitalism that cannot be remedied through reforms with the government playing an active role. The chapter starts with the definition of capitalism and the various meanings attached to the term. The book critically discusses nine authors—Karl Marx, Joseph Schumpeter, Thorstein Veblen, Henry George, Gunnar Myrdal, Alfred Marshall, Allyn Young, J.M. Keynes and Amartya Sen—regarding their speculations on the future prospects of capitalism. Their respective views are placed in the context of their overall thought as well as their life and times. These authors have contrasting views on the future of the system, some pessimistic and others optimistic. The conclusions reached by the book therefore reflect all these differing viewpoints and add to the strength of the book. The reasons for selecting these authors are also discussed as well as the reasons for leaving out some other important authors such as Max Weber, Joan Robinson, J.A. Hobson, J.R. commons and J.K. Galbraith. These latter authors are briefly discussed in this introductory chapter itself. Finally, the plan of the book is discussed by giving a chapter-wise synopsis.