Future of Capitalism: Summary and Conclusions

This chapter presents summary and conclusions of the book. It assesses different authors’ views on the future of capitalism and examines whose prognosis was more right than others. It also discusses whether panaceas such as the single tax offer an effective solution to the ills of capitalism. The question of whether capitalism has collapsed under the weight of its own contradictions (or successes) as some authors like Marx and Schumpeter predicted is also taken up. The issue of what more needs to be done to make capitalism work better in the light of recent literature is also discussed. It will be seen that while communism and socialism have collapsed the world over, capitalism in a reformed form has not only survived but is thriving. It may not be a perfect system but appears to be the best among the different systems known and tried by mankind. When capitalism is combined with true democracy it has proven to be very effective. To make democracy work for all, rather than a few, equality of opportunity has to be provided, discriminating privileges have to be removed and crony capitalism has to be eschewed. The question then pertains to the future of democracy rather than to the future of capitalism.