The World's Wealth

The Next Capitalism

There are many of us who are apprehensive when we think about our current economic order: massive inequalities, hyper-centralized global systems that are highly vulnerable to a variety of shocks, and the constant disruption of new technologies are just a few of the specters that darken the horizon.

Here is a piece that examines several critiques of our current economic "order" and suggests that our best option is to move to a less consumerist and decentralized system. I suspect that a political movement calling for these kinds of changes would win adherents from both the left and right. At least I hope it would.

Here is an excerpt:

What could replace the current iteration of global state-capitalism? If we assemble these three potentially transformative dynamics—degrowth, the recoupling of risk and loss, and entrepreneurial mobile capital—we discern a new and potentially productive teleological arc to global capitalism, one that moves from a capitalism based on financial hyper-centralization and obsession with rising consumption to one focused on more efficient use of resources and capital via decentralization and localized innovation.

Rather than ask if such a “think globally, profit locally” alternative is possible, we might ponder the sobering conclusion that Global Capitalism 1.0 will be replaced with some new arrangement one way or another, and we might as well try for the most efficient, adaptive, and sustainable decentralized model rather than go down with the statist-steered ship.

Read the whole piece here.