Reflections on the Future of Capitalism : From Karl Marx to Amartya Sen

This book explores the ideas of nine renowned economists to present the evolution of economic thought on the development and trajectory of capitalism as a system. The author shows how this diverse group of thinkers are linked by their thinking on the future role of capitalism in society and fleshes out the influences informing each economist’s work. With chapters dedicated to Karl Marx, Joseph Schumpeter, Thorstein Veblen, Henry George, Gunnar Myrdal, Alfred Marshall, Allyn Young, J. M. Keynes and Amartya Sen, the book aims to analyse contrasting views on the future of capitalism in historical perspective and make a critical assessment of their insights in contemporary contexts. While considering the views of some thinkers such as Marx, Schumpeter, and Veblen who critiqued capitalism, the book does not view capitalism beyond redemption, nor is meant to be a critique of capitalism in its conclusions. Rather, it argues that thinkers like Marshall, Myrdal, Young and Keynes were more right in their optimism about the future prospects of capitalism than many others. It argues that capitalism can be reformed through the democratic process in a more humane direction. This can happen if democracy works for all, and if discriminating privileges and crony capitalism are eschewed. This book is valuable reading for scholars and students of economic history and the history of economic thought. https://link.springer.com/book/10.1007/978-3-031-57595-2 Preface Contents 1 Future of Capitalism: Introduction Definition of Capitalism Some Prominent Authors Not Considered John A. Hobson John R. Commons Max Weber Joan Robinson John K. Galbraith Plan of the Book References 2 Karl Marx (1818–1883) Introduction Theory of Surplus Value Theory of Accumulation Theory of Alienation Theory of Distribution Theory of Crisis Theory of Historical Materialism Theory of Class Struggle Marxism After Marx and Engels Critical Assessment Conclusion References 3 Joseph Schumpeter (1883–1950) Introduction Capitalism, Creative Destruction and Evolution Monopoly Capitalism and Business Cycles Schumpeter on the Future of Capitalism Critical Assessment Summing Up References 4 Thorstein Veblen (1857–1929) Introduction Critique of Neoclassical Economics Conspicuous Consumption Veblen’s Evolutionary Theory Socialism and Marxism The Future of Capitalism Critical Appraisal References 5 Henry George (1839–1897) Introduction The Main Ideas of Progress and Poverty Poverty Amidst Progress Wages and Capital The Theory of Population Land Speculation and Recessions The True Remedy Critical Appraisal George’s American Critics Continental Critique Socialist Critique Alfred Marshall’s Critique Allyn Young’s Critique Henry George and the Future of Capitalism References 6 Gunnar Myrdal (1898–1987) Introduction Circular Cumulative Causation and Development American Race Relations Economic Prospects of South and Southeast Asian Countries Reforming Capitalism Critical Appraisal References 7 Alfred Marshall (1842–1924) Introduction The Method of Economics The Demand–Supply Apparatus Organic Growth Evolutionary Theory Competition and Monopoly Socialism, Welfarism and Human Development Critical Appraisal Conclusion References 8 Allyn Young (1876–1929) Introduction Increasing Returns and Growth Imperfect Competition and Monopoly Money, Banking and Business Cycles Reforming Capitalism Critical Appraisal Final Word References 9 John Maynard Keynes (1883–1946) Introduction Theory of Output and Employment Keynes’s Monetary Economics Reforming Capitalism by Ending Laissez Faire War Finance and Post-War International Economic Architecture Critical Appraisal Is the General Theory Really general? Does the General Theory Constitute Keynesian Revolution? Keynes and Keynesianism Keynes’s Relevance Conclusion References 10 Amartya Sen (1933–) Introduction Social Choice and Welfare Economics Development: Entitlements, Capabilities and Freedoms Gender Disparities and Women’s Empowerment The Role of Markets The Role of the State The Role of Democracy Future of Capitalism Critical Assessment References 11 Future of Capitalism: Summary and Conclusions Assessment of Various Authors Who Was More Right Than Others? What More Can Be Done to Save Capitalism? Final Word References Author/Name Index Subject Index This book explores the ideas of nine renowned economists to present the evolution of economic thought on the development and trajectory of capitalism as a system. The author shows how this diverse group of thinkers are linked by their thinking on the future role of capitalism in society and fleshes out the influences informing each economist’s work. With chapters dedicated to Karl Marx, Joseph Schumpeter, Thorstein Veblen, Henry George, Gunnar Myrdal, Alfred Marshall, Allyn Young, J. M. Keynes and Amartya Sen, the book aims to analyse contrasting views on the future of capitalism in historical perspective and make a critical assessment of their insights in contemporary contexts. While considering the views of some thinkers such as Marx, Schumpeter, and Veblen who critiqued capitalism, the book does not view capitalism beyond redemption, nor is meant to be a critique of capitalism in its conclusions. Rather, it argues that thinkers like Marshall, Myrdal, Youngand Sen were more right in their optimism about the future prospects of capitalism than many others. It argues that capitalism can be reformed through the democratic process in a more humane direction. This book is valuable reading for scholars and students of economic history and the history of economic thought.