The artifice for capitalism’s survival will not work forever

Interview with the Greek online journal, Marginalia , October, 2018.

In your most recent book (How will capitalism end?, 2016) you mention that the history of capitalism has been, since the 19th century at least, a history of its crises. However, the various predictions of its end have been proven wrong until now. Today, alongside a widespread consensus on the seriousness of the ongoing crisis, there is a total disagreement on how and if it is going to have an end at all. How can one explain this “Babel”? Does it make sense anymore, after so many false predictions, to ask economists and sociologists to predict the future?

What older theories of capitalist decline, or capitalist end, did not know, and could not know, is how many different forms capitalism as a social and economic system can assume – from liberal to state-administered to neoliberal, or from merchant to industrial to financial, etc. etc. Often enough, these transformations happened in the last minute, forced by crises, powerful countermovements, or, not least, the rise of the state and global warfare in the twentieth century. Still, the basic problem of modern capitalism remains: it is a socio-economic regime that depends on endless growth – endless accumulation of capital – in a finite world. All sorts of tricks have been invented to suspend that problem provisionally and for the time being; but there is no reason to believe that this will always be successful. In any case, giving up on thinking only because the question is difficult is not a good idea. (…)

Continue reading on
Greek version