The Convolution of Capitalism
The Convolution of Capitalism
This chapter explores the possibility that capitalism may not this time be able to generate innovation enough to renew its dynamism. It examines what it would mean for capitalism neither to revitalize itself nor to end but instead to enter a long-term, near steady-state of stagnation. This idea challenges Marxists as well as neoclassical economists—ironically joined by faith in an inevitable new age of expansion. The chapter notes the expansion of capitalism to a truly global scale in the era of financialization but argues that this masked a long downturn in the “real economy” of goods and services that meet human needs. With massive productive capacities that it is already having difficulty matching to consumers, capitalism may enter a long era of deflation.
Keywords: capitalism stagnation, capitalism expansion, consumers, deflation, innovation
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