Thinking on Sunday: What role for Capitalism in the digital age?

The fall of Communism in 1989 was widely proclaimed as the indisputable triumph of capitalism and even “the end of history”. However, in the generation since then the flaws in the system, many of which had been apparent for decades, have been ever more starkly revealed as the “neo-liberal” model has crumbled.

Above all, it is plain that Capitalism is now becoming as outmoded as feudalism had by around 1800, particularly in face of the accelerating technological change of the digital age. Hence just as the industrial revolution led to the emergence of capitalism in the 19^th century, so its dominance is now threatened by a new technological transformation and the sprouting of new forms economic and social organisation in which capital is of marginal importance.

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Harry Shutt is a freelance economist and consultant who has worked on more than 100 assignments over the last 30+ years, mainly for international development agencies such as the World Bank, United Nations Development Programme and European Commission. He has also worked for a trade union (in the 1970s) and has devoted much time over the years to analysing the future prospects for labour markets, international trade, “developing” countries and related issues.

Harry is the author of numerous highly-acclaimed books including Beyond the Profits System (2010), The Decline of Capitalism (2005), A New Democracy (2001), and The Trouble with Capitalism (1998). His most recent articles and further information can be found at his blog, harryshutt.com.