The New Anti-Capitalism -Project Syndicate
"We are currently living through the most dramatic technological and economic transformation in the history of mankind. We are also witnessing declining support for capitalism around the world. Are these two trends connected, and if so, how?....The current anti-capitalist wave comes at a time when free-market neoliberalism and globalization are nearly universally excoriated.
Opposition to neoliberalism came originally from the left, but has been taken up – perhaps even more vigorously and rancorously - by the populist right....The 2008 financial crisis fueled a widespread belief that the system is rigged. While governments and central banks rescued large financial institutions in order to prevent a collapse of the entire global financial system and a repeat of the Great Depression, the millions of people who lost their homes and jobs were left to fend for themselves....The new IT and AI capitalism has a specific geography. It is rooted in the US and China, but the Chinese aim to achieve dominance by 2030. Capitalism has always driven geopolitical change, but now that it is becoming increasingly associated with China - it invites objections from different sources than in the past....The genius of capitalism lies in its ability to produce organic answers to most problems of scarcity and resource allocation. Markets tend naturally to reward the ideas that prove most useful, and to penalize dysfunctional behavior....In today's warming world, there is obviously a need for effective ways to limit greenhouse-gas emissions...the defenders of capitalism need to figure out how to make the system more inclusive, so that it can claim the public's support once again."