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Modern Capitalism: Enthusiasts, Opponents, and Reformers

Since its emergence in the late 1700s, modern capitalism has been the focus of intense controversy. On the one hand, capitalist economic growth has been extraordinary. On the other hand, capitalism has been prone to crisis, and is also associated with a striking degree of inequality. Much of the political controversy is driven by conflict between those who have gained or stand to gain from the rapid economic development of capitalism, and those whose fortunes are threatened by capitalist advance and cyclical crises. On the positive side of the ledger is the extraordinary productive power that modern capitalism has unleashed, combining land, labor, capital, and human capital in ways that have increased output and income at a previously unimaginable pace. Even capitalism’s severest critics recognized the great economic advances the system had wrought. As Marx and Engels wrote in the Communist Manifesto, capitalism “has created more massive and more colossal productive forces than have all preceding generations together.” In the process, they wrote, capitalism had “rescued a considerable part of the population from the idiocy of rural life.” On the negative side is the undoubted fact that capitalist development can threaten the livelihoods of those who cannot compete with new technologies and new producers. Just as capitalism creates many winners, it also creates losers. Among these have been European craftsmen and farmers, undersold by new factory production and NewWorld farming. The disaffected have also included countries in Latin America, Africa, and Asia, whose production structures proved poorly suited – at least in the first instance – for international competition. And today there are many workers, small businesses, and others, who fear the market and political power of the large corporations that have come to dominate contemporary capitalism. Another aspect of capitalism that has drawn criticism is its tendency toward periodic crises. This has been a feature of the system since its inception, and