Chandra R. Reflections on the Future of Capitalism: From Karl Marx to Amartya Sen

Palgrave Macmillan, 2024. — 428 p.This book explores the ideas of nine renowned economists to present the evolution of economic thought on the development and trajectory of capitalism as a system. The author shows how this diverse group of thinkers are linked by their thinking on the future role of capitalism in society and fleshes out the influences informing each economist’s work. With chapters dedicated to Karl Marx, Joseph Schumpeter, Thorstein Veblen, Henry George, Gunnar Myrdal, Alfred Marshall, Allyn Young, J. M. Keynes and Amartya Sen, the book aims to analyse contrasting views on the future of capitalism in historical perspective and make a critical assessment of their insights in contemporary contexts.
While considering the views of some thinkers such as Marx, Schumpeter, and Veblen who critiqued capitalism, the book does not view capitalism beyond redemption, nor is meant to be a critique of capitalism in its conclusions. Rather, it argues that thinkers like Marshall, Myrdal, Young and Keynes were more right in their optimism about the future prospects of capitalism than many others. It argues that capitalism can be reformed through the democratic process in a more humane direction. This can happen if democracy works for all, and if discriminating privileges and crony capitalism are eschewed. This book is valuable reading for scholars and students of economic history and the history of economic thought.PrefaceFuture of Capitalism: Introduction
Definition of Capitalism
Some Prominent Authors Not Considered
John A. Hobson
John R. Commons
Max Weber
Joan Robinson
John K. Galbraith
Plan of the Book
ReferencesKarl Marx (1818–1883)
Introduction
Theory of Surplus Value
Theory of Accumulation
Theory of Alienation
Theory of Distribution
Theory of Crisis
Theory of Historical Materialism
Theory of Class Struggle
Marxism After Marx and Engels
Critical Assessment
Conclusion
ReferencesJoseph Schumpeter (1883–1950)
Introduction
Capitalism, Creative Destruction and Evolution
Monopoly Capitalism and Business Cycles
Schumpeter on the Future of Capitalism
Critical Assessment
Summing Up
ReferencesThorstein Veblen (1857–1929)
Introduction
Critique of Neoclassical Economics
Conspicuous Consumption
Veblen’s Evolutionary Theory
Socialism and Marxism
The Future of Capitalism
Critical Appraisal
ReferencesHenry George (1839–1897)
Introduction
The Main Ideas of Progress and Poverty
Poverty Amidst Progress
Wages and Capital
The Theory of Population
Land Speculation and Recessions
The True Remedy
Critical Appraisal
George’s American Critics
Continental Critique
Socialist Critique
Alfred Marshall’s Critique
Allyn Young’s Critique
Henry George and the Future of Capitalism
ReferencesGunnar Myrdal (1898–1987)
Introduction
Circular Cumulative Causation and Development
American Race Relations
Economic Prospects of South and Southeast Asian Countries
Reforming Capitalism
Critical Appraisal
ReferencesAlfred Marshall (1842–1924)
Introduction
The Method of Economics
The Demand–Supply Apparatus
Organic Growth
Evolutionary Theory
Competition and Monopoly
Socialism, Welfarism and Human Development
Critical Appraisal
Conclusion
ReferencesAllyn Young (1876–1929)
Introduction
Increasing Returns and Growth
Imperfect Competition and Monopoly
Money, Banking and Business Cycles
Reforming Capitalism
Critical Appraisal
Final Word
ReferencesJohn Maynard Keynes (1883–1946)
Introduction
Theory of Output and Employment
Keynes’s Monetary Economics
Reforming Capitalism by Ending Laissez Faire
War Finance and Post-War International Economic Architecture
Critical Appraisal
Is the General Theory Really general?
Does the General Theory Constitute Keynesian Revolution?
Keynes and Keynesianism
Keynes’s Relevance
Conclusion
ReferencesAmartya Sen (1933–)
Introduction
Social Choice and Welfare Economics
Development: Entitlements, Capabilities and Freedoms
Gender Disparities and Women’s Empowerment
The Role of Markets
The Role of the State
The Role of Democracy
Future of Capitalism
Critical Assessment
ReferencesFuture of Capitalism: Summary and Conclusions
Assessment of Various Authors
Who Was More Right Than Others?
What More Can Be Done to Save Capitalism?
Final Word
ReferencesAuthor/Name Index
Subject Index