Saving Private Business Enterprises

More than 150 years ago, Marx predicted that the working class would become “the gravedigger of capitalism,” a seemingly prescient prediction as socialism flourished between the two World Wars. However, traditional capitalist countries are thriving, while many socialist countries have collapsed during the past quarter-century. Nonetheless, capitalism is revealing its flaws both in the developed world (e.g. recent financial crises) and in rapidly developing countries (e.g. ecological damage), leading to social unrest that is making Marx’s prediction relevant once more. Considering this situation from a broader historical perspective suggests that new social groups often evolve to fill niches left open by more traditional groups and can support the evolution of new social systems during the establishment of new industries, technologies, and institutions. Thus, they play a crucial role in initiating and guiding fundamental institutional change. Although capitalism has been surprisingly long-lived by historical standards for such systems, new systems may be evolving to push it aside. China’s rapid socioeconomic changes in recent decades provide an opportunity to watch new social groups emerge and begin to play an important role in changing social institutions. The institutional diversity created and sustained by these groups may be important for humanity’s long-term survival.

show abstract

Saving Private Business Enterprises

Cited by 3 publications

References 40 publications

Veblen, Thorstein (1857–1929)

Veblen, Thorstein (1857–1929)

Financialization and Society’s Protective Response: Reconsidering Karl Polanyi’s Double Movement

Seeking the gravediggers of capitalism in China

Contact Info

Product

Resources

About