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Posts Tagged ‘Modern capitalism’

‘Modern capitalism has reached the end of its rope’

Posted by Ram Kumar Shrestha on October 5, 2011

There is barely a corner of the globe that has not been touched by the current financial meltdown. But a senior sociology scholar at Yale University thinks the crisis is far wider than the economic crash – it is capitalism itself which is collapsing.

Immanuel Wallerstein explained his theory to RT.

“Modern capitalism has reached the end of its rope. It cannot survive as a system,” Wallerstein said. “And what we are seeing is the structural crisis of the system. The structural crisis goes on for a long time. It really started more or less in the 1970s and will go on for another 20, 30, 40 years. It is not a crisis of a year or of a short moment, it is the major structural unfolding of a system.  And we are in transition to another system and, in fact, the real political struggle that is going on in the world that most people refuse to recognize is not about capitalism – should we have or should we not have it – but about what should replace it.” Read the rest of this entry »

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