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Does Capitalism Have a Future?

NEW YORK – As 2008 came to a close, many Europeans began to speak about the end of capitalism. They forget that capitalism in Europe had already once given way – often violently – to statism and corporatism in the 1930’s, to be revived in only a handful of countries in the 1980’s.

In view of the current financial crisis – the latest in a series that capitalism has seen – it is fair to ask whether the benefits of capitalism, if any, still exceed the costs. Although Marx confessed considerable admiration for capitalism, it is now suggested that the good in it – entrepreneurship – can be genetically engineered in another sort of system without the destructiveness to which capitalism is predisposed.