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The answer depends on what is meant by "Western capitalism". There are fairly credible arguments that it, in the sense of the general structure created in the 1
by Hyena 15y ago
The answer depends on what is meant by "Western capitalism". There are fairly credible arguments that it, in the sense of the general structure created in the 19th and 20th centuries, is ending because of how firms are being operated and financed (end of the corporation thesis), for example. The free market pretty clearly hasn't failed yet, given that this severe a shock didn't actually bring about the downfall of civilization or the general system of exchange.
- ashishgandhi 15y agoJust so I can read up, what do you mean by how firms are being operated and financed (end of the corporation thesis)?
- Hyena 15y agoUndermining presence: lack of IPOs or desire to hold one, increasing prominence of partnerships, prominence of smaller businesses (technology seems to lead here), private equity shops, the almost complete elimination of vertical integration (great project of 19th/20th centuries), what looks (to me) like increasing transience of corporations. Undermining norms: flattening of formal hierarchies, reduction of corporate-cum-personal identity in workers, reduction of same in founders (more businesses operated as "projects" rather than presumed perpetual institutions), slow abandonment of generic "managers". A lot of this seems more prevalent in technology, but tech is also where we're creating lots of genuinely new companies and so the most likely place for shifting practices. The "end of the corporation" idea has come up a lot since the 1990s but it may just be availability bias.
- deleted 15y ago[deleted]
- deleted 15y ago[deleted]