Post-capitalism

Post-capitalism includes a number of proposals for a new economic system to replace capitalism. According to some Classical Marxist and some social evolutionary theories, post-capitalist society may come about as a result of spontaneous evolution as capitalism becomes obsolete. Others propose models to intentionally replace capitalism. The most notable among them are socialism and anarchism.

The rise of income inequality, repeating cycles of unemployment and inflation, and capitalism’s contributions to global warming had led both economists and philosophers to begin seriously considering post-capitalistic societies. Post-capitalism is expected to arise with further advances in automation and information sharing – both of which cause production costs to approach zero.

In 1993, Peter Drucker outlined a possible evolution of capitalistic society in his book Post-Capitalist Society. The book stated that knowledge, rather than capital, land, or labor, is the new basis of wealth. The classes of a fully post-capitalist society are expected to be divided in knowledge workers or service workers, in contrast to the capitalists and proletarians of a capitalist society. In the book, Drucker estimated the transformation to post-capitalism would be completed in 2010–2020.

Drucker also argued for rethinking the concept of intellectual property by creating a universal licensing system. Consumers would subscribe, for a cost, and producers would assume that everything is reproduced and freely distributed through social networks.

Socialism often implies public ownership of companies and centralized planning of the economy. For anti-socialists, this sounds like totalitarianism where the government controls every aspect of a citizen’s life. For pro-socialists, socialism holds the hope of eliminating class divisions, economic exploitation, and the ceaseless drive for profit. The failure of the Soviet Union to successfully manage production, the economy, or social issues has led many to be, at least, cautious or, at most, outright opposed to socialism.

It is argued whether both public ownership and centralized planning are needed for a successful post-capitalist economy. In his book PostCapitalism: A Guide to our Future, Paul Mason argues that centralized planning, even with the advanced technology of today, is unachievable. Alternatively, Michael Albert and Robin Hahnel argue that central planning is key to creating a Participatory Economy.

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