capitalism, keynes, socialism

by Nathan Coombs

In reaction to the global economic crisis, in his cover story for the current issue of Prospect magazine Geoff Mulgan tantalisingly holds out the promise of what life would look like ‘After Capitalism’[i]. The only problem is that his hodgepodge of possible routes beyond capitalism – foremost the vague vision of “servant capitalism” – not only do not transcend capitalism, are not only being articulated by those with the greatest stake in promulgating capitalism (he even cites David Cameron as playing a part), but are even aspects of capitalism with us today: the same aspects to have played their part in inducing the global crisis that supposedly marks the beginning of a new epoch.

Amongst his suggestions of routes beyond capitalism he includes Keynesian investment in green industries, the pluralisation of company governance and the introduction of “personal welfare counts” (previously called the welfare state?) It does not take a whole lot of nous to work out that this is hardly a portrait of a world ‘after capitalism,’ but simply an extrapolation of contemporary trends within capitalism: precisely those trends that have historically prevented the possibility of any ‘after’. Continue reading “capitalism, keynes, socialism”