The First Of A New Historical Period

Decent Essays

With the repeated financial crises that effected the global market economy in resent years, and with the realization that many of the practices, behaviors, and political decision that led to the economic crisis in the first place are still in place, one can only wonder if capitalism as an economic, social, and political structure is coming to an end as we know it? What makes this predication more realistic now than ever is the political changes that we are witnessing and the lack of social stability that is affecting every corner of the planet; it seems that the seeds of change were already planted, and now we are witnessing the early stages of a new historical period. However, a system, like capitalism, that became part of the very nature of how societies function and exist is hard to overcome. In addition, this unstable era is not the first for the capitalist system. In fact, lack of stability and conflict during WWII only allowed capitalist countries, such as the U.S. and Japan, to emerge stronger, more dominant, and more hegemonic. Thus, why would this period of time could by any different from the previous crises that the capitalist system faced and overcame?
These debates have dominated the political economy field in the recent years, and in this paper, I will attempt to cover some of the main argument in support of each of these points of view.
Many argued that capitalism, as we know it, in all of it variations and models, has came to an end. Capitalism, as Marx had

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