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Capitalism as a Creative Destruction System

Vasilis Kostakis (Tallinn University of Technology), Michel Bauwens

Palgrave Macmillan UK eBooks
DOI: 10.1057/9781137406897_1 (Social Sciences)
License: not stated (all rights reserved)

Abstract: Many would argue that no other economic system than capitalism has produced so much wealth. On the other hand, some might claim that no other system has produced so much destruction. Others consider capitalism as a creative destruction system. This chapter discusses the theory of techno-economic paradigm shifts with the aim to recognize the dynamic nature of the capitalist system, and highlight the transition potential of new modes of social production and organization. Kostakis and Bauwens argue that the world is at a turning point where the excesses, the fallacies and the unsustainability of the current practices have to be recognized and appropriate regulatory changes have to be made, so that desperation and anger are turned into creation.

Published on 01 Jan. 2014