Like any other system, capitalism has its positive and negative qualities. Inarguably, it has lifted nearly a billion across the globe out of extreme poverty between 1990 and 2010. But as with other socioeconomic systems of the past, such as with feudalism, a time can come when revolutionary changes make such systems anachronistic. So too has capitalism’s time come, at least the kind which exploits the biosphere.
A more sophisticated system must replace it. One reason is because we are on the verge of a technological shift which will make almost all working and middle class jobs obsolete within the next 25 years or so. Currently, middle and working class families are already getting squeezed in developed countries. Their wages have remained stagnant for decades while costs have steadily risen.
Today, 15% of the US population is below the poverty line. If you include children under age 18, the number is 20%. All the gains in productivity over the last several decades have gone to the top one percent of income earners, while the economic prospects for the vast majority stagnated or worsened. Then there’s the environmental impact. We’re about to kick off the sixth great extinction event. and we’ll follow shortly after.