Threats on the Prosperous Society and the Future of Capitalism

The prosperous capitalistic society is a relatively new occurrence. It emerged as a result of several developments which increased the world GDP per capita six-fold between 1900 and 2000. The COVID-19 pandemic has demonstrated how vulnerable and fragile the prosperous society is. Its stability hinges on delicate balances between complex processes, and any disruption of these balances may lead to a fatal crisis. Crises which loom for the next decades include climate change, human overpopulation, the reckless exploitation of natural resources, air pollution, and the plastic waste pollution of land and sea. These crises are inherent to the very nature of capitalism which is based on excessive production and consumption that do not go along with sustainability. Following some crises, such as the 2008 subprime crisis and the COVID-19 pandemic, demands were made to radically change the capitalistic system. However, the history of the prosperous society has shown that capitalism is the only economic system that can maintain a decent quality of life for most of the population. What we need is not a revolution or some new ideology but rather pragmatic steps to mend the flaws of capitalism without losing its benefits.