In the past few decades, the nature of capitalism has changed fast as it has lost its philosophical justification based on the principle of the common good. There have been many avatars of the idea of the "common good": "white man's burden to civilize the world," "welfarism," and "neoliberal concept of freedom of choice." Capitalism now seems to have moved in a new direction, however, and it has failed to produce any further philosophical justification for its existence as a mode of production despite generating unprecedented economic inequality. Consequently, there is a rising tension between capitalism and democracy in societies governed by liberal democratic principles. Indications are clear that if the need arises, capitalism would abandon democracy in the name of development and security. Two things are happening simultaneously that not merely confirm this process but also support it vehemently. For one, the nature of the state is changing, becoming more and more authoritarian to smoothen this process of divorce between democracy and capitalism. Moreover, the emerging authoritarian state is supported by the technologies of social control. In the future, one can guess, these societies might witness a painful unfolding of this "techno-authoritarian state."
No takes yet. Share an insight, caveat, or question.
Manindra Nath Thakur (2024) studied this question.
Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context: