Is the term “capitalism” outdated?
December 29, 2013
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I wonder whether the term “capitalism” itself belongs in the ash bin of history. Does it really help us understand how society and economic transactions work today, or does it rather us from a more serious consideration of what is actually happening in our society, how digital technology impacts value, how trade distorts production processes, how cultural assumptions impact transactions? We are looking at a digital translation of all phenomena combined with a highly integrated trade and logistics system. This is not “capitalism” in the 20th century sense of the word, and perhaps this new economic system deserves its vocabulary.