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Conceptualizing CapitalismInstitutions, Evolution, Future$
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Geoffrey M. Hodgson

Print publication date: 2015

Print ISBN-13: 9780226168005

Published to Chicago Scholarship Online: January 2016

DOI: 10.7208/chicago/9780226168142.001.0001

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The Future of Global Capitalism

The Future of Global Capitalism

Chapter:
(p.332) Chapter Fourteen The Future of Global Capitalism
Source:
Conceptualizing Capitalism
Author(s):

Geoffrey M. Hodgson

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226168142.003.0014

This chapter looks forward until about the middle of the twenty-first century. Its themes are the ongoing globalization of capitalism and the rising challenges to US economic leadership and political hegemony. It is considered whether the accelerated post-1980 global diffusion of institutions and technology will lead to the rise of a new economic leader or hegemon, such as China. Various future growth estimates are addressed, alongside problems in institutional development. There is evidence that higher levels of capitalist development are related to the rule of law, open government and lower levels of corruption. It is also argued that global capitalism is likely to maintain some diversity, including in levels of inequality and public social expenditure, despite the creation of an increasingly integrated world economy. The chapter concludes with a brief discussion of major problems for future global development, including financial instability and threats to the global ecosystem.

Keywords:   capitalism, globalization, convergence, hegemonic economies, varieties of capitalism, inequality under capitalism, rule of law, corruption, financial instability, threats

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