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Imagining a World Without Capitalism

On September 24, 1599, not far from where Shakespeare was struggling to finish Hamlet, the first corporation with tradable shares was born. Liberalism’s fatal hypocrisy was to celebrate the virtuous neighborhood butchers, bakers, and brewers in order to defend all the East India Companies that have since made a mockery of freedom.

ATHENS – Anti-capitalists had a miserable year. But so did capitalism.

While the defeat of Jeremy Corbyn’s Labour party in the United Kingdom this month threatened the radical left’s momentum, particularly in the United States, where the presidential primaries loom, capitalism found itself under fire from some unexpected quarters. Billionaires, CEOs, and even the financial press have joined intellectuals and community leaders in a symphony of laments about rentier capitalism’s brutality, crassness, and unsustainability. “Business cannot continue as usual,” seems to be a widespread sentiment even in the boardrooms of the most powerful corporations.

Increasingly stressed and justifiably guilt-ridden, the ultra-rich – or those with any sense, at any rate – feel threatened by the crushing precariousness into which the majority are sinking. As Marx foretold, they form a supremely powerful minority that is proving unfit to preside over polarized societies that cannot guarantee non-asset owners a decent existence.

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