10 Oct 2011
Modern capitalism has reached the end of its rope, argues Immanuel Wallerstein, Senior Research Scholar at Yale University. Capitalism cannot survive as a system and what we are witnessing now is a structural crisis of the system.
In Wallerstein's view, the structural crisis goes on for a long time. It started in the 1970's and will go on for another 30-40 years. It's not a crisis of a year or of a moment, its a major structural unfolding of a system and we are in transition to another system.
The real political struggle that is going on in the world today, though most people refuse to recognize it, is not about whether or not we should have capitalism, but about what should replace it, contends Wallerstein.