SOCIALISM'S DESTINY

While no one has yet announced the death of capitalism, reports of its imminent demise have been as numerous as they have been exaggerated. Such reports have usually been bolstered by thoughtful analyses of the fundamental contradictions of capitalism, which was expected to come sliding—if not crashing—down under the weight of its own inconsistencies. Leaving aside Karl Marx's own predictions, twentieth–century analysts as diverse as Joseph Schumpeter, Daniel Bell, and Jurgen Habermas have asserted that the contradictions of capitalism could only mean that its days were numbered. Alas, all that has been established by these analyses is that predictive failure is no impediment to market success: either the consumer's demand for such theories of capitalism's failures is naturally robust, or supply continues to generate its own demand.