Capitalism: In search of alternatives

Abstract

In the post-Soviet phase, the question of path of development and alternatives to capitalism is wide open. This article seeks to examine the Marxian theory regarding abolition of classes. It examines the conditions under which abolition of classes and rule of the working class becomes possible in Marxian theory. The analysis shows that abolition of classes is possible only under conditions of abundance and if abundance is not plausible, then in the Marxian framework working class rule is also not plausible. An attempt has also been made to sketch an alternative to capitalism. A tentative list of objectives that could form the strategic goal is discussed and it is argued that economic structure has to have a mix of market and non-market regulation, regulated private property and state/community ownership, etc. While this thesis has wide acceptance as the pragmatic goal for many critics of capitalism, usually the theoretical goal continues to be abolition of private property and rule of the working class. The thrust of this paper is to make a case for change in the ‘theoretical’ goal.