CAPITALISM

Is it or is it not the end of Capitalism?

Is it or is it not the end of Capitalism?

With the depletion of current natural resources of the world, it is constantly argued that it is the end of the system of capitalism and the world requires a new system or set of procedures to work from. However, there are numerous authors who have a different point of view and have highlighted that it is not the end of Capitalism, but a mere process of evolution of Capitalism.

Argument Stating it is the end of Capitalism

It is commonly known that the notion of capitalism requires a need to grow. The economic turmoil of the year 2007 is considered to be very different from any crisis that was previously faced by the world. In the early downturns, it was argued that the expansion of production was a means to grow out of it. In addition to that, there were new labor, markets and resources to exploit. It was argued that the system of capitalism required expanding its reach as there was a lot of money that could be made outside its current limits. It is considered that the system needs to expand itself (KOVEL, J. 2007). Currently, it may seem that the resources are being exhausted and that there has been a substantial increase in the poverty rate of the world. It is normally argued that capitalism could not be fixed and it is at the it's end. Capital is something that essentially requires growth. But his growth is restricted. It is considered that with a massive in the economy, there has been an equally or probably more destruction done to the environment. There have been numerous forest losses, fisheries depleted, destruction of the ozone, extinction of the species, emissions of the carbon dioxide as well as the rising in the temperature of the world. Because of these reasons, it is argued that if capitalism is insisted upon, then there may be no planet left to exercise it upon (LASH, S., & URRY, J. 1987).

The growth of capitalism is restricted, both because of social as well as ecological reasons as it was originated from the planet and its people. The ecological limitations to the growth of capitalism includes coal, natural gas, oil and other fossil fuels, uranium, soil and water. All of these natural resources are being severely shrinking. However, it is important to note that the most critical limiting factor is known to be oil. This oil aids in the fueling of the capital economy, which further includes 95 percent of the overall transportation. Because of this, it is argued that the existence of global capitalism could not take place without oil. But throughout the world, it is known that the production of oil is at its peak or it's maximum. This peak does not portray the earth has run out of oil, rather it highlights that there is some oil left but it is much deeper underground and would be much ...