Does capitalism have a future? A review essay of Peter Boettke’s The Struggle for a Better World and Daniel Bromley’s Possessive Individualism: A Crisis of Capitalism

• Published in: The Review of Austrian economics Vol. 36; no. 4; pp. 589 - 604
• Main Author: Murtazashvili, Ilia
• Format: Journal Article
• Language: English
• Published: New York Springer US 01-12-2023; Springer Nature B.V
• Subjects: Appreciation; Capitalism; Crises; Economic wellbeing; Economics; Economics and Finance; History of Economic Thought/Methodology; Households; Individualism; Legitimacy; Legitimation; Political Science; Public Finance; P1; N3; Individualism; Markets; H1; Institutions; Capitalism; B52
• ISSN: 0889-3047; 1573-7128
• DOI: 10.1007/s11138-021-00558-5

In this review essay, I compare and contrast Peter Boettke’s
The Struggle for a Better World
(Mercatus Center, 2021) and Daniel Bromley’s
Possessive Individualism: A Crisis of Capitalism
(Oxford University Press, 2019). Each of these books considers the future of capitalism. Boettke’s
Struggle
sees capitalism as the only morally and economically justifiable system but that continual effort is necessary to ensure the capitalist enterprise succeeds. Bromley’s
Crisis
sees capitalism as a spent force that no longer does what it was meant to do—namely, improve the economic well-being of households. There are surprisingly many points of agreement in these books, most notably a concern for the downtrodden in society and an appreciation for the legitimation crisis confronting capitalism. There are also important differences that will give anyone interested in the future of capitalism much to ponder. Boettke sees unconstrained government as the primary threat to legitimacy; Bromley identifies the possessive individualism that lies at the heart of our current capitalist system as the source of the crisis. Both books make a significant contribution to our understanding of the institutions governing capitalist economies and powerful arguments as we contemplate the future of capitalism.