Analysis
Capitalism has been the backbone of the success of the American economy and had helped the country dominate the global economy. But, it has created great wealth inequality in America and other countries that have followed the path of Adam Smith. The current economic situation of America makes it clear that to achieve wealth equality, it is important to apply other economic principles such communism professed by Karl Marx.
The Future of Capitalism
The current economy makes it clear that capitalism has been helpful in growing America as a world power. But, the creation of wealth inequality in the society is changing the national mood over capitalism. It is possible that capitalism might not be equally important in the future, as economic thinking is changing and it is possible that society is tilting towards social equity (Lynch).
Change Needed in Economic Thinking
It is important that economic thinking needs to change as it is not wise to see that social inequality is becoming greater problem. A change is needed in the economic thinking and society needs to move towards building an equal society. Therefore, economic thinking needs to move towards Karl Marx’s Manifesto, which supports equality among people in the society.
Relation to Economic Thoughts
The possible solution is to move towards socialism and develop a society that supports building economic equality, rather than making sure the difference between rich and poor keeps getting greater. Socialism will ensure that the future of people from different sections of the society will be secured.
Conclusion
Capitalism has helped in building the American economy as the largest economy in the world. But, it has helped in building economic inequality in the society. A change in the economic thinking is needed to ensure that economic equality is developed for the future.
Probably, the answer is moving towards Karl Marx’s theory and accepting socialism as the acceptable economic thought.
Works Cited
Lynch., Conor. Stephen Hawking on the Future of Capitalism and Inequality. Counterpunch. Counterpunch.org. 15 October 2015. Web. 14 July 2016.
