How Capitalism Survived The Twentieth Century

One hundred years ago many thoughtful people predicted the decline and disappearance of capitalism. What happened to make their prophecy wrong?

People nowadays interchange gifts and favors out of friendship,” says a character speaking from the vantage point of the year 2000 in Edward Bellamy’s 1888 novel, Looking Backward, “but buying and selling is considered absolutely inconsistent with the mutual benevolence and disinterestedness which should prevail between citizens and the sense of community interest which supports our social system.” Writing a century ago, Bellamy foresaw that by 2000 there would be no money and no wages.Read more »