Capitalism: In search of alternatives

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 a n 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 fo r 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. dominant thesis of the late 20th century, which received impetus from A the breakdown of the Soviet system, has been that of laissez-faire. Markets, it is suggested, are the best bet and free flow of market forces should be the goal. This viewpoint has been widely critiqued. This thesis is not being critiqued here, and is being taken as flawed. For the better part of the last two centuries, Marxian theory has provided the most forceful critique of this thesis. It not only provided a critique of capitalism; it also made a case for a distinct alternative to capitalism. An attempt is made here to examine the theoretical possibility of this alternative to capitalism