We don’t need to be prophets to understand that we are closer to the end than to the beginning of capitalism. The signs that the end of capitalism is getting closer are undeniable. The cracks are more evident than ever. The underlying idea of endless economic growth can’t work in the long run with limited resources. Any children can understand that. You can’t externalize the costs of economic growth to the nature endlessly. This becomes more and more evident with the effects of climate change and all the disasters and catastrophes which science predicts us today.
You also can’t upheld the illusion of endless economic growth with tremendous new debts forever. Already the financial crisis has shown, that we are reaching a limit. The illusion for continued growth was maintained with trillions of USD new debts. The same in a much larger scale we experience today with the “corona crisis”, which suddenly, within a couple of months, cuts 7-10% of GDP worldwide. Again, governments try to uphold the illusions with even larger economic stimulus programs and even more excessive new debts.
Wealth multiplication and concentration can’t proceed endlessly neither. In 2018 26 billionaires owned more wealth than the bottom 50% of all people. So if you take 7.6 billion people on the planet at that time, wealth of 3.8 billion people equaled the wealth of 26 people. In 2015 it used to be 85 people, in 2016 61 and in 2017 43. ** 85 has become 26 in just 3 years. So far it was not noticeable. It was a slow motion concentration. Now it is becoming exponential. How far can it go? From 26 to 8 (2019/20)? From 8 to 1 (2021/22)? From 1 having 50% to 1 having 70% or 90%? Anger at the bottom will be just endless. Nothing will be able to contain it.
** “The growing concentration of the world’s wealth has been highlighted by a report showing that the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population. (…) As a result, the report concluded, the number of billionaires owning as much wealth as half the world’s population fell from 43 in 2017 to 26 last year. In 2016 the number was 61.”, https://www.theguardian.com/business/2019/jan/21/world-26-richest-people-own-as-much-as-poorest-50-per-cent-oxfam-report, 21.1.2019