Capitalism used to promise a better future. Can it still do that?
Capitalism is intrinsically futuristic. The ideas that underpin market economies – growth, accumulation, investment – express an unspoken assumption, that tomorrow will be different, and probably better, than today. The question that murmurs through markets is not “What is good?” or “What is fair”, but: “What’s new?”
This future orientation is one of the most striking hallmarks of modernity. Pre-capitalist societies looked to the past – to founding myths, old religions and ancestral lines. Capitalist societies look to the future – to new inventions, broader horizons and greater abundance. “Oh, the places you’ll go!” is an ur-text of market capitalism.