Transformations: The eight new ages of capitalism

Many authors observe that the capitalist economy is undergoing momentous change. They envision the resulting new economic age variously as a post-industrial information economy, post-modern economy of images, globally interdependent economy, new mercantilism, economy dominated by global corporations, post-Fordist entrepreneurial economy, economy guided by social movements, and an economy under the thrall of new fundamentals. When these notions of economic transformation are itemized, they exhibit a striking feature: each on its own seems plausible, even though all of them in combination question and contradict each other. Capitalism appears to be undergoing several simultaneous transformations leading in contrary directions. This article proposes, therefore, that we should not try to find the one true depiction of contemporary capitalist change. Rather, we should build our abilities to discern, and act on, multiple capitalist possibilities.