Change in the organization of capital and its implications for society

Let us first look at the first point in some more details. The late 20th and the early 21st century literature on world economic trends seems to create the impression that the neo-liberal thinking is going to stay and the days of socialist thinking are over. The world over, the role of market is revived. Yet, there are fundamental changes in the way of organization of capital. The capitalist countries are no more characterized by that model of economic organization which was examined by Marx and others under the model of capitalism. It may be noted that in the process of the export of capitalism from the developed countries to the less developed countries the very nature of capitalism in both the developed and the developing countries need to be revisited. In his famous book Risk Society Ulrich Beck (1992) argues that in advanced modernity the social production of wealth is systematically accompanied by the social production of risks which pose a threat of self-destruction of all life on Earth”. In Beck’s writing the term risk is defined in a specific sense. To quote: