Question

Discuss the role of technology on the future of capitalism in Schumpeter, Veblen and Marx.

Answer 1

Technology and Future Capitalism
Schumpeter and Veblen suggest the necessary growth and innovations in the technology so as to attain economical growth by expanding the ability of capitalism to produce in the future. Schumpeter and Veblen commonly find technology as the cornerstone of economic development. According to them, technology make revolution in the production process and it has serious implication in the future. Both of them demanded for the role of institutions for the future of the capitalism. The technological development can also help in overall development of the economy and also socially. Industries or capitalism without proper adaptations to technology could not survive and find efficiency in the future. A society’s technology could help it developing the social structure and the cultural values. Veblen suggested the relation between economy, society and culture. The economy cannot expand or develop in terms of efficiency with constant level of technology. Since it has relation between the society and its culture, it has to do something great with the economy in the future.
Marx suggests the ability of the technological progress for the labors to lose their jobs. Economy will only be able to grow with a growing technological process, but it has after effects on labors while they may be forced to increase their pace with increasing technology. He believed the technological process could change the social and organizational abilities of human beings. They could reduce the organizational ability of human beings. Marx says that the profit earned from increasing technology can earn temporary profit and it shall be pushed out by another firm in the long run.