Thorough and detailed history of capitalism and predictions for its (lack of a) future. Convincing and compelling, particularly in its discussions of the impact of technology. Worth your time.

Capitalism is dying. What will replace it in the Coming Revolution?

Without growth, capitalism will collapse. Automation and globalized production are radically reducing the need for labor. Massive debt loads are mortgaging the future for current needs. Natural disasters and wars are the only way to bring back prosperity, though temporarily, under capitalism. The author presents a five-stage plan for moving past capitalism and into prosperity for all.

Even this Bernie Sanders voter believes that the author’s vision is unlikely within the lifetime of anyone reading this. The US doesn’t even have a comprehensive, non-work-provided healthcare system yet. However, the social and economic explanations of how we got here especially regarding the industrial revolution and the Great Recession are great. 3 stars!

Thanks to Zero Books and NetGalley for a copy.

The Coming Revolution: Capitalism in the 21st Century by Ben Reynolds is the prediction of the fall of capitalism by its own means. Reynolds is an author and activist based until recently in New York City. His essays, articles, and commentary have appeared in ROAR Magazine, CounterPunch, Center for a Stateless Society, China-US Focus, and The Diplomat.

There can be no doubt that capitalism has raised the standard of living where it was practiced in some form. England grew into a world power. The United States followed. Now, China has reformed its centrally planned economy and is now the second largest economy on the planet. Capitalism does raise the standard of living for some. Capitalism relies on markets for goods, profits, and raw materials. It requires growth to sustain itself. Raw materials are creating environmental problems as well as a new wave of colonization. Profits are unevenly distributed. Markets become saturated and planned obsolescence creates repeat buying. Capitalism built a pyramid scheme and is running short of new ideas to keep it alive.

Reynolds looks at the history of capitalism and how mechanization has changed production. For example, the printing press was one of the most important inventions in history. It changed many things. Many more people had access to books. Literacy increased. The printing press did something that hand copied books couldn't do. The price became cheaper after producing the first book. Once the type was set many copies could be produced with very little labor. Certainly less labor than copying a book by hand. The printing press ultimately was responsible for creating unemployment. There is little argument against the printing press; it's good certainly outweighs any negatives. Today, it is even better. E-books allow publishers to create a single file and replicate it without any effort.

Automation is one of the areas Reynolds examines and its effects on workers. Machines produce more and more products without human intervention. 3D printing is adding another level to automation. It will just be a matter of time before items can be cheaply printed in metal and other materials. Factories would only need to be supplied with raw materials. The costs for producers would drop. Aside from not requiring human employees, factories would not need to be heated, cooled, or even lit.

Reynolds does examine economic theory in this book. From the efficiency of industrialization, the centralization of workers and capital, and even the internet have changed how the economy works. In 2015, MP3 sales overtook CD sales. This is significant because reproduction and distribution of MP3s require almost no cost. The is no physical product to distribute. A Chinese company has begun computer printers using cement and waste to build prefabricated housing at a rate of ten houses in twenty-four hours. The revolution that Marx predicted might just be an evolution. The efficiency of capitalism and (computerized) industrialization is changing the world economy. American industrial production has not decreased as commonly believed, it has increased, but uses far less labor.

As of 2012, almost 80% of US employment is in the service sector. Employment in the industrial sector has dropped. Farm employment has also declined with large-scale farms and automation. The service sector employment will soon drop too with automation. As retail moves online and warehouses become more and more automated, there will be even less demand for labor. Although more is being done with less labor, products have to be bought. If no one is employed, no one has the money to purchase the goods being produced. This creates an interesting dilemma. A well-written history and projection of capitalism and hope for the future without revolution.