Is Capitalism Facing a Philosophical Crisis?

Abstract

The contemporary crisis of capitalism is more fundamental in the sense that it is indicating an ontic mutation of the system. The resolution of the earlier crisis of capitalism gradually deviated it from the philosophy of its founding fathers. The primary justification of capitalism was its commitment to the ‘common good’, which was replaced by the ‘idea of freedom’ during the resolution of the crisis in the 1970s. The present crisis of capitalism, which started in 2008, is deeper and does not have either the idea of ‘common good’ or the ‘idea of freedom’ as a legitimising philosophy. The resolution of the current crisis is not dependent on human labour as it can be replaced by technology based on Artificial Intelligence and Robotics. There is no sign of developing any new philosophical justification for the newly emerging form of capitalism. The article argues that if this does not happen, then the capitalist state in the future will be more exploitative and oppressive.