Neil Wilcock and Corina Scholz. Hartmut Elsenhans and a Critique of Capitalism. Conversations on Theory and Policy Implications. London, U.K.: Palgrave Macmillan, UK. 2016. xii+184 pages. €84.99 (Hard Bound).

Abstract

After the Second World War, the world was practically divided into two competing economic systems, capitalism and socialism. This ideological competition extended to the socio-political realm, and became the basis of the cold wars from the late 1940s to early 1990s. The events in Russia in the early to mid-20th century presented socialism as a real contender, if not a complete alternative to capitalism. With its increasing influence in many countries, not just in Russia’s neighbourhood but also in the continents far across, socialism emerged as the dominant thought, leading to what became to be referred to as the socialist bloc. But then came the collapse of the USSR in early 1990s and the whole socialist thought came to be questioned. In socialist China, introduction of reforms with a capitalist bent further questioned the practicability and success of socialism, while reforms in the Indian economic system encouraged the proponents of capitalism to declare victory. Adoption of capitalist ideals by purely or quasi-socialist countries stamped the superiority of capitalism.