Progressive theorists and activists insist that contemporary
capitalism is deeply flawed from a normative point of view.
However, most accept the liberal egalitarian thesis that the
serious shortcomings of market societies could be overcome with
proper political regulation. Building on Marx's legacy, Tony Smith
argues that advocates of this thesis lack an adequate concept of
capital and the state, and fail to comprehend new developments in
world history ensuring that the 'destructive' aspects of capitalism
increasingly outweigh whatever 'creative' elements it might
continue to possess.
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