A Penn sociology professor believes capitalism will meet its demise by the end of the 21st century.
Randall Collins held a lecture at the University of Texas at Austin on Friday in which he said that capitalism would be done by 2045.
“Capitalism depends on having an income-earning population that can buy its products,” Collins said in the lecture. “Displacement of workers by machinery is the formula for the self-destruction of capitalism.”
According to the Daily Texan, Collins said that capitalism's five "escapes" to prevent collapse have run their course and are no longer options. One of those is the value of educational credentials like college degrees, something he believes is becoming less and less worthwhile. Here's the Daily Texan's quote about the value of degrees.
“In the U.S., the high school diploma was comparatively rare before World War II. Now high school degrees are so commonplace that their job value is worthless. University attendance is now over 60 percent of the youth core and is now on the way to the same fate as the high school degree.”
For the full story from the Daily Texan, click here.
The Daily Pennsylvanian is an independent, student-run newspaper. Please consider making a donation to support the coverage that shapes the University. Your generosity ensures a future of strong journalism at Penn.
DonatePlease note All comments are eligible for publication in The Daily Pennsylvanian.