A decade and a half after the fall of the Berlin Wall, there is little question that capitalism is the globe’s dominant economic system—and will remain so for the foreseeable future. Countries around the planet took note, and most (like, for example, India) moved away from command and control models towards a more open form of capitalism. In the wake of this shift, it was tempting to see a global convergence around a single Capitalist system and even today there is an undertone of Capitalist triumphalism among believers in pure market-oriented economies. In fact, after a brief convergence, it appears that the consequence of Capitalism’s ascendance is a divergence of capitalist models. “Global Capitalism” is becoming “Global Capitalisms” and at least three variations are already discernable.
For more, see this longer essay: Capitalism’s Diverging Future