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Capitalism has become the universal social
and economic order of our time. Throughout the twentieth
century it was challenged from right and left, only to emerge
with greater force than ever before. All its major rivals
are vanquished.
The capitalism of today, however, differs
from that of previous eras. Intensifying globalization is
one of the prime features of the age. Flexibility of organisation
is replacing the old bureaucratic hierarchies and business
firms are becoming more like networks than traditional organizations.
New forms of class divisions occur, with a winner-take-all
society at the top and social exclusion at the bottom. The
mobility of electronic capital undermines the balance of
power between capital and labour which was the basis of
the welfare state. Globalization brings new possibilities,
but also new risks, ranging from the degradation of the
environment to the concentrated control of the media. On
the level of everyday life, fundamental changes are occurring
in the nature of the family, gender relations and sexuality.
On the Edge comprises original essays
by, among others, Paul Volcker, Polly Toynbee, Ulrich Beck,
Manuel Castells, Richard Sennett and George Soros. It charts
the contours of contemporary capitalism, analyses the role
of the business firm in the new context of innovation and
competitiveness; discusses the impact of globalization,
especially in finance; and considers whether the new capitalism
is compatible with social cohesion and social justice. The
contributors discuss capitalism both as a form of culture
and as an influence on daily life, and they ask if capitalism
has any viable political rivals at the turn of the millennium.
On the Edge is an essential source
for anyone wishing to understand the dynamic forces shaping
our world in the new millennium.
Will Hutton is the author of the bestselling
The State We're In and The State to Come.
He is Chief Executive of the Industrial Society.
Anthony Giddens, the 1999 BBC Reith Lecturer,
is the Director of the London School of Economics. He is
the author of more than twenty books, including Beyond
Left and Right: The Future of Radical Politics
and The Third Way: The Renewal
of Social Democracy.
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