Fascism, Technofeudalism, or Market Socialism? an Institutional Perspective on the Possible Future of Capitalism

Capitalism once again stands at a crossroads. Contemporary neoliberalism has witnessed a resurgence of fascist values, raising the prospect that the future may resemble a troubling past. At the same time, technofeudalism has gained prominence as a potential successor to capitalism, describing a transformation into a rent-extractive regime in which technology corporations accumulate wealth through monopolistic predation. A further alternative form of economic organization in the twenty-first century is market socialism, most notably represented by the Chinese model. This article offers an institutionalist examination of capitalism's possible trajectories-toward fascism, technofeudalism, or market socialism. We argue that an Original Institutional Economics framework provides valuable insights into strategies for confronting the emerging economic order.