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As we approach the end of 2025, the world is re-examining an economic model that once felt unquestionable. Since the fall of the Soviet Union, global consensus leaned firmly towards capitalism. But as affordability becomes the central issue in elections across continents, faith in trickledown economics is fading. If prosperity is meant to flow downward, many argue it is clearly not happening.
Even New York, long seen as the heart of global capitalism, is now questioning its own system. The rise of Democratic Socialists like Zohran Mamdani reflects growing frustration with the current economic order. With housing, healthcare, transport and basic necessities becoming increasingly unaffordable, the Democratic Party is being pushed toward policies rooted in socialist ideas. The political mood is shifting because everyday life has become more difficult.
Capitalisms Contradictions Are Impossible to Ignore
Economists such as Ruchir Sharma have often pointed out a contradiction at the core of modern capitalism. Free markets are celebrated in theory, yet governments routinely bail out large banks and corporations when they fail. These bailouts, justified as necessary to prevent system wide collapse, rarely face criticism from the wealthy. But when ordinary people struggle, they are told the market will self-correct. This double standard fuels resentment and strengthens the appeal of policies focused on redistribution and state responsibility.
AI Introduces New Uncertainty
The rapid rise of artificial intelligence has added new pressure to this debate. The United States and China lead global AI development, raising concerns that wealth will concentrate even further around a few large companies. If automation becomes central to economic growth, the question becomes who will benefit and who will be left behind.
Tech founders often showcase humanoid robots designed to perform tasks once done by humans. While this represents progress, it creates anxiety. If wealthy individuals and corporations can replace human labour with machines, what happens to people whose jobs disappear? AI threatens not only manufacturing or routine work but also cognitive and service tasks. This makes the traditional capitalist promise that innovation creates more jobs than it destroys harder to believe.
Demand for profits will rise, but demand for workers may fall. This imbalance makes socialist ideas like income support, labour protections and public ownership of essential services more appealing to millions who feel economically insecure.
What Modern Socialism Might Look Like
Contemporary democratic socialism does not seek to eliminate private property. Instead, it focuses on ensuring that essential services such as healthcare, education, public transport, energy and sometimes food security remain affordable and accessible.
But applying these ideas is complicated. Consider subsidised groceries. The goal is noble: no one should go hungry. But if prices are capped, supermarket profit margins drop. Stores may reduce supply or lower quality. Even a partial move toward socialism can create friction with private sector incentives. This raises questions about how to balance affordability with business sustainability.
Monopolies Are Weakening Public Trust
Another major factor in the rise of socialist sentiment is the growing power of monopolies and tech giants. Companies like Meta, Amazon and Microsoft have shaped digital economies to the point where true competition is limited. Their ability to buy or neutralise rivals has created markets where consumers have fewer choices and often higher prices.
This concentration of power also weakens worker bargaining ability. Corporate profits keep rising, but wages for many have stagnated. The link between overall economic growth and individual financial improvement feels weaker each year. For many, capitalism appears to reward scale rather than fairness.
Gen Z Is Driving a New Ideological Shift
No generation has embraced socialism as openly as Gen Z. Coming of age during the pandemic and economic instability, they have faced a difficult job market, soaring rents and declining purchasing power. Protests and youth movements across the world reflect their frustration.
For Gen Z, socialism signifies stability and fairness more than ideology. Concerns about reduced innovation or government overreach feel distant compared to daily struggles with affordability and job security. Their support for stronger state intervention is shaped by lived experiences rather than political theory.
When Zohran Mamdani quoted Jawaharlal Nehru after becoming New Yorks mayor, it symbolised a belief that the state must play a greater role in addressing inequality. Yet it also revived debates about Indias own socialist past. The 1991 reforms were designed to undo decades of state control that had hindered growth. The challenge now is imagining a version of socialism that avoids those past inefficiencies.
A Debate That Can No Longer Be Ignored
The world is not rejecting capitalism entirely. But it is searching for a form of capitalism that benefits more people and protects them from rapid technological and economic disruptions. As AI transforms labour markets and monopolies reshape industries, the debate between capitalism and socialism feels immediate and personal.
Rethinking socialism today may not mean returning to older models. It may instead involve creating a hybrid system that protects basic dignity while supporting innovation. The goal is not to replace capitalism but to reform it so that it reflects the anxieties and aspirations of the twenty-first century.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint.