Capitalism and the polycrisis: bad apples or bad barrel?

Thomas Palley ()

No 125-2026, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

Abstract: This essay is about the polycrisis, whereby the global order is afflicted by simultaneous crises impacting economics, politics, societal relations, geopolitics, and nature. The essay uses the metaphor of “bad apples” versus “bad barrel” to explain the argument. The “bad apples” explanation views the polycrisis as a series of idiosyncratic crises, and it leaves the free market ideal intact and absolves capitalism. The “bad barrel” explanation sees the polycrisis as being systemically produced, and it contests the free market ideal and identifies capitalism as the driving cause. The Neoliberal era (1980 – present) has surfaced the polycrisis, and the crisis openly revives Luxemburg’s question of “socialism or barbarism?” There is much to be done if society is to avoid a repeat of barbarism. That includes persuasively explaining capitalism’s flaws, articulating the future of socialism, and breaking the chokehold on politics that blocks surfacing these issues. The Chinese proverb is “A journey of a thousand miles begins with a single step.” That is true, but we should also seek to ensure the first step is in the right direction. Acknowledging the polycrisis and recognizing it is a product of capitalism’s “bad barrel” does both.

Keywords: polycrisis; capitalism; noeliberal; socialism (search for similar items in EconPapers)
Pages: 41 pages
Date: 2026
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