What is the third way?

This is the latest Question of the Month from Philosophy Now. I should point out that my last entry didn’t get published. After a run of something like 5 in a row, that was a bit of a perspective-changer. I had been getting cocksure. So I have 7 out of 9 published and now aiming for 8 out of 10. But 7 out of 10 is still a good result over a period of around 10 years. I should point out that I don’t enter every single one of them. I pick and choose, which skews my chances of success.

The ‘third way’ referenced in the question is basically a reference to an alternative societal paradigm to capitalism and communism. I expect that most, if not all responses will be variations on a 'middle way'. But if there is a completely out-of-the-box answer, I’ll be curious to read it. So, maybe the way the question is addressed will be just as important, if not more important, than the proposed resolution.



I think this is the most difficult question Philosophy Now has thrown at us in the decade or two I’ve been reading it. I think there definitely will be a third way by the end of this century, but I’m not entirely sure what it will be. Is that a copout? No, I’m going to attempt to forecast the future by looking at the past.

If one goes back before the industrial revolution, no one would have predicted that feudalism would not continue forever. But the industrial revolution unintentionally spawned two social experiments: communism and capitalism that spanned the 20th Century. I think one can fairly say that capitalism ultimately prevailed, because all communist inspired revolutions became State-run oligarchies that led to the worst excesses in totalitarianism.

What’s more, we saw more societal and technological change in the 20th Century than all previous history. There is no reason to believe that the 21st Century won’t be even more transformative. We are currently going through a technological revolution in every way analogous to the industrial revolution of the 19th Century, and it will be just as socially disruptive and economically challenging.

Capitalism has become so successful globally, especially in the high-tech industries, that corporations are starting to eclipse governments in their influence and power, and, to some extent, now embody the feudal system we thought we’d left behind. I’m referring to third world countries providing exploited labour and resources for the affluent elite, which includes me.

There is an increasing need to stop the wasteful production of goods on the altar of economic growth. It’s not only damaging the environment, it increases the gap between those who consume and those who produce. So a global economy would give the wealth to those who produce and not just those who are their puppet masters. This would require equitable wealth distribution on a global scale, not just nationally.

Future technologies will become more advanced to the point that there will be a symbiosis between humans and machines, and this will have a dramatic impact on economic drivers. A universal basic income, which is unthinkable now, will become a necessity because so many jobs will be AI executed.

People and their ideas are only considered progressive in hindsight. But what was radical in the past often becomes the status quo in the present; and voila: no one can imagine it any other way.


Addendum: I changed the last sentence of the third-last paragraph before I sent it off.