The article delves into the impacts of Donald Trump’s trade war on the global economy, highlighting the deep-seated crisis in capitalism. It discusses the shift in the world order, emphasizing the need for countries to adapt to the evolving economic landscape. By exploring historical contexts, such as the financial crisis and income inequality, the article underscores the ongoing crisis of legitimacy in global capitalism. António Guterres, the UN Secretary-General, warns of rising geopolitical tensions and systemic challenges like inequality and authoritarianism.

The narrative touches on the changing perceptions of capitalism in the US, where a significant portion of the population believes it is heading in the wrong direction. Criticisms from both conservative and leftist perspectives reflect growing discontent with aspects of capitalism, such as globalisation and income inequality. The article also examines the emergence of new economic models, including the concept of degrowth and the push for a greener form of growth.

Moreover, it explores the challenges and prospects of reshaping capitalism, considering various proposals and critiques from different ideological standpoints. Discussions range from creating new economic paradigms to reining in hypercapitalism and addressing issues like poverty, monopolies, and tax avoidance. The article highlights the complexities of reforming capitalism and the diverse ideological responses to its current state, suggesting the need for a broad coalition to navigate the future of the global economic system.