Chaos and order through fluctuations in global capitalism in the twenty-first century

It is often suggested that capitalism is an unplanned economic system. In the absence of any overall mechanism for planning productivity, it is only through periodic recession that a market system can shut down activities which have become obsolete or uncompetitive and redirect labor and capital into thrive upon innovation and the capability to leave the past behind. Thus capitalism can be not only a very powerful constructive force but also a destructive one. This global capitalism that is one of the driving forces of globalization to some extent is a very complex economic system. We do not know fully as yet how it works. It can be assumed that global capitalism is a complex form of economic system which may be a typical non-equilibrium system functioning in the globally turbulent situations among the capitalist nations. Copyright (C) 2003 John Wiley Sons, Ltd.