Western capitalism will decay, but non-Western capitalism will not take its place, certainly not on a global scale, and neither will Western non-capitalism. As to non-Western capitalism, China will for many reasons not be able to take over as capitalism’s historical host and provide an orderly global environment for its further progress. Nor will there be a co-directorate of China and the United States amicably dividing between them the task of making the world safe for capitalism. And concerning non-capitalism, there is no such thing today as a global socialist movement, comparable to the socialisms that in the nineteenth and early twentieth centuries so successfully confronted capitalism in national power struggles. As long as the capitalist dynamism continues to outrun collective order-making and the building of non-market institutions, as it has for several decades now, it disempowers both capitalism’s government and its opposition, with the result that capitalism can be neither reborn nor replaced.
Wolfgang Streeck, How Will Capitalism End? Essays on a Failing System
capitalism