Economy

Most people would agree that we need to overhaul our economic systems. We live in a world that tends to put economic interests above all else.
Capitalism has to be reformed, as we can’t expect endless profits from a world with finite resources. We have to learn how to use the resources that we have available and learn how to use them more efficiently with our ever growing world population.

Source

Communism

At the time when famous philosopher Karl Marx wrote his communist manifesto, the world wasn’t yet ready for a communist economic system and history shows us how some of the attempted economic systems ended up. There are currently only a few countries in the world who are still pursuing a form of socialism or communism. Countries such as China and Cuba. Politics aside, China is soon to be the world’s largest economy and Cuba has managed to survive despite and economic embargo that has lasted over half a century.

Capitalism = Efficiency

Karl Marx never lived to see technology and all the wonderful benefits it has brought humanity. A lot of that growth in technology has been thanks to Capitalism. Without a pursuit for profits, a lot of the wonderful inventions of the 20th and 21st century couldn’t have been possible. Not everyone is a Nikola Tesla or a Jonas Edward Salk who were simply satisfied with giving the world a better future. Which I guess is a good thing.
Capitalism has become so efficient that instead of people dying of starvation we now have people dying of obesity and instead of not having enough material goods we now have so many that some people need to rent storage units to put all their extra belongings. However, the capitalist economic system could still borrow a few things from socialism.

Technology

It has been thanks to technology that Capitalism has grown so much and become so efficient. So efficient that it has created a wealth inequality not seen before in the history of mankind. It is also thanks to that technology that in the near future we may start to see capitalism and socialism become one.
Many countries around the world already have socialist constructs. Programs such as social security and welfare in the US are good examples of forms of socialism in a capitalist country.
Although many would oppose it, we may soon go a lot further then that. As we inch everyday closer to a world that is automated, more and more people find themselves out of work. It has been that automation that has made some governments consider a form of UBI or Universal Basic Income.

Source
You should watch the video above.

Blockchain

The blockchain is one of such technologies that can help us through this transition. Websites like steemit are a good example. Some people here are already making some income by creating content to “entertaining” others. Youtube, although not on the blockchain, is another good example of a website that gives income to people to create content to keep us entertained or informed. This was not even possible 20 years ago and now we have a whole ecosystem of microeconomics all on the web. As mass adoption of the blockchain and cryptocurrencies, this will become even more prevalent.

---