In today's topsy turvy world of failed high finance, it would seem so. During the heady days of China's 'Great Proletarian Cultural Revolution', it was fashionable to quote the Great Helmsman Mao that everything was not alright under the heavens, and think the man had to key to great change. He did, but at the same time, he sent his country in great crisis and turmoi. A decade later Deng Xiao ping found his saviour not in Marxism Leninsim MaoTsetung Thought but in the gospel preached at the University of Chicago Milton Freedman. Freedman was the patron saint of Ronald Reagan, and the course to capitalism's cultural economic revolution took off till the two crises of the early 21 century killed the goose that laid the golden eggs. Suddenly the much neglected John Lord Maynard Keyes has come back into prominence as the man to lead a world economic crisis out of the desert back to the promised land of prosperity. In the land of the home of the free and land of the brave--the US--as the bottom falls out of the market, Americans remain quiet and patient as the standard of living sinking into sea; overseas workers have come out into the streets to demand something be done, and not to leave the big banks and corporation who got us into financial calamity at the helm, which is certainly the case in America. With failed bankers and high living and flying ceo's how does anyone expect change?
At times like these people look elsewhere for solutions. The rabid American Republican right wing has tarred the Obama administration with the label of socialism and we might well expect soon enough to call it fascist or social fascist. Shades of Joseph Stalin!
Japan which has been hard hit by the deepening global recession, suddenly finds its Communist Party doing good business. [An historical note: under the American military government headed by the very conservative General Douglas MacArthur, new life was breathed into the Communist party as part of Japan's democratic woof and warf.] Of course 'une hirondelle ne fait pas le printemps', yet it is reasonable to suggest that the current economic crisis will revivify the left...the socialists and the communists alike. Don't expect Beijing to take the lead. They've become dyed in the wool capitalists even though they represent a very weak tea cup of Communism.
So yes Socialism and Communism do have a future. Will the future smile on them? That remains to be seen. For the moment capitalism seems on the ropes, flayling and looking towards the heaven for some of that pie in the sky that they've been peddling like snake oil to the masses for years, will fall on them like the manna from on high that Jehovah rained upon the wandering Hebrews in the desert.