Taking inspiration from Napoleoni, this essay intends to analyze the interaction between economic theory and the evolution of capitalism. Specifically, I evaluate the relevance of Napoleoni’s thought in the face of changes in the economic, social and institutional structure of contemporary capitalism. Today’s capitalism has accentuated its contradictory aspects: on the one hand, the cumulative effects of neoliberal policies, financialization and rentified capitalism have contributed to containing wages, investment, and overall growth. On the other hand, the slowdown in growth, the exploitation of natural resources and labor translate into recurring crises, ecological catastrophes and conflicts on a global scale. This contribution considers the recent revival/reinterpretation of traditional analyses on the contradictions of capitalism with particular attention to three themes that represent a common thread that runs through Napoleoni’s entire analysis: effective demand and secular stagnation; the role of rents; the inversion between ends and means and the need to reorient production and innovation towards the satisfaction of social needs, if not yet towards the overcoming of capitalism.