Has capitalism failed the world? Featured

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Courtesy: fieldworkinstilettos.com
01 July
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Published in: News
Courtesy: fieldworkinstilettos.com

It seems that mistakes made in Wall Street and the City of London are paid for by people around the world, but can we govern greed within the realm of capitalism or is it all just money down the drain? Is austerity really needed? Can we trust the banks?


Source: Al Jazeera (http://www.aljazeera.com/programmes/headtohead/2013/06/201361294652861958.html)


  • Zach StewartI am inclined to say yes, judging from the spate of protests around the globe, all of which seem to take aim at the neoliberal status quo. However, it should also be noted that over 1 billion people have been lifted out of abject poverty, mostly through economic growth brought about by a capitalist system: http://www.economist.com/news/leaders/21578665-nearly-1-billion-people-have-been-taken-out-extreme-poverty-20-years-world-should-aim
    IN HIS inaugural address in 1949 Harry Truman said that “more than half the peop...See More
  • Zach StewartSo while I don't think capitalism is always the best when it comes to governing fairly, it has offered a lot in terms of ending poverty. Notice that these protests are led mostly by the young rising middle class, who expect more now that poverty is no longer an immediate threat. Capitalism is good, but it should be tempered by socialist programs to ensure a decent standard of living for all people.
  • Ummu HanaIts all depend on the way look at the things, if we are at a conservative progress oriented we may find what positive we see on it same as communist who also can say many things.

    If we put an objective point of view/look, it is possible to conclude capitalism too dint achieve what it boast.
  • Zach StewartSo if capitalism isn't responsible for pulling 1 billion people out of poverty, what is?
  • Ummu HanaNo doubt, it is utter failure of capitalism. We need to "invent" to better system that is neither the historical modals of capitalism nor communism.
  • Zach StewartI agree that we definitely need a new system for the 21st century that is beholden to neither the communist or capitalist status quo. But just for argument's sake, how can you call pulling 1 billion people out of abject poverty an "utter failure?"
  • Ummu HanaAs far as I concern 1 billion is neither the objective nor the relative term.

    If I want to assess objectively, I should be able to see from zero global poverty to one billion as it serve the objective.

    If I am comparing in relative term, then I should have to find how many people might be pulled out from poverty in non-capitalist systems.
  • Zach StewartWell there is a way to do that: Communism ruled roughly half the globe during the cold war. Only when the Soviet Union fell did the number of impoverished (by the $1.25 a day measure) cut itself in half, from 2 billion people to 1 billion people. So obviously there is causality there.
  • Zach StewartIn China, where the biggest gains have been made, one can see a direct correlation between the market liberalizations of Deng Xiaoping (starting 1982) and the decline of poverty.
  • Zach StewartSo while I'm no fan of the neolilberal consensus, one has to give credit where credit is due, and admit that markets played a huge role in the reduction of global poverty in the last three decades.
  • Ummu Hanafor me poverty is a loaded word including economical, health, education and environmental, spiritual....

    My 'prima face' readings of global trend in poverty in unhealthy...!
  • Zach StewartOf course, and it is easy for privileged people like you and me to feel that way. That is why so many of these global protest movements are led by the young middle class, who want more. But we cannot forget the 1 billion people who were never from privileged families like you and me, who have been legitimately helped by capitalism. Inner-city garment factory work is hard and unhealthy, but it certainly beats subsistence farming.
  • Ummu HanaTo be frank capitalism is disaster to my country same as leftist economic system we had in the past. Today my country experiences poverty in terms of lack of vision for development that will fail all the systems that exist and yet to come.
  • Zach StewartAnd that is definitely something to be dissatisfied with, I agree. But you must admit, lacking vision is still a better position to be in than lacking food. Small steps.
  • Zach StewartI still contend that the future of sustainable economics is a system that allows for the mostly unfettered free flow of capital, with a safety net in place that ensure a decent standard of living for all people. It really is achievable in our lifetimes.
  • Ummu HanaWell said. I too agreed.
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UmmuHana is a reformer, political analyst and social and human rights activist who writes in English and Tamil. UmmuHana contributes on various domains including Pluralism, Reform, Policy review & development and  and cultural studies.

Email: info@ummuhana.com

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