What Caused Our Economic Crisis?

Such a system is already recognised, is currently developing through necessity at the moment, and is known as Social Capitalism. It is based upon capitalism with a responsible overlooking face.
 
mmarsh said:
Both pure Socialism and Capitalism are flawed. They both have pitfalls. Most Americans equate Socialism to Communism but in fact they aren't remotely the same. Socialism is an economical model, communism is a political one. Unfortunatly socialism gets a bad rap due to mistaken association with communism.

The problem with pure capitalism is that it so greedy by nature, it will eventually collapse under the vast corruption and also that it encourages a wide chasm between rich and poor. While Socialism stymies economic growth due to its heavy-handed regulatory practices.

Therefore, the true answer between which is better is: somewhere in the middle. What we need is a system that encourages free enterprise but also a regulatory system that keeps the foxes away from henhouse, and also makes sure that so much is not controlled by so few.
Click to expand...

Of course there is an alternative view that frightens capitalists even more than communism, that is sustainability. Environmentalists argue that indefinite growth is futile and undesirable since our planets resources are limited. Moreover the striving for financial wealth rather than well being is irrational and driven by irrational genetic urges. Evidence suggests than material wealth IS important for hapiness up to a point, but beyond that it has little benefit. Hence BOTH Capitalist and Socialist doctrines that aim for economic growth are fundamentally flawed.
 
Del Boy said:
Nevertheless, that is what we have for the forseeable future, Social -Capitalism.
Click to expand...

Probably yes, but the sustainability bandwagon is gathering pace. In the event that a technical fix is not found to solve global warming and related problems such as food production and water use, the only solution will be to live within ones means (in a global resource sense). The UK has committed to a 80% reduction in greenhouse gases by 2050 and it now seems that air and shipping will be part of this. People don't realise how much of a change this really means and it will be interesting to see how humanity deals with this. Perhaps they will just ignore it and carry on regardless, but the north polar cap will melt completely in the summer to remind them this is no environmentalists hysteria.

Perhaps, the electrorate will get sick of having three right wing parties and the Labour left will defect towards the green movement, enticed with concepts such as convergence, that is primarily a way of limiting carbon but is also a radical way of redistributing wealth.

The next few decades will be politically very interesting to say the least, and the economic crisis will be trivial by comparison.

This gets it into perspective.

http://www.thedailymash.co.uk/news/...wastes-money-on-cheaper-rubbish-200810281356/
 
Last edited:
You must log in or register to reply here.
Back
Top