Yahoo! UK News Message Boards – Budget & Economy – The Future of Capitalism
The front cover of today’s Financial Times launched a new series to discuss the fate of Capitalism.
It advises that recent events have “destroyed faith in the free market ideology that has dominated economic thought for a generation” . Martin Wolf, described by former US Treasury Secretary as the worlds no 1 Financial Journalist, asks what will replace capitalism?
I’ll answer the same as I did back in Summer 08 where I announced the end of Capitalism:
http://uk.messages.news.yahoo.com/Domest… Capitalism is currently being replaced by a genuine third way , which will deliver us all the benefits we get from entrepreneurs having freedom for private initiative, together with much needed security for ordinary people that comes from a moderately strong state committed to caring for its citizens.
The Keynesian middle way will deliver the following benefits:
• The ability for governments to protect us workers from capitalists trying to destroy jobs or working conditions just to make a short term profit by showing the market their commitment to “cost cutting”.
• Protection to communities against corporations acting against common interests. ( e.g. when water companies try to prevent folk having access to free water, more a problem in the developing world, but it affects us all)
• Protection from adverse affects of economic down turns – the business cycle will still exist, but as in the Keynesian golden age the world enjoyed from the late 40s to 60s, it will be moderated by effective government intervention.
• Freedom from the cruel and de-motivating application of the “survival of the fittest” concept to economic governance. Folk who cant cut it in the market will no longer be left to rot on the scrap heap. Fairness and help for others will become the norm, to quote Keynes himself, the “brotherhood of man” will become the norm.
The more positive, inclusive and fair cultural norms fostered by this new system will free up untapped reserves of energy and creativity that were forever beyond the reach of raw capitalism. Liberated from the delusional efficient market hypothesis, western economies are likely to return to the high levels of growth they enjoyed in the golden days.
So paradoxically , even capitalists themselves will benefit from the collapse of their system. With a few exceptions , like the predators who were able to exploit excessive freedom to make windfall profits with great cost to others and those who hate equality and take excessive pleasure at being more prosperous than others.
Still the chief beneficiaries will be those who the capitalist system let down – decent ordinary folk who have had to struggle with poverty through no fault of their own.
It will take a few years before the benefits of this shift change in thinking feed through to everyone. Im very sorry we’re not able to immediate help everyone who suffering stress in the current crises, but we are trying. A new golden age is dawning, and this type the selfish and mis guided will not find it so easy to overthrow!
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