NO, ACTUALLY SOCIALISM HAS FAILED, JUST READ ON. Greece is bankrupt, living week to week on handouts from ever impatient and angry EU that wants Greeks to start living within their own means. Ireland, Portugal, Spain, Italy are close behind in the queue at the gate of Bankruptcy-ville, England and France are also walking on the same road but are still at some distance. And the latest to turn to that road is USA. All these countries are among the most developed, industrialized countries with almost universal literacy, excellent governance, rule of law and a centuries old liberal tradition. So what went wrong? Was Marx right all along? That Capitalism is destined to fail? To be replaced by socialism? Quite a few articles appeared soon after collapse of the Banks in the US in 2008 claiming precisely that. We can expect a deluge of such articles, programmes on TV etc. etc. in the tone We-Told-You-So in the months and years to come as Europe and later North America, Japan fold. The Karat pair, Arundhati Roy, D Raja and all the assorted Jholawalas are going to have tough time in choosing which TV to appear on, which newspaper to grace with their columns.
Capitalism Has Failed
Capitalism Has Failed
Capitalism Has Failed
NO, ACTUALLY SOCIALISM HAS FAILED, JUST READ ON. Greece is bankrupt, living week to week on handouts from ever impatient and angry EU that wants Greeks to start living within their own means. Ireland, Portugal, Spain, Italy are close behind in the queue at the gate of Bankruptcy-ville, England and France are also walking on the same road but are still at some distance. And the latest to turn to that road is USA. All these countries are among the most developed, industrialized countries with almost universal literacy, excellent governance, rule of law and a centuries old liberal tradition. So what went wrong? Was Marx right all along? That Capitalism is destined to fail? To be replaced by socialism? Quite a few articles appeared soon after collapse of the Banks in the US in 2008 claiming precisely that. We can expect a deluge of such articles, programmes on TV etc. etc. in the tone We-Told-You-So in the months and years to come as Europe and later North America, Japan fold. The Karat pair, Arundhati Roy, D Raja and all the assorted Jholawalas are going to have tough time in choosing which TV to appear on, which newspaper to grace with their columns.