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THE COLLAPSE OF CAPITALISM'S REPUTATION

Capitalism has been damaged by the bankers, and now it seeks for people's love, new research says. A survey conducted shows that even in America only 54% have a positive idea of capitalism. Others surveys found that in countries like Greece, Japan, Spain, Bangladesh and Ghana, less than half of population have faith in free market. The recent financial crisis has intensified criticism of the system, from the Occupy Wall Street movement to the support for parties of the far right and left in Europe.

Both Merriam-Webster and Oxford dictionaries define Capitalism as a system of market that allows for private unfair profit than for social ones. But just few people are real capitalist and more are most “wage slaves”. This don’t relate easily to the Christian ethic which still permeates Western societies, as Jesus told to bankers of temple to sell all their property and give it to the poor.

Capitalism seems more and more unfashionable even thought people are enjoying the benefits of competition. In fact, for example, Britons would not enjoy such a choice of mobile phones and services if the industry were still controlled by the old nationalized British Telecom. Both investors and customers are capitalist as they risk money seeking for profit or utility. We should solve the problem of terminology so that people be aware of that.

In the past 30 years, capitalism has become associated less with businesses operating in a competitive market, and more with the banking sector. This sector is less appealing and when Governments and Central banks are forced to step in to rescue the titans of finance, the idea of a free market also goes out the window. A system that privatizes profits and nationalizes losses is impossible to justify.

Voters are experiencing hard times in real-wage in contrast of 1980’s and 1990’s years when advanced economies enjoyed steady economic growth.  Somehow, capitalism, for want of a better word, must be rescued from the bankers.

 

                                                                                                                                  The gLAWcal Team

LIBEAC project

Tuesday, 16 November 2014

(Source: The Economist)