Corruption is endemic to the capitalist system and has not been successfully regulated away. Perhaps a system change is warranted?
We have passed the era of industrial capitalism and have entered finance capitalism based on expansion of the neoliberal economic model globally. This is fundamental to understand because it is this model that is driving all of our crises.
Condemning the “new tyranny” of unfettered capitalism and the “idolatry of money,” Pope Francis argues in a newly circulated apostolic exhortation that “as long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world’s problems or, for that matter, to any problems.”
Reader Comments: Capitalism and Unemployment; New York and Seattle elections; more.
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Capitalists defend their "right" to hire and fire as an unquestioned "entitlement". Yet it surely should be challenged on grounds of its undemocratic nature and its perverse social results. Employing people in socially useful work is more humane, more productive and less costly. Yet a private profit-driven capitalist system yields the endless unemployment, spiking repeatedly. Except, of course, capitalists want it because it keeps them at top of capitalist society.
Review of George Packer's "The Unwinding: An Inner History of the New America." This American life is a mess. As responsible as they were for instigating the Great Recession, Wall Street and the securities industry were not the business centers solely at fault for the lead-up to the collapse. An outsized military budget, imperial wars, the decline of unions as counterweights to corporate excesses and the flight of manufacturing overseas played their parts, too.
Mondragón has been justly cited as a leading example of what can be done through cooperative organization. But it recently announced that its most important unit, Fagor, was filing for bankruptcy. This raises important larger questions about the market, and longer-term strategies for moving beyond the failings of corporate capitalism and traditional socialism.
We need to own up to is that privatization experiments, based on ideology rather than evidence, have created disruption, neglect, and harm to vital public services and infrastructure - and those effects have undermined the private sector which depends on high quality public services. We seem to have forgotten that the public sector has long created the environment and resources necessary for businesses to prosper.
Democrats like moderate Keynesianism. Republicans favour free markets unfettered. The crisis-ridden system is never challenged
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