Before the coming of the great and dreadful season,an investment bank in North America collapsed and the world took notice.Lehman brothers will forever be held accountable for the collapse of the world markets.The basic contradiction of capitalism according to Arnold Muchoko is that it leads to periodic crisis in world markets if central governments remain muted for the sake of democracy.
Holding all other things constant,John Maynard Keynes implored and asserted that ,for any government to maintain an equillibrium - a form of centralised intervention was necessary to avoid a dramatic and unprecedented economic down turn.His ideas on global and political theory were adopted by many a goverment in a bid to forge the use of fiscal and monetary measures to mitigate the the adverse effects of economic recessions and depressions.Capitalists revolted to his ideologies as they wanted a more democratic free market aproach - where the forces of demand and supply are left to maintain an equillibrium.The apathy and reproach left governments with no alternatives but to dispense the economies in the hands of the capitalists.
Some nations in the far east imposed Marx and Engels theories of a collective control of all economic activities - communism.In many quarters this system failed dismally as it completely abolished the market mechanisms.
And now that it's official - the USA and Britain are in recession,who is to blame?Why didn't government economic advisers see this coming?Woolworths has made redundant all it's employees and some banks like the Barclays are in pursuit.
Stimulus packages for General motors,Ford Motors and AIG in the USA makes me question,a free market economy in it's entirety.Some boffins will ultimately argue that government intervention does not liberalise markets - but hold on.If those who own the means of production can not speculate on viability of markets,who will?
Capitalism in essence suppresses the masses in anyway.So the question of democratising the economy only favours those who have the means.
It is time for goverments to effectively monitor and control the markets if necessary - through central planning committees.
The goverment is answerable to its citizens - so get us out of this mess and go back to the basics of Keynes.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment