The Death of Capitalism

With huge companies going to the wall; there have recently been calls for more regulation and state intervention in the money markets. So has Monetarism (the idea, popularised by Thatcher, of not interfering with the markets) run its course? Is absolute Capitalism now dead?

What, or indeed who, is to blame? Is it purely down to irresponsible lending and trading? Is it down to the bonus culture in the financial institutions (which causes traders to take huge risks)?

Or is it the inevitable result of unrestricted capitalism and the policy of survival of the fittest?

Whatever the answers to these questions the end result is the same; it’s the man on the street that ultimately pays the price. The people in the financial institutions certainly aren’t being held to account. In the UK the government will ultimately loose power but they certainly won’t be struggling to pay their food and energy bills. The inevitable scapegoats will be Muslims and the unemployed, despite the fact that they have very little effect on the finances of the average worker. David Cameron certainly knows that appearing to be tough on immigration and unemployment is the way to win the election.

The question is Why? Why? Why? Is the majority of the country so ignorant and uneducated as to actually believe all the countries problems are down to immigrants and the unemployed? Or is it just easier to blame the weakest groups in society rather than the seemingly untouchable powerful people in government and big business?

In 1917 the Russian peasants (as they queued, hour after hour, for bread) looked enviably across at their rulers who were clearly out of touch and obviously exploiting them. Conditions effectively forced their hand; they couldn’t carry on like that so they instigated a revolution. Whatever you think of the merits of communism you surely have to admit that this action is much fairer, and indeed more positive, than blaming minority groups (which, by the way, is what Hitler did and look how that turned out). Whilst I am not advocating a full-scale communist revolution I am suggesting positive action to ensure a fairer distribution of wealth. I would like to see 3 basic principles adhered to.

1 A limit of around £5 million to personal fortunes (more than enough to ensure lifelong financial security for even the largest of families)

2 Less of an income gap. Good/fair wages for all full time jobs.