And the situation in Greece and the consumer goods shortages in Venezuela prove that socialism doesn't work in the 21st Century, either.
FAIL.
Communism is where the Government [State] controls production. Although product prices are low, production suffers through inefficiency. There is no incentive for the workers to produce anything but the bare minimum, with the result that there is never enough for everybody. Nobody works hard as they are poorly paid as a result of the price controls, as well as theft, graft and gross efficiency.
Communist leaders attain power by promising everything to everybody, coming from the all-powerful State. But as it turns out, the only ones getting everything that was promised are the leaders and the elite who are trusted to run the means of production. Everyone else, and I mean the people, get to wait for what scraps remain after the leaders plunder the people's labor and production. That's the end result of Socialism/Communism, every time. Beer lines, anyone?
The effect of modern day liberalism and bloated legislative processes on capitalism is analogous to encrusted barnacles on the hull of a sailing vessel.
Industry cannot thrive unless money can be made. If money can be made from it, then people will invest in, and engage in industry in order to make more money, and everyone benefits from it.
If money cannot be made because entire volumes of legislation, litigation, and excessive taxation preclude that and only serve the purpose to transfer wealth at the expense of the rich instead of allowing the creation of wealth, then...money will not be used to create more wealth. Why would anyone who has accumulated wealth invest it where it is certain to evaporate?
“He argues we have a golden opportunity to shape a more socially just and sustainable economy with the emerging forces of information technology, rapid scientific advancement and free, easily shared goods.”
Sounds like a recipe for a new Dark Age.
“Social Justice” - a new way of saying, “To each according to his needs and from each according to his ability”
“Sustainable Economy” - economic policies established by an iron fisted Politburo. Remember all those wonderful “five year plans” by the Soviets?
That only lasts so long. It only lasts until the money runs out and the machinery rusts away.
Socialism has had its day.
The Guardian is a stinking sewer for old, frustrated and castrated British Stalinists and Maoists. The only thing that keeps them alive is their connection to the corrupt British parliament.
Milton Friedman had it right... that the best economic system is based on a free market. Pure capitalists do well in such an environment.
No. Next question.
Capitalism will have had it’s day whenever the idiot who wrote this writes for free.
Capitalism and the bounty it produces requires a moral and just people to survive. Our people have become immoral and unjust at least in a sufficient minority to ruin the nation.
Shhhhhhhhhhhhhhhhhhhh. Don’t tell the Donald.
I cannot imagine anything worse for the poor, the uneducated, and those in the third world than a replacement for capitalism. Once capitalism goes, they will find out just how rough life (or for many death) can be.