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We had many economic systems, starting from the barter.
Socialism collapsed due to inefficiency.
Communism collapsed due to authoritarianism.
Capitalism is on the verge of collapse due to human greed, the attempt to make profit at the cost of others. Today's economy is globalized, hence when it collapse, it will take human species along with it.
So my question is, Will any magic hand appear to prevent the impending collapse?
If it collapse and human beings manage to survive, what will be the new economic system?
The global financial crisis is abated and while most are glad to see it drop from the top spot in the media, there is still a danger that the underlying reasons why it occurred have not been resolved.
As Sonja asked last year, what would the Baha’i answer have been? Of course, the Baha’i Faith does not pretend to be an economic system. It neither endorses a laissez-faire economic system, nor a Marxist, socialist or communist system.
The world is by now becoming keenly aware that none of the frameworks implemented throughout history have been successful. The failures of Marxism and communism provided the right with a few decades to gloat. However, the recent collapse of the world economy is a sharp slap in the face of the Chicago school of thought.
Understandably, everyone is confused. Experts, economists, and politicians argue incessantly about what happened and why and what should be done. As always, there are a few who tenaciously cling to the old, fatal ideas, claiming that they are valid but their implementation was flawed. This is the tired refrain we’ve heard so many times from the left to excuse the collapse of communist states. And so it is equally invalid.
People are angry. The gap between the rich and the poor has reached epic proportions not seen for more than 80 years. Michael Moore who has his finger on the pulse of the masses has captured the zeitgeist yet again and released a scathing new documentary: “Capitalism, a Love Story”. Here is the trailer:
Capitalism isn't the problem. It is in "how" government is handling the Economy itself.
It's poor expenditures on government's side, which is the problem. It supports the foundation of the Economy, but at the same time, seems to be a detriment to it's stability.
I guess that would lead one to understand the "how" it supports the foundation is the problem. Presently, it supports the upper 1% of America and the upper 1% of the world.
It does so by actively acting on the status quo- "corporate protectionism". It appears that America needs to return to the gold standard, because government is unable to properly support the Economic future of America. It will be forced back on it.
All I can say is that is one hell of a question!
Your question may bring out some interesting thoughts!
All I have is personal wishes.
I say we take all personal fortunes over 20 million dollars that are not needed for expansion, limit conglomerates and bring back small businesses, and change the habits of consumers with massive advertising campaigns, put cable and education in the hands of all people with the internet and online education programs, give more money to the BBC and PBS, Jail half the bankers and financial wide boys who made the aaa dunny paper fiasco, legalise dope, decriminalise all drugs, use the money to support a well educated police force, aggressively attack poverty at home and abroad, distribute water purifiers (the washable kind) to all the people without clean water, put some of the war budget towards helping our enemies instead of killing them, and many other fantasies cross my mind.
Frugality could be the next economic system. I have plotted a book about a society based on exchange tokens and bonus tokens for making your excess goods available to others. These tokens would become the currency of the future... dream on!
by Earl S. Wynn6 years ago
What is the ideal economic system? Communism, socialism, capitalism, etc?Conversely, have these systems been proven to be failures? Is there a better system?
by Grace Marguerite Williams2 years ago
Which IS a better economic system: capitalism or socialism? Why? Why not?
by A Thousand Words4 years ago
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by jerryl8 years ago
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Most of us battled at some point (and others still do) with understanding what an economic system is. At its bare bones, an economic system is simply a method of production and distribution. One can have an economic...
by Kathryn L Hill3 years ago
Is Capitalism the root of all evil in America?Is it the cause of drug abuse?Is it the cause of poverty?Is it the cause of class distinction?Is it the cause of racism?Will it be the cause of the end of the...
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