Businessmen and political leaders are gathering in London on Tuesday to discuss how to "renew the capitalist system". As usual the ideas being put forward are almost entirely self-centred and greed driven with such ideas as making it easier for people to invest in business or start their own. What they are looking for is a fig leaf that they can wear while continuing to grab whatever they can at the expense of wider society. The "News In Shorts" would like to add a couple more ideas for them to consider. First, pay your taxes instead of exploiting tax loopholes. Second. stop bribing corrupt politicians to create those tax loopholes in the first place. Capitalism has demonstrated time and again that it has no conscience and, given the opportunity, will indulge itself in criminality. They have corrupted politicians across the globe and bribed them to deregulate business so they can be as stupid and reckless as they've always wanted to be. How can capitalism be renewed? It can be regulated, forced to recognise the same standards of behaviour as the rest of us, constrained from breaking the law and reminded that it has a responsibility to the rest of society. In other words it is time for the Neoliberal economic experiment to be scrapped along with its rationalisation of greed and selfishness. This economic mumbo-jumbo has had its day and its time to go back to the system that created wealth for all instead of a self-selected elite whose only interest is self-interest.
Tuesday 27 May 2014
How Can Capitalism Be "Renewed"?
Businessmen and political leaders are gathering in London on Tuesday to discuss how to "renew the capitalist system". As usual the ideas being put forward are almost entirely self-centred and greed driven with such ideas as making it easier for people to invest in business or start their own. What they are looking for is a fig leaf that they can wear while continuing to grab whatever they can at the expense of wider society. The "News In Shorts" would like to add a couple more ideas for them to consider. First, pay your taxes instead of exploiting tax loopholes. Second. stop bribing corrupt politicians to create those tax loopholes in the first place. Capitalism has demonstrated time and again that it has no conscience and, given the opportunity, will indulge itself in criminality. They have corrupted politicians across the globe and bribed them to deregulate business so they can be as stupid and reckless as they've always wanted to be. How can capitalism be renewed? It can be regulated, forced to recognise the same standards of behaviour as the rest of us, constrained from breaking the law and reminded that it has a responsibility to the rest of society. In other words it is time for the Neoliberal economic experiment to be scrapped along with its rationalisation of greed and selfishness. This economic mumbo-jumbo has had its day and its time to go back to the system that created wealth for all instead of a self-selected elite whose only interest is self-interest.
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Capitalism. Which is the system by which entrepreneurs risk their own money to bring to market goods or services and which paid decent wages so that most people as possible could afford to buy those goods and services. What we have now is not capitalism. It is business run by executives who risk none of their own money and demand ever increasing prices for basic needs such as energy while driving wages down. Wider demand has been dented by this process while a so-called elite, driven purely by greed and with no desire to build something of lasting benefit to other people, have amassed huge amounts of money in offshore tax free bank accounts that limits demand even further. The capitalist system that created wealth for all has now been perverted to provide wealth only for a minority who then bribe corrupt politicians to maintain what they see as the status quo. Capitalism works best when everyone is relatively wealthy as has been proven beyond all doubt over the last 30 years which has witnessed ever-increasing inequality and the worst financial crash in economic history. You know one simple fact and believe that underpins your entire approach to economics. Like the neoliberal madmen you admire you would play a round of golf using only one club, beating the ball into the green and boasting about a hole in one.
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