Reply To: (Is this really ) How Capitalism is Killing Itself?


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#33871 Reply

Loony

Phil – Thanks for the video links. There are some truths contained in Marxist thought, but at its core it remains idealistic and non viable.

Western economies/societies have been hijacked by special interest groups who have taken control of various branches of the state with a view to using the power of the state to protect and justify their self decreed special role in society. A Marxist society would be even more prone to being hijacked by special interest groups.

I have worked in socialist/communist societies. Individual people were well educated (often better educated than their western counterparts) and yet their economy was completely dis-functional with epic resource mis-allocation and waste. In terms of resource allocation the price signal has an important role to play. If this is removed, or suppressed then you can expect resource mis-allocation. This is exactly what is being seen in the west at the moment, and exactly what was experienced throughout the “communist” east.

A central problem faced by humanity is environmental degradation and climate change. Maybe this can be tackled by people consuming less – and no political ism is likely to address this problem.