copyright © 2009 Betsy L. Angert. BeThink.org For but a moment, whilst the Group of 20 [G20] met in London's ancient financial capital, ,"The City," the roars of remorse, could be heard. Words of woe had been whispered in hushed tones for quite some time. Scholars spoke of various possibilities on occasion. Whether Senior Economic Fellows from various think-tanks thought a system to be dead, alive, or near doomed, there was perhaps a bit of agreement. "I see what you mean. It is broken," Economist Mark Thoma mused more than a year ago. |
The public screamed out in pain for decades; however, few cared about the cries of countless common folks. Those who argued against principles that place profits before people were easily ignored for they had no power and less influence. Much to the chagrin of corporate titans, even Economists warned; this could be the end of Capitalism. Yet, until early in the day, only weeks ago, no one paid much attention to what has become a customary declaration for everyday workers. Morning has broken, and Capitalism is shattered as well. America adopted and advanced a system that was unsustainable.. More than once, "systemic failures" revealed the folly of free enterprise principles. Nonetheless, worldwide people were convinced to purchase damaged goods and premises. Yet, as Journalist Professor, Robert Jensen contends, "most notably those in the business world and their functionaries and apologists in the schools, universities, mass media, and mainstream politics" do not want to admit that this is so. Wanted; Dead or Alive Wealthy watch breathlessly as stock markets crash. Banks fail. Blue Chip companies crumble. Foreclosures flourish, and people, those once thoughtprosperous, pour out onto the avenue in search of a job, or some sense of stability. Perhaps, that is why, average citizens felt a need to break the silence, to speak of the broken Capitalist system. In the shadow of powerful and prosperous Presidents and Prime Ministers, who gathered together for the G20 Conference, 4,000 demonstrators pleaded, not for pity, but for relief from a fiscal system that requires poverty. Frustrated and forlorn by an attitude that fosters further advancement of free market principles, at least in the United Kingdom, dissenters shouted in disgust. It would not be wise to work within an economic structure that changed the global culture in ways that ultimately brought international institutions down. On a fateful day, early in April a young girl in the crowd, Aeyla Windridge pleaded. I want "the death of Capitalism." The twelve-year-old spoke to what Heads of State had not for centuries. "Capitalism isn't in crisis, capitalism is the crisis," so said another activist. Recovery, Reinvestment, and Rescue Borrow and spend had worked well in the past for the superpower, or so the US government attempted to advocate. While the President poses this philosophy cannot stand, America must move away "from an era of borrow-and-spend to one where we save and invest," in the same breath, the Chief Executive who represents the country that gave birth to free enterprise, endorses the framework, just as those who preceded him did. (Please peruse the text What Ever Happened to Free Enterprise, By Ronald Reagan) Capitalism, the Obama Administration states, was not the cause of the planet-wide monetary collapse. Only greed, excesses, and a lack of regulations brought about the demise of the dollar, and the rate of exchange. As he addressed other world leaders in attendance at the G20 Conference President Obama conceded, "the crisis began in the United States. I take responsibility even if I wasn't even president at the time." However, Mister Obama contends all countries must be accountable for this massive macro-breakdown. America's Chief Executive proposes plans intended to strengthen a Capitalist structure. In his April 4, 2009 Action to Address to the Global Economic Downturn, President Obama encouraged more regulations in an attempt to expand a consumer-based Capitalist theory. With little regard for how the American way of life, which the President does not apologize for, cripples common, people throughout the world, Mister Obama declared. "(W)e know that the success of America's economy is inextricably linked to that of the global economy. If people in other countries cannot spend, that means they cannot buy the goods we produce here in America, . . . if we continue to let banks and other financial institutions around the world act recklessly and irresponsibly, that affects institutions here at home as credit dries up, and people can't get loans to buy a home or car, to run a small business or pay for college. One is reminded of why, in earlier years, no one spoke vociferously of the crisis that is Capitalism. Ordinary people were busy. For centuries, regular folks worked day and night only to bring home a nominal paycheck. Even in prosperous nations, people could barely afford to put food on the table. People took trivial jobs just to secure shelter. Millions felt forced to pursue professional paths that offer few rewards. The only goal for the average Joe and Jane was to stay afloat. Few have had the time or energy to protest their circumstances, or what the powers-that-be had and have imposed internationally. Today, and in the past, worldwide economic slavery has sufficed. That is until now. Lest the President and Prime Ministers elsewhere forget, in the States, and abroad, people are out of work. The promise of an ownership society,where "people, from all walks of life," would open the door of their private residence and say, "Welcome to my home" proved to be but a myth. The pledge of plump stock portfolios for everyone through Capitalism was a claim never substantiated. Contrary to the oft-voiced assurances, the American Dream could be achieved anywhere on Earth If people only invested in a free market economy, this current fiscal crisis has shown the world, words were but wishes promoted by the prosperous. Regardless of how average people are punished by a fiscal formula that requires there be poor people, the current President intends to preserve the Capitalist principles that govern a global economy. While Mister Obama may not profess a commitment to an "ownership society," he too wishes to encourage people to possess what they cannot afford. Broken Beyond Benevolence William Pfaff, the author of eight books on American foreign policy, international relations, and contemporary history has pondered the depths of a paradigm profoundly broken. Mister Pfaff offers a perspective less limited than the simpler theories often presented by Administrations and Academics. The observer of intercontinental issues writes . . . The essential question is, what capitalism are we talking about? Since the 1970s, two fundamental changes have been made in the leading (American) model of capitalism. There is ample evidence to support the author's contention. In 1970, the recipient of a Nobel Memorial Prize on Economic Sciences, Milton Friedman, encouraged an emphasis on corporate earnings. A culture that creates a vibrant community, Friedman insisted is counter to "The Social Responsibility of Business is to Increase its Profits" Decades later, his disciples of sorts, Presidents Ronald Reagan, George Herbert Walker Bush, Bill Clinton, and George W. Bush, each implemented plans that increased earned income for the influential and decreased available dollars for the already disadvantaged. Policies designed to protect and promote an American entrepreneurial taxonomy, or Capitalistic interests, were proposed as a means to spread democracy. Planet-wide, people and economic practices were transformed. The second change that has taken place is globalization. The crucial effect of this for society in the advanced countries is that it puts labor into competition with the poorest countries on earth. The variance is vast. Those who have possess so much. The portion of population that owns little, have far less than even an average individual might imagine. The wealthy cannot conceive of a life where food might be the most valuable commodity. A world in which water is worth more than gold seems unthinkable to those who thrive in "civilized" communities, Yet, this reality may come to towns in a Capitalist country. Indeed, in some American communities, this truth appears today. Nonetheless, agreements secured at the G20 summit ensure the adoption of a debt-driven American-style "democracy." An arrangement, in which all are not created equal, will continue to be the practiced and preferred economic system planet-wide. People will once again forget assessments presented less than a decade ago.
Indeed, the repercussions have been relentless. Near a century of consumption, solely for the sake of profits, has weakened the world. The current fiscal crisis reveals Capitalism was never the cure for what ails the people on this planet. Persistent poverty, and the threat of increased insolvency, born out of a free enterprise system is an expense few, if any, can afford. One need only look at the Capitalism and what it has wrought. Avaricious individuals may acknowledge one reaps what one sows. Independently, or collectively, as a global community anyone might come to understand, "If my brother is poor, I/we too will suffer. Ultimately, I/we will pay for the poverty I/we accept." Without such a realization, and inspired by the spirit of an individualism that has flourished amongst free-marketers, people may, as President Obama proclaimed. Worldwide, or here at home, we "want a return to that sense of dynamism and entrepreneurship that [has] been missing." However, it is not another glorious "morning in America." Nor is it a beautiful day in most neighborhoods. Were the clouds to clear, globally people might avow, authentically, there need be an actual new dawn. It is time to dream of economic structures that have never been. The majorities in the States, and throughout the globe, are no longer silent. Common folks have spoken. Capitalism is broken. It is not wanted, dead or alive. Sources for economic and empathetic structures . . .
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