Opinion: (Chandran Nair, founder and chief executive of Hong-Kong based thinktank Global Institute For Tomorrow): “It is important to understand that fundamental principles of capitalism – that human beings are rational and markets behave rationally, and that markets will assign prices – are flawed. It is also important to understand the roots of modern capitalism.

“You could argue that slavery was the first attempt to under-price resources.When slavery came to an end there was colonisation, which was again an attempt by the capitalist model to use resources cheaply. With the end of colonies, we had the globalisation argument of economic growth and then the globalisation of finance.

“What we need to recognise now is that the world is a very different place from what it was 100 years ago when we had one billion people.

“That game is over and we need a fundamental restructuring – essentially about how people will live, and we need to move beyond simple notions about growth to more sophisticated, nuanced discussions about human progress.

“This is not possible and that is where capitalism has essentially hit a wall and a very different conversation needs to take place.”

My Comment: Lack of resources in the world, on one hand, and the natural aspiration to grow, on the other, leave us with the only opportunity of unlimited fulfillment: satisfaction with non-material acquisitions. It is possible to arouse the desire for this through the correct education of citizens. Everyone’s dream will come true through non-material fulfillment.
[57480]

Related Material:
Has Western Capitalism Failed? Part 3
IMF Chief Warns Of Global Catastrophe
The Global Crisis And Reassessment Of Liberal Ideology

Filed under: Crisis, Economy | Add Comment →