atcheruti

Reasons To Abandon Capitalism

In Uncategorized on October 23, 2008 at 3:13 pm

It is not surprising to watch Sitaram Yechuri trot out the old tired strawman method of making a point.  In this method, you take something that is not representative of an idea, treat it as it it is and then proceed with a demolition job.  In the case of Mr. Yechuri, he takes Wall Street and The Economist as representatives of Capitalism and then proceeds to say that Capitalism has failed.

This is false because Wall Street and The Economist are not representatives of Capitalism.  They are the products of a mixed economy in which freedom exists side-by-side government controls and regulation.

And this is just one of the mistakes that Mr. Yechuri makes, for even granting his premise that “Capitalism” has flaws, it should be remembered that Communism, the ideology he espouses has been a complete failure.  China and India have been able to make progress only by freeing their markets to some degree.  The Soviet Union, the posterboy of Communism, is only a memory printed on old maps.

What then is better, the system that lead the Soviet Union to extinction or the system of free markets which even if it undergoes problems is capable of rising to live another day?

For more on the nature of Capitalism and the financial crisis please read the blogs of Aristotle the Geek and Applying Philosophy To Life.  You might find your time to be well spent.

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