Monday, November 09, 2009

Capitalism flawed

Read this report about a survey of public opinion on capitalism and the free market. I share the same views. I find globalisation and the free market to be bad for ordinary people. It depressed wages and led to wide disparity of income. People have to work harder just to get by.

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1 comment:

YZ said...

Hi KL, I find it hard to ignore the obvious fact that developing countries which
(1) adopted MARKET mechanism from central planning (Eastern Europe, China, Vietnam), and
(2) plugged themselves into GLOBAL supply chain (same coutries + India after Nehru + 4 Asia Tigers),
witness a massive lift from poverty.

Advanced countries benefit too to have cheaper manufactured goods from Indonesia, Turkey, China etc.

While economies that remain close to date (N.Korea, Myanmar) are in poverty, and thus low income disparity as everyone is poor.

The above facts appear very systemic and thus difficult to counter argue -- globalisation & free mkt bring general wealth creation. It opens up opportunities to ordinary ppl, not limited to the elite (as in Myanmar & N.Korea).

KL, I find it very difficult to imagine how u would attribute the benefits above not to globalisation & free market. Because only then is the statement "globalisation & free mkt is bad for ordinary ppl" convincing.

Thanks.

November 10, 2009 10:37 PM

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