Monday, November 09, 2009

BBC Poll Says Free Market Flawed

According to a poll commissioned by the British Broadcasting Company most people believe the free market economy is flawed. There are also stark contrasts as to whether the fall of the Soviet Union and the tearing down of the Berlin Wall were good things.

Of course, there is no explanation of why people now believe these things might not be such a good thing. It could be that they feel a diametrically opposed political, social and economic system (somewhere else in the world) struck a balance. A balance that prevented financial institutions and the capitalist system from running amuck and bringing down banks, pension schemes and mortgages.

But I think it is not this that has brought about a differing opinion around the world. I think it is the same thing that has seen a hundred years of alternate Labour and Tory governments in Britain. It is the same thing that is the great flaw in democracy. A flaw exploited by the rich and powerful. That the majority of people change their opinions according to circumstances.

When the Soviet Union was a powerful counter-balance to capitalism it was seen as evil and counter-productive. Now it is gone, we have seen capitalism and the free market economy run wild and threaten the financial system of the world. While communism and socialism was a powerful threat, capitalists could not take the risks we have seen taken in recent times because there was an effective alternate system to fill the void. Without this alternate system, the risks could be taken and if they failed, as they did, the only option was to rebuild capitalism.

Much like the rampant capitalism that filled the void in communist Russia, socialism could and possibly would have filled the void left by a failed world economy. That is what the poll is reflecting. That is what the ('democratic') capitalists are afraid of.



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