The Future of Capitalism

Capitalism seems to be on the verge of economic and moral bankruptcy. For 5 years since 2008, developed and capitalist countries are facing an endless recession without the ability to recover, at least as it seems now.

Ideally speaking, the capitalist doctrine seems to be the most efficient economic system. Principles of free competition, free initiative and entrepreneurship are meant to generate prosperity on a wide scale.

But idealism and realism are two different things. In reality, capitalist states are marked by huge socio-economic gaps. Not everyone enjoys prosperity and the money and resources are concentrated in the hands of the few. It seems that the long forgotten Karl Marx was right all along.

And what about competition? Capitalism is based on free competition that will enhance economic efficiency. In actuality, competition becomes monopoly. The few who own the resources and means of production usually create cartels. The government tries to fight it to no avail and with little success.

Worse of all and also the reason for government failure to fight the capitalist cartel, politician are in many cases depend on the money the get from wealthy people to fund their election campaigns. So the typical politician has no interest to limit the operation of capitalist oligarchs.

What is the alternative to capitalism? I am sorry but I do not have any alternative in mind.  Marxism has failed with the collapse of the soviet Union in 1991 and it was cancelled in China after the death of Mao Tse-tung.  So what is left is to wait for a new economic ideas that will present a sustainable alternative.