don.humphries's blog

Capitalism and Socialism

What is Capitalism?

Well, we’re all familiar with Capitalism, as it is what stacks the shelves in the supermarket; whereas you’d queue all day for half-a-loaf of bread in the old Soviet Union.

Of course, your local supermarket has at least two brands of everything- that’s the virtue of competition –unless the supermarket is striving for a monopoly in the product, by introducing its “own brand”.

And regulation is needed, to ensure the product meets a certain standard of quality, with ingredients displayed on the packet. Also, at not too low a price, lest the supplier goes broke.
So, it is clear that unfettered Market Forces is not ideal.

With Fall of the Berlin Wall, and collapse of the Soviet Union, it was assumed that Utopia had arrived – or that was implied. All that is needed now is fine tuning. (How’s the All Ords today?)
However, now, with the political advent of Bernie Sanders in USA, Jeremy Corbyn in UK, and Donald J Trump as US President, a critique of capitalism is evident – all is not well. We have popularism and protectionism. Likewise, Brexit and problems with the European Union and its PIIGS (Portugal, Italy, Ireland, Greece, Spain).

After all, communism tried to rectify the inherent defects of capitalism, and the demise of communism leaves capitalism with the same defects it always had – and which are resurfacing.

But, enough of this, let us get back to basics.

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