Look at the world around you. How does the economy move? How do we move things around and allocate scare resources in a world of unlimited wants? Is the current predominant system of capitalism with its economic and socio-political focus on privatization and the continuous pursuit of profit, really the best system we have at the moment, as argued by Francis Fukuyama? Or will the rumblings of its imperfections ultimately cause humanity to move on to a totally different system altogether, as envisioned by Marx?
As gleaned from ‘Occupy’ movements, it’s evident that inequality is a key gripe among many. Paul Krugman writes that if Martin Luther King Jr. were alive today, he would be utterly disappointed by how inequality between class continues persist although racial differences have been somewhat muted. Even the recent scrutiny on local ministerial salaries seems to suggest a growing desire to see the public office as something separate from the private sector’s high-income winners of the system. This list of the biggest disadvantages of capitalism also provides some insight into the flaws of the system that the may have received little media or government attention.
Is there a viable alternative then? Can you really imagine the world making a concerted effort in moving beyond this current system, or would minor tweaks suffice to keep everyone happy and progressing together?