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13th
Feburary 2010
TRADING
VIEWS
By C. Alex Monlouis
The Emergence of
a New Capitalism?
From
what I have been hearing as an ordinary citizen,it
appears that in the view of many informed commentators
on the Global Financial Crisis: that Capitalism
is seemingly at the root of many political and
economic woes confronting many countries in
many stages of development and many spheres
of their endeavours.
The lingering questions for me are : Did the
global financial upheaval cause a sufficient
‘squeeze’ in More Developed Countries
-MDCs as to warrant a major paradigm shifts
towards minimizing a recurrence of the aforementioned?
Is that prevailing ‘low point’ which
peaked in 2009 and is now apparently abating
regarded as a black listed experience –
one that is sincerely regrettable, if only for
the sake of those innocent thousands who suffered
a direct hit.
I am referring to the once hard-working people
who lost their jobs, used to be - home-owners
and all their -life’s - savings- lost
- pensioners who had to endure the harshest
repercussions of the crisis. Will there really
be reviews and follow up implementation of corrective
adjustments? Who will act to protect us?
I suspect, strongly, that there needs to be
a major rectification in the way the world conducts
business. Was it the failures of Capitalism
that caused the Financial Crisis? I dare say
that if capitalism is a system then we play
a significant role in making it work or fail
for us.
It is my understanding that The New Capitalism
will have to demand far more accountability
from the final arbiters in both the private
and public sectors. Some local thinkers trained
in Economics say an objective dose of professional
prescriptions should be essential to any such
recipe.
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I suppose that
no longer will the greed driven practitioners
of the illicit find an enabling environment
in which to thrive - post economic and financial
crisis lessons learnt; for if the right measures
are put in place they will definitely be cornered.
Are we ready too - as the public, to allow
the pioneers of the new capitalism- if any;
to really put in place the best measures to
protect us and to further minimize such occurrences?
Essentially if one pushes all institutional
boundaries until one swims into an uncharted
sea populated by ‘sharks’ with
profit driven motives, then consequently a
counter response should also be mounted. Perhaps
Capitalism is being abused some opine, to
the point that standard gate-keeping systems
in the financial world seemed merely cosmetic;
as giant conglomerates came crashing down
on people’s So economists and policy-makers
you may be quite right and timely in analysing
this situation, you of course should have
a clear vision of the road ahead , that is,
if you really know your onions. I am all for
putting preventative structures in place.
Nevertheless please be mindful that while
l hope you do your best, human beings being
ever brilliant and creative, have a bad habit
of trying to outsmart each other.
Discuss
Story
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