Extremes of two World Economies-Communistic and Capitalistic – By Oscar E V Fernando

Up until now two major economies dominated the world-the Communist Economy with only State Enterprises militarily controlled-or so it was believed outside of their military borders and the so called Capitalist Economies commencing with the Industrial Revolution in the West.

The current fading away of communist economies, with its accompanying extremes may be inferred with the fate of economies in Russia, China and Cuba-with China introducing State Controlled Private Enterprise which in the writer’s opinion is best for a country-though with no military regimentation!

Commencing with the Industrial Revolution in a burst of a completely uncontrolled Private Sector-with rights of workers eventually introduced, the world had allowed the Capitalist Economy Full Sway even with controlled mechanisms-and this had led to Human Greed overcoming a Just World Economy-resulting in societal inequalities in both Power and Wealth!

 Is it any wonder there are Human Revolts and Planetary Upheavals that call for immediate attention by World Leaders who are even at this very moment having an International Conference to find solutions which we continue to see being delayed, presumably by Overwhelming Human Greed to acquire more and more wealth.

 The conference is discussing the following matters among many others to curtail extremism of capitalism in order to preserve both Development and Democracy and in turn to have a more just and equal world having social and economic equality;

-to have economic solidarity in business ventures-namely to have social interactions with motives of kindness altruism towards society as opposed to individualistic decisions with only profit as the sole motive.

-to have economic innovation that results in higher productivity with the same input generating a greater output of more goods and services that will in turn interact with market forces to bring down prices for the benefit of consumers and also make way for better pay for workers as opposed to benefiting Shareholders only.

-to have economic inclusion by way of enabling equal opportunity for all members of society as employers, entrepreneurs, consumers and citizens represented by civil society groups to participate in business decisions.

–economic integration which is an arrangement among nations to reduce or eliminate trade barriers and coordinate fiscal policies-and all these to reduce costs for both producers and consumers and to increase trade between countries.

This conference hopes these new thoughts will bring about

-a sustainable world-for us and for future generations to live in.

-new ways to restore ethical foundations of economies.

-address planetary disturbances.

-bring about a global economic transformation of ‘power, people and values’

So it is not-My Country alone-but the mass of humanity that is cradled in the Vast Planet Earth-that must be thought of in business ventures and the advancement of a Nation-both Big and Small.

Do not all these thoughts echo moral, altruistic concepts of kindness, love compassion towards the neighbour and not only concentrate on the indices of productivity and profit margins! 

The writer also would venture a thought that the current Development Goals SDG, proffered by the UN is worth a close study sans prejudicial political concepts-to bring about the above stated Just Economic World-or even a developed world from a still developing world!

Oscar E V Fernando

February 2020