For all my life, I've heard the West plead the case of capitalism. Everybody was riding high on tides and claiming superiority of philosophy and culture. Success was measured in terms of the moola in one's bank accounts. Ruthlessness towards the poor (offering them "generous" loans on exorbitant interest rates, to help them drown in dependency till eternity) was considered a part of the system. If they had the brains and the ability, they'd rise deservedly. Too bad, if not. And if the rich were getting richer, it was because of their potential and taxation couldn't be further from unfairness.
My thoughts: what an ego-centric and selfish world to live in. Unfortunately for us all, we are learning this lesson the hard way now. And how convenient of everybody who is anybody today, to suggest regulation in the economy, when all major institutions and functionaries are in seriously muddy waters. Here's an illustration of that. Andrew Graham, an Oxford Economist suggests:
...financial regulation has to be approached with a completely different mindsetfrom that for the rest of the economy. Elsewhere, competition can be asubstitute for regulation. In banking, the opposite applies: the greater thecompetition, the greater the need for regulation and/or supervision. (Guardian, UK)
Okay!!! So long as socialism is for the rich, it is the best system. But God forbid, more goes to the welfare of the poor, it becomes treacherous!
Copyright (c) 2008 Saadia Malik
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