Former RBI governor Raghuram Rajan has warned "I think capitalism is under serious threat because it's stopped providing for the many, and when that happens, the many revolt against capitalism." He said governments cannot afford to ignore social inequality when considering the economy.
- It was possible in the past to obtain a middle class job with modest education. But the landscape has changed in the wake of the 2008 global financial crisis and the resulting austerity. Now, if you really want to succeed, you need a really good education.
- Unfortunately, the very communities that are hit by the forces of global trade and global information tend to be communities which have deteriorating schools, rising crime, rising social illnesses and are unable to prepare their members for the global economy.
- A S&P Global Ratings report suggests another global credit downturn is possible. Since 2008, government debt has risen 77% while corporate debt is up 51%.
- Capitalism is breaking down because it is not providing equal opportunities. And the people who are falling off are in a much worse situation.
- Authoritarian regimes arise when you socialize all the means of production. A balance is needed, you can't pick and choose - what you need to do is improve opportunity.
- Governments must give people evolution, or the people will give the governments revolution.
- Sooner or later; capitalism will also need to absorb the fact that the planet's population cannot be allowed to keep increasing at current and past rates; to provide it with ever greater supply of consumers.
- Capitalism has failed with only a few at the top benefiting excessively, and accountants and lawyers being perceived as more important than doctors, engineers, and scientists, who actually benefit the country.
- Capitalism has many faults but the socialism has never worked either.
No comments:
Post a Comment