I have posted the following in the reply to a discussion on Aljazeera.com about capitalism. I thought to share it with the readers who do not read Aljazeera.

The article titled Life after capitalism was written by Robert Skidelsky. You can read Life after capitalism by clicking on the link.

My Response:

Indeed, there is a need for revolution, and as many people have said the revolution does not need to be violent one. I also do not want communism or Marxism to replace capitalism. They are too flawed, and too idealistic to be adopted as a working model.

In my view, we should move towards more inclusive approach. I, as many others, will also term is “Inclusive capitalism” where the bottom 40% of the world poor is included in the system, which gives them opportunity to cement their social standing.

The work, on this front, has already started. Look at the Micro credit system, which is helping many poor families in the hinterland of Bangladesh, India, Nepal, and several other companies. Or you can look towards Brazil, where CEMEX has started its own form of micro-credit which helps people build their own houses, brick by brick.

These systems do not have altruistic motive. It’s only the profit motive which is helping poor people join the mainline economy. The profit motive part could be a matter of argument, but I am happy with the result it produces.

But before all this happen, I think the present banking system needs to be demolished, and so does supply side free trade.

Instead of free trade, we should incorporate principles of fair trade with government intervention (or may be direct public intervention). When I say fair trade, I mean supply side free market should co-exist with demand side free market with no barrier on import or export of goods and services, which is selectively practiced by all rich countries.

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I think there are some pre-condition of existence of post-capitalist economic system, or of inclusive economy.

  1. Demolish the banking system in the present form. Aldo do away with IMF, World Bank, and other international finance organization.
  2. Set an artificial limit on the speculative capital present in any economy, putting a cap of 20% max of total yearly GDP. This will cut the share market and currency trading to size. It will result in no bubbles and no burst.
  3. A cap on richness should be set. Instead of allowing anyone or any family to amass as much wealth as it can with exploitation of natural and manmade resources and human beings, a cap on how much you can amass should be fixed.
  4. We may face small things like black money and all, but that could be addressed.
  5. Direct partnership of people in corporate matters should also be considered. Instead of keeping it Fascist structure (top-down), as Noam Chomsky puts it, it should be more democratic (bottom up).
  6. No company should be allowed to cross its national border and have formal shop set in foreign lands (like coke in every country, etc. should be banned)

This may sound too idealistic, but not as much as the concept of Marxism or communism, which is as it is a dead concept.

I do believe in individual freedom, and not in collectivism, but you should only be allowed to move your hand (will) freely until when it doesn’t touch someone’s nose.