capitalism (Photo credit: wallstalking.org)
Usually, I don’t get political or economics or both on this blog, because it’s a technology blog. Nonetheless, as us humans start the first sparks of whatever whenever, innovation, creativity, and other exceptional qualities have to be the engines that start the sparks from the very beginning. Technology, science and whatever that matter to us most have always relied on these exceptional qualities to thrust humanity forward. So, I guess I can forcefully say that the economy or financial instruments are technological advances that humans have continually molded, massaged, deconstructed, reconstructed, and improved. With that being said, I guess I can begin the important part of the blog post here.
According to professor Richard D. Wolff (of what he had said in the YouTube Global Capitalism videos which I will post right after the conclusion of this blog post), capitalism is unbalanced, so much so to the point that the wealthiest of all would know the waiting game would be over in certain span of period before the system (capitalism) can be jolted back to life. Can be jolted back to life not because of a sudden turn of fortune or luck or job creation, but the wealthiest of all would sweep in and buy up incredibly cheapen secondhand equipments, offices, lands, and whatnot. In the same process, people who got desperate enough would consider to accept just about any level of wages and jobs. When enough people reentering the workforce with the wages and jobs that they don’t want, the game can begin again. The cycle of bouncing up and down like a giant basketball on a basketball court would continue. The wealthy of all would get wealthier if they won’t going to do anything too stupid. The poorer of all would get poorer or stay in the status quo (i.e., being poor or mediocre) even if they try so hard to achieve even more. Obviously, there would be few exceptional cases (such cases would amount to little if one truly counts), and these would become the examples of how the poorest of all who could join the club of the wealthiest of all.
So if professor Richard D. Wolff is correct in regarding to how unbalanced capitalism has been, the solution for a recession or depression in a sick capitalism economy is to wait it out till enough families go broke and disheartened, enough people go hungry and get depressed, and enough craziness go around a nation before everything can begin anew. In my opinion and to agree with professor Richard D. Wolff on the unbalance of capitalism, this solution fails to count one thing. This one thing is globalism! If a country isn’t relying on the global economy to function, then the capitalists can wait it out till almost everyone would be desperate enough to accept any wage and job so the game can start from scratch again. Nonetheless, in today world very very few countries can dare to say that they truly a protectionist, because it would mean they don’t interact and depend on the global economy to thrive. When going globalism, the capitalists can wait forever until forever stops, but when forever stops, it might mean the capitalists themselves would be just as broken as the peasants or have already gone to support, live, and work with a nation of not their owns so their capitalist way can go on. How come? Let say the capitalists of a country X wait out till people would get desperate before they reveal their ace of card (i.e., reviving the economy by hiring and so on), but suddenly country Y has plenty of headcount that are willing to take just about any wage and job. How is this possible? Country Y might be many times poorer than country X, therefore country Y workers would accept jobs and wages that are not as favorable as otherwise. This means the capitalists of a wealthier country can find themselves waiting forever until they get smarter and ditch their own nation so they can go on to be capitalistic. This also means the capitalists would not hesitate to outsource more jobs to the nations that need the jobs. If the capitalists refuse their capitalistic way, how will they make more profits and compete against the capitalists who had already, eagerly outsourced jobs to country Y?
Personally, I don’t know what can replace capitalism, because capitalism is still better than the rest. Nonetheless, I think we better find a solution fast to solve the issues that capitalism is facing today. Many capitalistic and capitalistic-socialistic nations of today have found themselves to have wrestle with joblessness (e.g., Greece, Britain, Italy, Spain, etc…) and hosts of other serious serious problematic issues (e.g., shrinking economy, debts, etc…). If these troubled nations do not know how to solve their capitalism issues soon enough, more people are just going to have to wait forever until the forever would stop. Unfortunately, forever is going to be a very long time, and it has no definitive expiration date. Of course, capitalistic-socialistic (or pure capitalistic) troubled countries can begin to start troubles by going to war so their economies would be revived through the means of destruction of others. These troubled countries would strike out and destroy whatever countries that act as the obstacles of the solutions in which might just help revive a bad economy from a brink. Nonetheless, history has told us only the strongest and smartest with most allies can win the day, therefore if the band of capitalistic-socialistic (or pure capitalistic) troubled countries aren’t strong enough in term of military might, the means of destruction won’t be the option of reviving their embattled economies. With that being said, it would be pointless to start a war with a country or countries that have nuclear weapons, because it would mean total annihilation.
If countries with capitalistic-socialistic (or pure capitalistic) troubled economies can’t go to war to revive their economies, what can be done? Not much I guess, because globalism has to allow each part of the world to run out of cheap labor and whatever else that makes a capitalistic economy works before a full 360 turn of prosperity can revisit the former troubled capitalistic economies. By then, the capitalistic-socialistic (or pure capitalistic) economies might have had enough cheap labor and so on to start the new cycle of prosperity. These same embattled economies would see the risen economies begin to make a sharp downward turn. If they know the rules of the game by heart, they probably know if they don’t know how to prevent the boom and bust of globalism, they too will once again seeing themselves experience just another capitalistic hell. It is as if a capitalistic hell forever goes on revisiting every part of the world over and over again in whatever algorithmic rhythm. They all take turns for the better and the worse on a merry go round, but I’m unsure how have they had taken to the liking of the worse.