Wednesday, November 19, 2008

Back to Socialism

It is so evident as we look around that when in crisis everybody seeks a big brother, someone to bail you out. The economy needs one too...the Government seems to be the answer. As I stand in class and blabber away the glories of capitalism, I see those questioning eyes saying is this all so true? Then why did the market economy fail to find the culprits. We do not yet know whether the magnitude of the current crisis is big enough to entail failure of capitalism; but it sure has raised more questions and apprehensions than ever.

And when in crisis...somebody would have to bail you out. What if the whole world is in crisis? Why not we all settle for less? Times like the ones we are going through make us more philosophical. So the answer to the mess created by rapid capitalistic streaks is the revival of socialism and more government...Or better still govt coming back into the forays of business. Read Sharad Joshi in the BL today and he says that we will probably see a reverse flow to public sector institutions..Is that the answer? Did we come all the way from controls to no controls only to go back there?

Can the mistakes of a few institutions change the way we have evolved? Do we really need to change the business fabric and strive to bring down efficiency? Is a move towards a socialistic business the answer? Are we really risk averse and unwilling to give expression to the free human spirit that led the business revival of the last two decades?

Time for some thought.....