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2009-10-07

No death of either capitalism or socialism now

Comments on Irwin Stelzer “Death of capitalism exaggerated”, 7/10/2009, http://www.theaustralian.news.com.au/story/0,25197,26174260-5013479,00.html

The argument of the death of capitalism of course is exaggerated, because that argument is silly and hysterical. However, it does not mean capitalism is completely health and is also equally silly and hysterical to argue that capitalism does not have problems.

Yes it is true that capitalism is adaptive and is evolving generally in the direction to the better. That itself shows that now there is no pure capitalism as such it existed when Karl Marx confidently did his work on capitalism. It has incorporated many elements or goals of the communism or socialism.

Only in this way that capitalism has survived to date, although it still has suffered serious and almost fatal problems from time to time that require more and more communism elements.

Indeed, what the Keynesian economics or macroeconomic policy for government to use taxes and spending to manage the economy could be argued as an offspring of socialism.

On the other side, socialism is no longer as pure as what Karl Marx had in mind. China is a prime example that incorporated market economy into its socialism.

So while it was premature to celebrate the death of capitalism by a handful extreme leftists, it is equally premature to declare a victory of capitalism over other types of social and economic systems.

Every system can be adaptive and it is now too early to predict the long fate of each of them capitalism and socialism included.

Everyone, leftists or rightists, extremes or moderates, should and needs to bear that in mind.

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