The New Era of Capitalism??

Over 100 years ago, a Scottish businessman, James Wilson, once pointed out that a melancholy reflection “while wealth and capital have been rapidly increasing” and science and art “working the most surprising miracles”, all classes of people were marked “by characters of uncertainty and insecurity”. Wilson’s solution was freedom. He committed his venture to the struggle not just against the protectionist corn laws but against attempts to raise up “barriers to intercourse, jealousies, animosities and heartburnings between individuals and classes in this country, and again between this country and all others.”

The U.S. government has invested over $250 billion into its banks to save this country from going deeper into “depression.” Other governments in Europe, Asia, and Australia are re-regulating their financial systems to prevent this crisis from escalating further or occurring again on same or similar terms. Over the past 100+ years, capitalism has been beneficial for billions of citizens worldwide. The parts of the world where it has done extremely well have prospered; the parts where it has shrunk have suffered. Capitalism has always created crises, and always will due to the leadership style and the above mentioned variables i.e. jealousies, animosities, etc. The world should use the latest financial crisis, devastating though it is, to learn how to manage it better. Sadly another lesson of history will only be talked about for decades unless our leaders step up and lead by example – but what example??