By: D G Bokare

D G Bokare — Sat, 26 Sep 2009 16:37:57 +0000

A good review. Capitalism cannot eternally survive by having serious contradictions in its theory.The same was true with Marxian economics. Both the theories cannot fulfil the aspirations of all the people of this beautiful planet. These theories are servicing exclusively the top layer of the population. The deficiencies are mainly in : As said by you, the perfect competition as a natural law has to prevail over other factors of the economic theory. Man-made laws (patents, copyrights, trademarks, brand names, limited laibility companies, trade unions etc) are intentionally created privileges by the powerful lobbies of vested industrialists and capitalists. This helps them to create monopolies and oligopolies and thereby centralization of economic powers. These lobbies and the state have always an attitude of helping each other on quid pro basis. Benito Mussolini rightly says, “Fascism should more appropriately be called ‘corporatism’, because it is the merger of state and corporates”. This leaves a vast population as big as almost 95% without any protection, security, privilegs. Today the common people are educated and literate, and as such they can understand this game of elite class of population. They will not accept such intentional discrimination between man and man. All men are by nature equal. Why then they are divided into such classes (privileged and un-privileged)? Karl Marx says (though totally failed in implementing),”Laws should not be made to divide the people, but to bring them together since these laws are against the natural laws; as such these are immoral. What is immoral, is not immotal. Marxism failed due this reason. The same fate if of capitalism.Marx divided the people into various classes. Workers versus capitalists was the main class in the economic system.
Perfect competiton can only give justice to all the people to participate in the market economy. Today’s “free market” under capitalism is eyewash and disinformation to protect capitalism. Pope Benedict XVA has also pointed out this in his recently released Encyclical dated 7th July 2009. He has used the word “obsolete” for capitalis. I agree with him.
We have therefore to look beyond capitalism and Marxism for the survival of the entire mankind eternally. An economy based on perfect competition, free market, providing means of production to all the people by the state and other similar forces can only do the justice to the population which is now exploited by the privileged people of the human society. Such system was available in the ancient India even before Aristotle was born. Based on this knowledge and experience, a new economic theory with the latest lexicon under the banner Hindu-Economics was developed in 1993 for the world discussions. Till date it remained unchallenged. This theory is just opposite of capitalism and Marxism in all respects. Scarcity against abundance is the primary base of this theory. “Abundance” was touched upon by almost all leading economists right from Adam Smith, but left it without further study. Abundance will bring an economy without unemployment, inflation, interest, poverty, economic exploitation, decentralized economic structure, etc. It is supersession of capitalism and Marxism. The economist is Dr. M G Bokare (former Vice Chancellor of an Indian university, a Marxist by educational training for over four decades). His book’s second edition “Hindu Economics” is now available through http://www.pothi.com . This is meant only for those who are exposed to macro-economic theories.

Comments on: Has Capitalism really failed?

By: D G Bokare