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Wednesday, September 16, 1998 Published at 11:59 GMT 12:59 UK


Talking Point


Is capitalism under threat? Your reaction

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In my first Economics lesson I was told that Economics was the study of supply and demand. Limited supply, unlimited demand. As a system capitalism is based on ever-increasing growth, consumption and greed.
If you reach a point where you are "comfortable" and you don't want to consume anymore then you are regarded, by capitalists, as going backwards. There must be a system that is concerned about everyone and not just the minority who are able to grab those limited resources for themselves.
Keith Cowan, Scotland

The present "ism" is a legacy of the Breton Woods conference, convened to rehabilitate the chaos in the world's economy in the aftermath of WW2. Capitalism is a way that has become too narrow. It is really the present World Monetary System that is dying. I feel rather smug in that I predicted this in the early 1950s! Seriously - and could anything be more serious? - it is essential that all Governments everywhere must realise that economists are not scientists. They are philosophers. Alas they have all gone!
Alex Friend, Malaysia

Yes. It's unbalanced, because it's what's known in engineering terms as a 'positive feedback' system. The more that wealth becomes concentrated in the hands of a few, the more power those few have of obtaining still more wealth, with the cycle repeating until collapse. There are no internal 'limiter switches' in the wealthy: if there were, they would not continue endlessly seeking more and more. It's a pathology.
Margaret Tarbet, USA

Capitalism has shown in its brief history that it cannot avoid recession. In their arrogance the neo-liberal economists have privatised the global economy and lit a "bonfire of the regulations". We are seeing the results now. The contradiction between the tendency of finance capital to expand without limit and the limited consumption power of the mass of society means that it is at the root of capitalism's tendency to recession. It can only be solved by social ownership of industry and a democratically controlled planned economy.
John Laurence, UK

Capitalism is working, it's simply doing what it does best (the world economy may be completely screwed, but that's another matter entirely). I think that the problem is pretty much like Greenspan tells it, the link between a stock's perceived value, and it's actual worth in terms of producing something, have grown further & further apart over the last 3-4 years. To the point that many stocks are grossly overvalued, sooner or later, the bear was bound to return, and that frightens most of the new breed of stockbrokers, who've only ever experienced an ever more rampant bull. So now it's really happened, and we are seeing the effects of a truly global market, why is everyone so surprised when people who stand to lose a lot of money, vote with their feet and take thier cash where it's safe? You and I would do the same. This is how capitalism works.
I don't think it's under threat at all, I mean? what are we going to replace it with?
John Barry, Germany

I believe a balance of capitalism & socialism is needed. Corporations and global financial interests need restrictions such as charters. Social responsibility has to be a priority.
Forrest Pierson, USA

Capitalism abides a concentration of wealth.
George Wolf, USA

Mr. Soros knows that market economies are based solely on "attitude". A scare tactic in an attempt to shore up economies in which he has heavily invested comes as no surprise.
Greg S. Jamieson, U.S.A.

I concur absolutely - capitalism is under threat. The speed of transactions and the uncontrolled nature of the players have created a system that is tantamount to a ship steaming at full speed, yet with no-one at the helm. It is only a matter of time until topography and probability converge and the good ship SS Adam Smith wrecks itself on some rocky shore. To think that one could believe that a collection of independent actors, playing solely in the self-interest of personal profit should and could run the world economy in a rational manner that would benefit all, would be laughable were the results not so tragic. While volatile markets and economies are capital places to make a quick buck, that is all they are good for. Perhaps we should stop depending on the traders and speculators who never look beyond their monthly balance sheets and acknowledge that some long term planning is required to avoid future disaster, or at the very least the limit the extent of our present mire.
Daniel Neysmith, Canada

Yes, capitalism as we know it is under threat. Good! We could use a shake-up. We could use slower, less debilitating currency shifts. It's time the global economy mirrored reality. Only twenty years ago 10% of investment monies went toward speculative ventures such as currency futures, etc. Now 90% of the money invested is for speculative instruments. Tobin predicted that this would lead to a lowering standard of living for most, and increased profits for the few, and the large corporations and money institutions. The global economy should serve the people of the world, not brutalize and enslave it. Time to create standards whereby corporations are rewarded by production, speculation is controlled to the point that it is not disruptive, and workers are not enslaved by the values of so-called free trade.
Jim Vinsel, US

Capitalism under threat! Please, I can remember when capitalism was under threat from the powerful unions. Capitalism, as applied by the transnationals, has delivered 40% plus of the world's wealth to the top 1% of the world's population. Even the crisis in Asia and Latin America probably presents fire sale opportunities for the US corporations to clean up companies close to where the future action lies. Any economic system that can persuade millions of people on modest incomes that it is quite rational to spend seventy quid on t-shirts for their kids, is in no danger of collapse. People should bear in mind that the big players of capitalism take a very long-term view. When the world's most useful resources have been exploited to depletion, there will still be a killing to be made in controlling the distribution of those resources absolutely vital, such as water and food.
Tom Bowshall, Australia

The market system is recognising changing conditions and reacting. This is normal and healthy. The underlying causes of this may or may not be in crisis. Environmental reports and anecdotes suggest that the last 50 years of development may have been negative, and the industrial development which has taken place may prove to be unsustainable and damaging to the environment. The present market adjustment and market conditions can be explained within the Club of Rome thesis, however, such an explanation is alarmist.
James Potter, Canada

Capitalism, is a win/lose game. It can languish for years or go from strength to strength. The US is one of the most isolated capital markets, but its sheer size and relatively protected status, allow it to survive in a world all of its own. Other countries with smaller markets are at the total mercy of the system, and when the system bucks the whole country bucks with it. The biggest problem at the moment is high-speed greed. In the past, information flowed too slowly for the greedy to wreck things before lunch, now a few greedy people can devastate a whole country over morning coffee. We don't need more control, we just need different ones.
Adam Trickett, USA

The system will survive but there is the potential for a large scale slowdown. The irony is that the Russians have not implemented the system in the western sense hence their problems. The economic problems generated by the Russian situation are not that great on their own - the real problem is that caused by the security implications. The Far East is where the real money problems lie.
Andrew, UK

Capitalism is not dead but has certainly lost its soul. There is almost no area of society left that is not looked at in terms of what profit can be made of out it, and there are far fewer capitalists that realise they have to put something back into the society that has made them better off. When the money makers once again begin to relate their actions to what is going on in the human world, they may realise that "only 0.4% growth" is still growth, means profit, they are not actually making a loss and the World as we know it is not coming to an end!
Neil Castle, United Kingdom

Capitalism is based on greed and I don't see any of us losing that quality yet. Capitalism will stand until man has a change of heart.
Bryan Brander, USA

I think the risk of global market collapse is very close. And it is more important now to deal with that problem than for the GOP to try to win the next pool by beaten down M. Bill Clinton.
Bernard Verreault, Canada

Capitalism has been under threat from its socialist enemies many times and always survived. This is because it is per definition the very absence of systematic political interference.
Peter Nirednal, Sweden

As the stars become right for the return of the Great Cthulhu then the petty social systems that we have brought upon ourselves will fail! It's all our own fault, if people weren't so greedy and short-sighted, and politicians and bankers so arrogant and distant then none of this would ever have happened. Maybe it's the end of the world after all?
S J Woolley, UK

This is a funny question because it has two extreme sides. The first side will say yes capitalism is failing, but that is only because their country is failing. While on the no side capitalism is the whole reason why their country has not failed. I personally feel that capitalism is not threatened. It just needs to be cleaned of bad bank debts from Asian countries and then maybe we will see a reverse affect where it seems like prosperity will never end.
Mark, USA

Capitalism is here to stay for some time. The issue at hand is a business cycle of gargantuan proportions, due to mismanagement at the national level and the lack of transparency and proper controls. Globalization is on the retreat as misguided petty nationalistic sentiments are exploited. But global capitalism will eventually triumph as that is the only model that can deliver the resources needed to sustain the economies of the developing nations. It is then that the essence of capitalism, i.e. the concentration of capital in the hands of the few, will have to be addressed and a new model will emerge.
Sohayl Shambashi, USA

Capitalism - or a means by which an individual, company or country gains more material wealth - has a destructive effect on basic human morality. It leaves no ground for compassion or love. To incorporate these emotions into capitalism results in (apparent) weakness, which your competitor or neighbour will use to their advantage. As is the true nature of capitalism.
Jez Foy, England

Capitalism is certainly under threat. Asian countries have borrowed money to create modern production facilities, but this has caused overproduction in many key areas (i.e. semiconductors), because as always under capitalism the workers cannot afford to buy back the products of their labour. Also the rate of profit for the capitalists is being squeezed by global competition, and so they have to extort more money out of the system by "structural re-adjustment" on developing countries and the privatisation of utilities around the world. They are also cutting the social security systems in the developed countries. This is all inevitable as capitalism is and always has been about robbing the poor to give to the rich. A recent UN report confirms that the rich are getting richer and the poor are getting poorer on a global scale. World war was declared on capitalism in Russia in 1917, and this war will continue until capitalism has been replaced by socialism where production is for the need of the many and not for the profit of a few.
Paul Lockwood, UK

No, capitalism is doing well. There does seem to be some meddling with it, though, by would-be plutocrats passing themselves off as 'socialists'. Beware of wolves in sheep's clothing!
Dave Hoots, USA

I think with the USA as the only successful example of true capitalism, we can not say capitalism has won. While communism has definitely failed, I think a combination of the two idealogues is the solution. With almost all recent attempts at building capitalistic economies failing around the globe, we may have to think about a different approach.
Ajay Kulkarni, USA

There is no viable alternative to capitalism for one. You miss the point that capitalism has undergone worse crises than this s- i.e. the world depression in the 1930s and survived them.
Henry Parker, UK

Under threat? Yes, but from what? Could it be that we are witnessing the progression from one form of capitalism to another? This same progression has occurred at least two times this century, so why not another? The concern, however, is will this progression result in an overload of world markets that causes the "system" to collapse. While such is possible, how probable is it? Mr Soros might just be raising the question so as to keep the BIG picture in focus for those responsible for their respective countries economies and any action (including inaction) these "people" might take. What is absolutely essential is for the IMF/World Bank to be much more aggressive in ensuring that the money it "lends" to countries does not end-up in the offshore accounts of junta leaders, dictators and others who masquarade as the "true leaders" of their countries. This IMF/World Bank lending to despots has been allowed for far too long. Some countries (e.g., Zaire, Mexico) would have far fewer economic troubles if their so-called "heads of state" were not so free to use their countries' treasuries as their own bank accounts. If such theft were stopped, and money currently stashed away returned, that would be a welcome start. And would go a long way towards alleviating the current pressures on the global capitalist system Mr. Soros consider to be so vulnerable. Would what I have suggested be so easily to implement!
Dan Zibman, USA

Capitalism has always been under threat that is why the Constitution substituted the Articles of Confederation in the USA. And that is why capitalist economies have created the welfare state. Capitalism will always be under threat, because it is an economic system where the rich get richer and the poor grow poorer, and the poor are a majority (dialectic materialism).
Frank Talk, Africa

Capitalism is fundamentally premised on constant and unlimited, indefinite growth. In a world of finite variables, anyone who believes that capitalism is infinitely sustainable obviously lacks a basic grasp of logic. Capitalism, like all economic and political systems, cannot last forever. The wise course would be to publicly consult and prepare for a different system, perhaps even one that improves the lot of the majority.
Al Tepper

Ever-increasing expansion is what capitalism thrives on. This is simply not sustainable. There has to be some "governing" authority outside the multinational corporations. We are getting to the point where businesses are dictating the world's economy and political agenda rather than elected governments. This is simply not acceptable.
Bill Spicer, Canada

Although it is a very inefficient system the alternative is unthinkable.We have to prevent the greed and megalomania of certain individuals causing such havoc on emerging nations with impunity. We must take steps to protect these vulnerable nations without destroying their markets.With cooperation from G-7+1 it is feasible.
David Yates, USA

Yes capitalism is under threat and is going to fail because it is a man-made system. Islam is the best system in the world.
Zarrar Niazi, UK

Capitalism is not under threat. Nobody is suggesting any reasonable alternative to it, so by default it will survive. The economic policies of socialism are completely discredited, and fashionable talk of imposing credit controls is misplaced (the horse has already bolted, so don't slam the door to stop capital coming back in!) Investors will return as policies are introduced which bring about stability and underpin long-term growth. Capitalism is not under threat. It is the best hope that many emerging economies have!
Ben Cons, UK

Capitalism is certainly not dead. Asia, Russia and Japan are having problems largely because they did not practise capitalism. In countries such as the USA, where capitalism is practised, the economy is doing quite well. One need only look to the success stories of socialism - the DDR, Cuba, the UK under Labour (old Labour of course) - to see that trying to fix capitalism is not a particularly good idea.
Alan Murphy, USA

This is a moot point. Capitalism will thrive as long as greed is alive. The 1% of the world's population that controls over 90% of the money will make minor adjustments (like lower interest rates) and if a few million people have to suffer, oh well.
Frank Micale, USA

No way! What we've seen is the failing of the economies and financial systems of countries that are by no means capitalistic! Indonesia, Thailand, Russia, ... not exactly a who's who of capitalism. Capitalism, means a system where flows of capital and labour are totally free and unhindered by government influence. Under a capitalistic system, people's fruits of labour are their own, not their governments'. Those countries that failed the earliest and the hardest were countries with a ruling elite class with an iron grip on business. Russia and Indonesia are probably the worst examples of countries that anyone would call capitalistic. Interesting to see that countries such as the US and Britain, with fairly open and free economies, will be able to re-allocate their resources the fastest and will thus be more prepared with the lack in business with their Asian and Russian trading partners.
Diederik Zwager, Netherlands/USA

Capitalism is under threat from the very people who benefit most from it: the rich and the greedy. This is unfortunate, since it is still the closest we have ever come to real freedom for the average human.
Andre, Tanzania

Open market reforms and moves to 'open' the Indian economy to market forces and global competition have had a bad effect on the prices of daily essentials from what the common man uses to so called 'luxury goods'. I see an uncanny parallel of what is happening here in India to what happened in Russia recently. If the price rise continues unabated, the lower and middle classes are going to vent their ire and there is no saying how this may manifest itself. The government has to strike a sensible balance between market reforms and the old socialist path and state subsidies.
Rabinder Sikand, India

Both capitalism and globalism are under threat. Individuals and companies are over-stretched with debt. In the markets, supply of goods is much higher than demand (year-round sales in the shops). Communism failed because it was an inefficient system in production and supply of goods. Capitalism in its present form is failing because of exactly the opposite, and because it has concentrated on the materialistic aspects of life and has become over-productive. Part of it is lead by greed, interest/usury and injustice. Average people in the West are under tremendous stress at work. The little spare time left at the weekend is now to go to further courses and training instead of taking care of one's family. This is an unsustainable situation both from an economic and human perspective.
Tarek, Egypt

Is capitalism dead? Of course not, same as communism, these "isms" are a laugh really. We all know that people have secret allegiances and that any "ism" is bound to fail when the powerful continue to exert fear, power and influence over the rest of us poor saps. The basic problem with all these systems is paper money, dodgy bankers who print more "money" than they let on, usury systems used and abused by central bankers, secret societies closely tied to the industrial/military/judiciary/legislative systems of "democratic" countries, policies of media blackouts and misinformation backed up by pre-planned assassinations, wars, and cover-ups, leading to more assassinations, media blackout, wars, and cover-ups, in a never-ending circle of corruption and death that eventually requires a good "spring-cleaning" to give the appearance of freedom.
Orwellian, UK

It has been under threat since July 1997 with the fall of Thailand Currency. My assumption is that Soros & gang (currency speculators) could play a major roles in the downfall of a lot of currencies. Malaysia PM (Mahathir) stressed this key fact a long time ago. Globalization shall be protected from the bad elements brought about by this hot money.
Kamarulzaman Abdul Rahman, Malaysia

Capitalism and the USA are synopsis approach mechanisms. Yankee democracy goes through house approval over a period of years. Latin American countries are communists - they are quicker but manhandle tourists for money. These new world orders are about to collapse under our nose. Science and socialism are nouveau approaches. I hope the DOLLAR and COMMUNISM get burned by their unethical terms of agreement.
John Michael Hales, USA moving to UK

On the contrary, capitalism will always flourish because it appeals to an innate human desire - personal fulfillment. The elite minority who control most of the World's wealth will never be threatened whilst they continue to impose the social controls that restrain opposition to the status quo; welfare, entertainment, patriotism and religion.
Robert Andari, United Kingdom

Capitalism under threat? No, that's stilly. Capitalism is here to stay. But Globalism? Yes, the world is seeing that this system of economics, the Global marketplace that has been trumped up as being sooo wonderful, isn't as wonderful as promised. Globalism is under threat, and this fact isn't necessarily a bad thing.
Steve Kenney, USA

Of course not! Everybody knows that Macro Economics is as much an art as it is a science. Over the years there will be ups and downs in economies as in companies although if speculators such as George Soros stopped intervening in the markets for their own gain then things might be more stable. There is no alternative to capitalism other than supporting inefficient companies or economies.
John Stevens, UK

The solution has been provided 1400 years ago by Islam, and it has been reiterated and presented to the people of this generation by the current Head of the Ahmadiyya Movement in Islam, Hazrat Mirza Tahir Ahmad in his various lectures. Alas, only those succeed who pay heed to the truth; and unfortunately, all the Islamic countries are also following the means and ends of the Western Economics.
Farid Ahmad, USA

Capitalism has not failed. Russia is not practicing capitalism.
Edward E Wallen, USA

It's worth taking an historical perspective here. It took the Great Depression for capitalism to come under real threat in the past, and the Depression was ultimately due to the errors that governments made in trying to deal with what could have been a routine business cycle. If we don't make those mistakes again, then the situations in places like Russia and South America, although painful, will remain local. If anyone is really worried about Capitalism, or imagines that Capitalism is the problem, let them simply ask who has created all those millions of jobs in the past two decades. It wasn't the Socialists, and it wasn't the Martians. As for Soros himself, the man seems now to have gone through the complete cycle from operator, to star, and now to entertainer. People who are still capable of making a billion overnight don't waste their time posing for Congress and the newspapers. Everyone burns out, and it seems that Soros has now done so. After losing two billion in a month, I'd say his opinion is now about as valuable as anyone else's; not very.
Jon Livesey, USA

Capitalism is under attack by those people who want to change the way the market system works. We must understand that not all things are perfect and that the market forces sometimes hurt some of the people, however we must also understand that all other economic systems hurt more people and cause more damage then the capitlistic system.
Ricahrd T. Ketchum, USA

Capitalism is on its death bed. Soros is only an echo of the panic felt thoughout the world as stock markets collapsed. Read marx - he has far more insight than any of these contemporary commentators. Capitalism may not collapse tommorow, the death may be drawn out, but it is a system that inevitably staggers from one collapse to a worse one. Captitalism is dying, and we should speed up the process.
Nick De Marco, UK

Volatile markets, collapsing economies, and failing currencies, all these things happened on a regular basis to many countries, including the United States, before regulation of economies and markets took hold. All these economic disturbances signal changes in the economic world. Capitalism isn't dying, far from it. The US economy is the strongest it's been in years. The world is in transition and resources are moving to where they can be best allocated. Before we start screaming that capitalism is dead, we should first consider where we go from here. Then we should start talking about the funeral arrangements.
Evan Hansen, USA

Capitalism is dead as a philosophy. The 'trickle down' effect never occurred, and it has only succeeded in concentrating world riches in the hands of a few, as evidenced by the recent UN report on world wealth distribution. Its demise is well overdue.
Derek Scholes, USA

The major stock markets of the world have transformed this greed-based phenomenon into an obligatory religion whereby the idle speculation of some high-paid idiot in New York about the state of South America directly affects my cost of living down here in Brazil. Bill Gates's company produces something that half the world wants to buy, so lucky him. George Soros produces nothing at all, provides no employment, and his gain is generally somebody else's loss. Capitalism is not coming apart at the seams because it can't, it's a part of human nature. What may be coming apart, and not a moment too soon, is this absurd dominance of the speculators.
Graham Bell, Brazil

It would not be at risk if organizations like the IMF had accountability and did not bail out "poor judgement" investments from US and foreign banking. This "bail out" process is costing tax payers unneeded debt and benefits currency "raiders" such as George Soros. Let these investment institutions fail and others will be more "capital" responsible why they know there will not be a "citizen" bailout.
Chuck Sauter, USA

I have lost count of the number of countries needing money from the IMF. The IMF and G-7 sound like compulsive gamblers begging for one more chance to roll the dice, double or nothing. I fear the US Congress will give them more money. With elections coming soon, they want their temporary job security. Warren Ruddman, one of Americans great senators said: "Some people have given their lives for this country. It is time a few politicians give their political careers for their country." The IMF and the G-7, with their voodoo economics have brought the world to the brink of economic collapse. Any monies given to the IMF at this point will only be a temporary fix. It is time to say NO to these carpetbaggers, take our medicine, take the pain, and hope some person or persons can come up with a system that will work. Abby Hoffman said before he died," the isms are dead." The world faces its most dangerous time since written history. I don't know what the future holds. But I do not want my future placed in the hands of the faceless organizations like the IMF or G-7.
Joann Loring, USA

On the contrary, it's the socialist economies that are falling behind. Capitalism is just fine thank you!
Ron Stordahl, US

I can't believe that Soros can have the audacity to make statements in regards to "rewriting rules of capitalism", when he himself could be considered as one of the contributing factors to the making of the downfall to the capitalist era. We need not have your "philanthropist" comments anymore. Tell us what you are really up to You owe it to the Indonesians , South Koreans, Russians and so on.
Wee Kiat, Malaysia

Global capitalism is the perpetual motion machine of economics. Everyone cannot win - or even break even.
Howard Clase, Canada

The points made by Soros are valid. The world economy is too closely tied together to stand the strain of the individual collapsing economies.
J L Ebert, USA

Under threat.. and about time too! The present system of monopolies, greed, waste, and duplication is certainly in decline. The concept of basing currencies on paper, and confidence instead of some material reality, could be introduced to give value to a future Russian currency, by basing it on the ownership of land, of which the ex-communist state seems to have a vast supply.
Charles Lucy, UK

I heard it recently said that Bill Gates now has more wealth than 130 million of the poorest Americans. What would this figure be if we instead used the world as a basis of comparison? Has Bill Gates enhanced society to any visible extent except to market an operating system so universal that the market could be considered a monopoly? This is capitalism. There is no limit to the extent of the wealth a few may grasp. But, forgotten are those underpaid workers who produced a viable product, creating wealth at the top! It can never be argued that capitalism is moral, for surely it is not. It does not obey the golden rule of humanity to "do unto others" nor share any part of the wealth. Perhaps without the inherent pro-capitalism rhetoric, it is time to analyze why socialist systems have always failed. Certainly a more equitable distribution of wealth seems fair. In the US there is such ignorance of economics and prejudice that the mere mention of socialism immediately brand one as both a liberal and most likely a communist as well. The world in the next century will need change. If this means some new economic dynamic supplants capitalism, it is a very important area for study and debate.
Gary Davis, USA

Of course not. The stock markets of the world were vastly over-valued and this is nothing but a long overdue correction. Besides, the stock market is not the barometer of a country's economy. The US economy is still booming even though the market has fallen 20% in 30 days. It is just a large transfer of money from one group of rich people to another. Capitalism works just fine. In fact, the recent market down-turns are what make capitalism work. In a capitalist society, you cannot have a booming economy all the time. There will always be down times. This is one of them. Don't worry, be happy.
Randall Keefer, Virginia, USA

I certainly do not believe that the death of capitalism is imminent. Stock markets have built and crashed in the past, there's no reason to believe that their doing so in the present is unnatural. I personally feel that those who would have you believe that the "end is near" are just a bit timid and maybe a bit afraid to ride it out.
Jeffrey R Balaz, Pittsburgh, USA

Surely capitalism or any other system based on "interest" would fall one day. We are lacking "Absolute Justice" in our society.
Aslam Nasir, USA

In a short period of time communism collapsed. Capitalism is heading towards there, because both are manmade philosophies. Islam is the only solution that can save the world from falling a part. Unfortunately, all Muslim countries have adopted Western economies, rather than following the economy of Allah.
Fuad Abdulmalik, USA

It is under threat because it's a selfish system that can not be controlled. Governments listen more to the market these days instead of regulating it. The unions that are supposed to protect workers rights invest the pension funds in multinational corporations who are not famous for caring about workers. The third world invests its dollars in the west instead of where they are needed - in their own countries. But everybody knows that your money is safer in the west than in instable markets. This concentration of capital increases the power gap between north and south. A factor that also threatens capitalism in the long run. That is what Russia and Indonesia is all about. Fragile economies with the capital in the hands of an elite that has been bought by the west.
Shahin Eghraghi, Sweden

It is not capitalism that is falling apart - it's ethics and morals. Many of the countries mentioned have corrupt governments which feed off bribes.
Dianne, USA





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