Thu | Jun 24, 2021

Time to replace capitalism

Published:Thursday | May 24, 2012 | 12:00 AM

THE EDITOR, Sir:

JOHN RAPLEY'S 'The global crisis, Chapter 3' (Gleaner, May 21) provides a clear picture of where the Greek/European debt crisis might lead, including the possible (likely?) triggering of a global crisis.

But John, and the Caribbean Policy Research Institute, are not prepared to face the fact that the global capitalist system, now completely dominated by speculative finance capital, is in its death throes and needs replacing/will be replaced. Even the United Kingdom's Telegraph newspaper (May 13) puts it in these stark terms.

The contradictions have become antagonisms, in Marxian language, and the 99 per cent (Marx's 'working class') are making their voices heard around the world. We are currently looking straight at one resolution to the crisis, that is the descent into barbarism where not just the poor and needy, but the vast majority, are being pushed into paying for the avarice of a system which Alan Greenspan admitted a few years ago has lost its negative-feedback (control) mechanism. Warren Buffet agrees that a class war is taking place, with his class (finance capital) currently winning.

Socialised economy

Whatever you think of socialism in the past, there is clearly now the need for people to continue to rise up and demand a socialised economy, one which supercedes what even Marx admitted was the dynamism of productive capitalism (despite its fatal flaws). It will long be a work in progress with pitfalls along the way, but that makes it nonetheless necessary.

We cannot continue to prop up a system which is bleeding the life out of everyone, except the one per cent. Hopefully, Jamaicans will join the movement and reject the debt-strangled Budget which currently defines everything we do. There are radical (and in the short term, painful) alternatives available to the debt trap, which I would be happy to share with those interested.

Paul Ward

pgward@cwjamaica.com