The End of Capitalism

Published: 21 October, 2011 07:31 IST | Arindam Chaudhuri |

United States' finely tuned images of 'land of opportunity', 'land of the free' and 'home of the brave' -- all have in recent time received a major jolt with protesters pouring in from all over the country in thousands

United States' finely tuned images of 'land of opportunity', 'land of the free' and 'home of the brave' -- all have in recent time received a major jolt with protesters pouring in from all over the country in thousands. It is probably the biggest protest since anti-Vietnam-war demonstrations in the 70s!

Finally their police are finding it tough to control their own people. This time they are failing to smoke them out, because the enemy lies in every other house. I wrote about the coming end of capitalism -- the way we know it -- in 2008 itself as an aftermath of the latest recession that has hit the world due to its blind belief in free market profiteering and was surprised why (despite people around the world, from countries in the Middle East to a laid back country like India, showing a tendency to come out on the streets to press for their rights) people in the western world were delaying coming out in the streets to press for what was their right -- the right to stable and dignified living.

But finally the streets in the western world are slowly starting to look like streets of Egypt, with thousands out on the streets, protesting against the shameless profiteering of the Wall Street -- the symbol of capitalism at its greediest best. It is a movement of the working class -- which forms overwhelming majority of the American population -- being deprived, ignored and cheated by the greedy corporations, which forms the top one per cent of the population.

The growing protests that have spread its tentacles all across the nation indicate a serious problem in the financial districts of the American cities. The conservatism that has put unchecked and deep crony capitalism to almost heavenly pedestal is the root cause for such economic injustice, which has literally forced thousands to come out on the streets to protest.

No wonder, the gradual transition of American capitalism to crony capitalism is a result of inherent shortcomings that the financial system and capitalism on the whole has been experiencing since decades.

Erosion of jobs
For the last 30 years, the United States is suffering from erosion of jobs and corporate big shots renouncing the values and spirit that once made America as great as it is perceived today because of short term profits -- a classic case of uncontrolled deregulation practiced in this crony capitalist system. This system has made a class of miniscule super rich even richer, driven by the Wall Street, but has marginalised the vast majority who faced the albatross of dead end jobs, lay-offs, lack of future and other destruction of the very tenets of any functional democracy!

One of the reasons that led to this out-cry is irresponsible lending by the banks and very high consumer debt. It has eroded the purchasing power of the common man. Lack of consumer demand is halting new investments and preventing new job creation. Obama's steps to steer the economy to safer ground -- mortgage refinancing, healthcare overhaul, student's loan minimisation programmes -- have not seen any breakthrough so far. The reasons are Republican's opposition and consequent blocking of government's intervention in the economy.

Protests galore
More than 6,000 protestors gathered on October 15, 2011 at Times Square and around 100 were arrested after the protest went violent. The protests have just been gathering steam. Chicago police also arrested more than 150 protestors. Similar phenomena was seen in London too and the police had to debar people from entering Paternoster Square (London Stock Exchange). The protests have crossed the domestic borders and reached almost all the continents of the world. Recently protestors were found displaying their anger outside Reserve Bank of Australia. Similarly, protest rallies have graduated into violent riots in Rome and other European nations and more than 100 protestors were arrested. People also got violent in Japan, Hong Kong and Korea.

Fix the economy
The fact that these incidents (and specially Republican's opposition to federal government's attempts to fix the economy) elevated the problem and went beyond control is testimony to the fact that people all across the capitalist world had to resort to violent mass protests, shaking the very foundation of untenured capitalism all across the world. This movement reminds me of the great civil rights movement that took place during late 1960s and also of the recent Tunisia revolution. The only thing it lacks is a philosophical or ideological leader leading it, though the sales of Karl Marx's Das Kapital have surged worldwide.

The growing divide between the rich and the poor had already increased in the gap in service delivery mechanism. America -- not only for the sake of America but for the entire world -- needs to scrutinise the deceiving practices and lobbying happening on the Wall Street and the very basic tenet of greed that drives capitalism.

Sign up for all the latest news, top galleries and trending videos from

loading image
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK