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What is the success of capitalism?

2018-05-06 00:13:32

They talk about the failure of socialism but where is the success of capitalism in Africa, Asia and Latin America?

Fidel Castro


Abu ridiculously gives capitalism the credit for people migrating to western capitalist countries. It is nonsense! Most of us who go to live in these countries do jobs that the natives don't want. In essence, we are garbage. Second, anybody who makes such an argument is lacking an understanding of the capitalist system. Is it not funny that most prospective immigrants have to lie on the visa applications. What are these countries afraid not to let the free flow labor as they advocate for the free flow of capital? Isn't labor also a factor of production that can't be constrained?

It is also laughable when the so called capitalist success of China is inserted in these debates. China is vindicates capitalism whereas Russia confirms the failure of socialism. It is clear people who peddles such anecdotes ply their trade in trickery. Let's look at capitalist based denominator of economic welfare:

China's GNI (Gross National Income) is $15,000 PPP
Russia's GNI is $22, 5000 PPP

The GNI is the indicator preferred by the World Bank because it is adjusted for National Income of a country owed to foreigners. As we can see, Russia is a far independent economy than China.

The fact is Capitalism is an abominable system. It is cause of all the wars on this planet; it is responsible for the underdevelopment of the third world; it birthed colonialism, slavery, and now neo-imperialism. Currently, there are no strict socialist experiments on this planet. How do we then ascribe blame for the fact that 80 percent of the world population live in abject poverty?

This is for you Mr Paul Ameriki:

The United States is dead last on many poverty and inequality outcomes when compared with other well-to-do countries, according to a new report by the Stanford Center on Poverty and Inequality.


One of the most brilliant minds and prophets of the 20th century was Lenin. No wonder the Russians preserved his brain. This is what he wrote about capitalism. He was ditto on the mark:

“If it were necessary to give the briefest possible definition of imperialism we should have to say that imperialism is the monopoly stage of capitalism. Such a definition would include what is most important”.[3] Lenin outlined five principal features characterising imperialism at the beginning of the twentieth century. Monopoly is at the core of all five. They were (1) the transition from free competition to monopoly production; (2) the formation on this basis of monopolist trusts, cartels and banks and their merger into a new, higher form of monopoly – “finance capital”; (3) the exceptional importance of export of capital as opposed to export of commodities; (4) beginning of division of the world between international monopolist businesses; (5) completion of division of the world between the great powers.

Now, those of you who know about Monopolies and Monopolistic competitions can explain if they are healthful to societies. Do we ask ourselves why our countries borrow money to no avail?

Abu is always here complaining Ofori Atta will bankrupt Ghana. Well, is it not the economic system you tout as exemplary that Ofori Atta is working within?
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Azumah Nelson
05-06 02:24