HomeArticlesEconomicsFixing “Failed Capitalism” with Principled Rule of Law

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Fixing “Failed Capitalism” with Principled Rule of Law — 1 Comment

  1. As it seems, command economies like the Russians and Chinese along with crony capitalism of the West , the whole lot are acting like maggots feeding on a carcass. And, perhaps Iran or India might catch the imperialist bug and join in on the feeding frenzy. Look back on recent history. Economic greed, technological innovation and military power fueled the economic growth of the last two centuries. However, this kind of competition led to several world wars and the demise of tens of millions of innocent lives. The former Soviet Union represents the failure of communist economic policies. The near insolvency of Wall Street banks and the European Union represents the failure of crony capitalism. Nonetheless, the same social elitist, capitalist, monetary and ideological forces are still in place. If representative democracy is to have a future then a new economic theory will have to be devised. The new economic theory will have to solve the huge problems of … distributive justice and the resolution of conflicts of interest and the role of effective government.
    19th century rhetoric is not leading us to find 21st century solutions. A referee in this new paradigm will have to weld the power of shame to bring powers and principalities to their better senses. In this sense, the power of shame is fundamentally the power of the common man who has come into alignment with absolute principles of humanity and ultimate justice. It refers back to the principle of subsidiary organizations taking initiative and responsibility to find solutions to the critical problems of economic justice and fairness. Highly centralized government has show itself to be
    all too prone to conflicts of interest. Governments that consolidate too much power lose their sense of shame. They become over regulatory with an emphasis on force over the power of shame.

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