By Dr. Sawraj Singh
It seems that more and more people can now see impending collapse of capitalism. I have been writing for about 25 years that the western civilization and its consumerist capitalism are in a deep crisis and cannot last very long without making fundamental changes. Now people at the core of the system have started saying this. A Prestigious western institution like the BBC is spreading this message in a big way. It is running a series of articles addressing these issues. Latest in this series is in the Business section by Raghuram Rajan, Former Governor of the Reserve Bank o India, Professor of Economics at the University of Chicago, Booth School of Business and Chief Economist and Director of Research at the International Monetary Fund, warned that capitalism is under serious threat.
I have given the reason in my writings about this impending collapse is that capitalism has failed to improve lives of the vast majority of people in the globe. It is interesting that Raghuram Rajan has given the same reason as it has stopped providing for the masses. He said that governments cannot ignore social inequality when considering the economy. He also said that when capitalism stops providing for the masses then many revolt against capitalism. He said that capitalism is not providing equal opportunities for all people. For a middle class job only a modest education was required in the past. Now you need a really good education. However, communities which have not benefited from globalization and are hit by rising crime and social illnesses have deteriorating schools and are unable to provide that kind of education.
The current globalization has led to concentration of wealth in few hands. It has widened the gap between the rich countries and the poor countries. Also it has widened the gap between the have and have-nots in a country. The unfair distribution of wealth is the result of the present globalization being economic only and completely lacking an ethical aspect. Raghuram Rajan said that governments cannot afford to ignore social inequality when considering economy. However, social equality is an ethical issue. Therefore, unless the present globalization acquires an ethical aspect which it is missing, social equality cannot be achieved
Lenin called imperialism the highest state of capitalism. I call the present globalization the highest state of imperialism. In its traditional form capitalism is only concerned with producing wealth. Fair distribution of wealth is an ethical issue which the present globalization is completely lacking. Therefore, under the present capitalist system the issues of fair distribution of wealth and social equality cannot be addressed properly and capitalism cannot be saved from its collapse.
I feel traditional capitalism has already outlived its life span. If capitalism wants to save itself then it needs fundamental changes. It has to acquire an ethical aspect and a true global perspective. Sri Guru Granth Sahib can impart an ethical aspect as well as a true global perspective to it because Sri Guru Granth Sahib has a concept of a true global community.
Dr. Sawraj Singh, MD F.I.C.S. is the Chairman of the Washington State Network for Human Rights and Chairman of the Central Washington Coalition for Social Justice. He can be reached at [email protected].
