So, now it’s a question of who falls into which bucket? And so does the flawed theory of “survival of the fittest” find its way. There are countless of articles on economic system and what can be done. I have decided to take a different approach and start with what is the prime objective of a “rational and just” economic system… and then build on how the ideal economic system will handle it robustly than the current systems – be it capitalism or socialism.
Even before we get there, let me share what someone says in support of what I am about to share… “The causes of the economic crisis are a combination of greed, incompetence, and a number of additional negative character traits.” – Steven Pearlstein, a Pulitzer Prize winner and a Washington Post columnist
A human is in fact someone composed of organic needs and instincts, all of which requires answers on how to satisfy them
(1) At the core foundation, the purpose of an economic system is to ensure economic well-being of every individual by solving the problem of poverty.
(2) This economic system has to co-exist in harmony with the other important systems of any well-run civilization – the social system, the political system, the legal system, and the moral system. What we see today is exactly the absence of this… where the ecosystem is so corrupt and degraded that I cannot think of any of these five systems being in a good shape.
(3) Now, everyone is very well aware of poverty in developing countries… how rare is it to see images of starving children in Asian countries or malnutrition-related deaths in almost the entirety of Sub-Saharan Africa? The US Department of Agriculture’s Economic Research Service reports that ‘in 2011, 50.1 million people lived in food-insecure households and prevalence rate of food security in the US has gone up from
Continue reading What the new economic framework will entail…