Capitalist Meltdown - by Michel Rocard former PM of France and leader Socialist Party
All the ingredients seem to be in place for a long and powerful perfect storm of economic decline and social unrest. We in the developed world live in democracies. Every four or five years, the legitimacy of the system needs to be confirmed by elections. But is the system being so delegitimized by the economic and social turmoil that elections will no longer be viable?
Of course, capitalism remains more compatible with personal freedom than communism ever was. But it is now blindingly obvious that capitalism is too unstable to survive without strong public regulation.
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