Is Capitalism in Trouble?

[Sean K]

That's democracy I would have thought.

Would a measure of people's happiness be a test of how successful a system ultimately was?

 

[Sean K]

Would a measure of people's happiness be a test of how successful a system ultimately was?

What if we are not as happy now, compared to when Capitalism first started? And this is due to the system? Can it be linked?

For eg in the Fin this weekend there's an article in the Review section discussing this very issue.

Over the past 40 years, GDP per head has risen sharply in Western countries; but the average level of happiness reported by individuals has shown little or no increase.

The article goes on....

Interesting way of measuring the success of an economic system. I'm on it.

 

[chops_a_must]

Would a measure of people's happiness be a test of how successful a system ultimately was?

If you look at it that way, capitalism probably has failed.

Scandinavian countries continually rate the highest in this regard. So, a system that has links to a democratic socialist system and some capitalist leanings would appear to be the way to go.

 

[SirRumpole]

Time for a re-think on current models of Capitalism ?

An 'utterly inaccurate model of capitalism': Has conventional economics failed us?

Economics hasn't had a major shake-up since the 1970s, but the global financial crisis and COVID pandemic have exposed some glaring flaws in the conventional wisdom about how to run an economy.

www.abc.net.au

 

[Garpal Gumnut]

Time for a re-think on current models of Capitalism ?

An 'utterly inaccurate model of capitalism': Has conventional economics failed us?

Economics hasn't had a major shake-up since the 1970s, but the global financial crisis and COVID pandemic have exposed some glaring flaws in the conventional wisdom about how to run an economy.

www.abc.net.au

Thanks @SirRumpole .

A moot point.

I do not think capitalism per se is in trouble, but a redistribution of capital usually occurs after plagues, wars and tempest. There will also be a pushback against this via inflation/deflation, wage inflation, housing and food costs and political manoeuvring.

Unfortunately in Australia the predictability of response presently by the two major parties will imo make stasis a more likely result with the lack of imagination of the Hawke/Keating and Howard/Costello eras lacking here presently.

gg