Sunday, August 21, 2011

Ending Capitalism

The U.K. Riots And The Coming Global Class War - Forbes:

Excellent article. The Judaeo-Christian work ethic, generally accepted social values including personal responsibility, and the rule of law allowed Capitalism to create a cornucopia of wealth in the west. But, it has also enabled world wide completion, at the time when the western attitudes of hard work, thrift, innovation and risk taking have largely turned to entitlement, redistribution, protectionism and consumption. The formerly "virtuous cycle" of the old characteristics has given way to a new "death spiral" that has riots and state power taking the ever smaller shrinking wealth from those that formerly drove the virtuous cycle.
"The hardening of class divisions has been building for a generation, first in the West but increasingly in fast-developing countries such as China. The growing chasm between the classes has its roots in globalization, which has taken jobs from blue-collar and now even white-collar employees; technology, which has allowed the fleetest and richest companies and individuals to shift operations at rapid speed to any locale; and the secularization of society, which has undermined the traditional values about work and family that have underpinned grassroots capitalism from its very origins."

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