In 20th century, we had a conflict between socialism and capitalism. However with collapse of Soviet Union, it seemed that the world had entered into a perfect system. Capitalism seemed to have answers to all questions. To all problems. We loved capitalism. We loved to hate that notion that communist way of life creates parasites. Some people benefit more and some work less. There was no motivation to work hard. Hence the community society was expected to doom some day in future. Capitalism and free markets seemed to offer a perfect society. It seemed that the society had finally arrived to the utopia- a perfect world. However, like all systems in the past, it has to give a way to something new. The downtrend of capitalism is becoming evident now. The ills of capitalism are becoming more powerful and are being noticed by most, if not all.
This blog is an attempt to log the demise of capitalism. Demise of free markets. Demise of the notion that greed is good. Demise of the notion that smart people should be allowed to earn 10000 times more than an ordinary person who works on the floor for 8 hours a day. If a communist society created some easy to point out free riders, it is now obvious that the greed and free markets have created a group of parasites/freeriders who are able to rig the system and draw disproportionate resources of the community in personal favor. Instead of creating a just and equitable society, CEO of Walmart is allowed to draw salary of say 10000 other employees! In name of free market, Mylan lab is allowed to jack up price of its EpiPen from less than $100 to more than $600 over few years. A lazy person was obvious in a communist society so the change came a bit faster. In capitalist society, the privileged few are able to mislead the majority with fear and non-rational arguments. A billionaire Venture Capitalist is easily able to mislead several hundred million people by saying on CNBC that his funding is the reason the engine of economic activities in USA keeps going. He does a big favor on the nation and hence he, and people like him, deserve special tax breaks. He is able to fool all others with a threat that if the society/government made him pay equitable taxes, he would stop funding innovation in the society and hence will cause the economy to come to a grinding halt. MyLan biotech says that if they are not given the license to rob people, the funding of research in America will stop. The lobbyist of MyLan says that drug companies take lot of risk and hence they need to be compensated. Most common people swallow this argument like a sugar coated pill. The fact in my opinion is that this is a vicious cycle. Because biotechs and drug companies are able to rob freely with whatever price they come up with, they have billions and billions at their disposal. They deploy more and more money in the research which helps them come out with more and more medicines with with they can exploit the system like a monopolist. This is a vicious cycle with lot of waste. Lot of waste because only 5 or 10% of success can compensate 200% to 1000% for the failed 90-95% of research projects. The system is being controlled by the rich. They are able to fool the majority with non-sense arguments. It seems like in name of greed and smartness, some are guaranteed to take away from others plates. In stead of creating a fair and just system, capitalism is created a crooked system.