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5 Reasons Capitalism Has Failed

The root cause of our recent turmoil is the failure of the dominant economic paradigm -- global corporate capitalism.

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Fifth, global corporations have angered the world community. The world GDP is $63 Trillion but multinational corporations garner a disproportionate share -- with banks accounting for an estimated $4 trillion (bank assets are $100 trillion). Global black markets make $2 trillion -- illegal drugs account for at least $300 billion. In many parts of the world, a worker is not able to earn a living wage, have a bank account or drive a car, but can always obtain drugs, sex, and weapons. And while the world may not be one big village in terms of lifestyle, it shares an image of "the good life" that's proffered in movies, TV, and the Internet. That's what teenagers in Afghanistan have in common with teenagers in England; they've been fed the same image of success in the global community and they know it's inaccessible. They are angry and, ultimately, their anger has the same target -- multinational corporations (and the governments that support them).

We live in interesting times. The good news is we're witnessing the failure of global corporate capitalism. The bad news is we don't know what will replace it.

 

Bob Burnett is a writer and activist in Berkeley, Calif.

 
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