Globalization has Made the Economy Many Times Larger than the Pioneering Days of Capitalism

The downgrading of the top credit rating of America has made the entire world shudder; already it has been lashed by the economic downturn. The experts are chuckling. They had accused the bankers for the crisis. Now they are accusing the politicians for this downgrading. As far as they go, the pundits are correct but they do not go as far as they should. Blind trust should never be placed on the experts.

The experts sit on a pile of information. But knowledge is something else. The information has to be arranged to lead to a wise analysis. The experts are missing out on the wood as they focus on the trees. The matter does not end with the blame being placed on the politicians and the bankers. The world today is calling out for a radical reform of the entire system. The experts have failed to come up with convincing proposals.

Globalization has made possible immediate radical reform of the current system. In this respect Marx was both right and wrong. He hit the nail on the head when he said greed in humans to be self-destroying factor in capitalism but he made a mistake in offering to the proletariat the dictatorship to be a solution to this problem. Marx failed to gauge the full strength of democracy to satisfy the aspirations of the masses.

The fire of the early revolutionaries was frittered away by the upward movement of labour. Capitalists gave preference to increasing wages and cut down on profits so that business could keep growing.

The dream of Marx was a revolution spanning the globe. He was much before his times. Today technology has made this possible. Thanks to the Internet a global community has been created. The search engines have enabled lay persons to reap information that was once exclusively for the experts. Even the layman can find solutions founded on this data that has been collected. One such solution put forward is setting up a system that will give the world not any dictatorship but a proletariat democracy.

Globalization has made the economy many times larger than the pioneering days of capitalism. It has converted capitalists into ogres and monsters who sit astride the world devouring profits, controlling the media and funding the politicians. Currently the dominating axis of power is America on one side and China on the other.