On My Radar: Between Capitalism and Socialism The word- Capitalism: It is an economic system whereby the means of productions, trades, investments and industries are controlled by private individuals not by the State. Many renowned economists like Max Webber, Phil Smith and others have proved Capitalism to be good for the developing economies like Nigeria, Ghana, South Africa and some other countries but how sincere are we in terms of the mode of operation? How are we sure we are not politricking the system to favour some sect of ruling elites? In a case whereby the government protects the like of Aliko Dangote, Femi Otedola, Dupe Alakija, Tunde Ayeni and others to be sole controllers of the economy leaving the fate and standard of living of many Nigerians in the hands of minority instead of expanding the market to allow many people in the system. Although, i am not indifferent that Capitalism is good if truly practised as its being practised in some developed economies like America, Britain, Canada, China (though, state controlled capitalism) and others. I am object to the fact that capitalism is natural because it gives room for individuals to showcase their talents and God-gifted intellects but my question is how sincere are we in terms of the mode operation? Cuban, a Socialist country- Socialism/Communism: it is an economic system whereby all means of productions, trades, investments and industries are controlled by the State government. This according to a Social Scientist like Karl Max, Fidel Castro and others is the best practise because it does not concentrate the wealth of a nation in the hands of the few people. Yes, to my knowlege, Socialism is a system that takes the condition of the masses into consideration. Had it been that Capitalism has been fairly practised in some countries? Many people would not be clamouring for Socialist system that is not natural but man-made. A system that kills individuals gifts and talents, a system that gives economic power solely to the State alone. Nevertheless, because of the disappointment of some pure capitalist countries i join large crowd of people to clamour for State-controlled capitalism as it is being done in China which has raised the standard of leaving and per-capital income of the country to the highest rate if they cannot give Socialism. Yesterday, while watching Al-Jazeerah TV, there, i saw a large crowd of Cubans saying NO to the Capitalist Economy the US is tactically preaching to be adopted by the Cuban Authority as against the Socialist system of economy currently enjoyed by the country. Cuba has been known for its favourable and masses-friendly economic policies as a result of its longtime adoption of communism. Crowd of Cubans protesting and carrying placards with different inscribtions such as Obama, you are a disgrace... Leave our economic system alone. Leave Cuba alone, we are good with our economic system and some other name-calling. Meanwhile, the protest was sparked as a result of the move by Obama to settle the economic and political difference between the two countries viz-a-viz settlement of diplomatic and ideological conflicts. Cubans took to the streets in protesting against US-Cuba relations having suspected the move of Obama to lure their president into the adoption of Capitalist economy. Although, the Cuban president had reassure his people to remain calm and law-abiding citizens as no amount of pressure or intimidation could enable him to change the longtime enjoying economic policies of his country. If you recall, aside the Soviet Union States that broke after the Cold War Cuba is the only country that adopts pure communism as its economic and political policies. To crown it up, both Socialism and Capitalism have been proved to be good where they are being truly practised but the most favourable system that raises both the standard of living and per-capital income of various individual is the State controlled Capitalism like China, Indonesia and some others. Ismael Taiwo A.
Posted on: Mon, 22 Dec 2014 13:05:56 +0000
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