capitalism - a happy ending

7/31/2019 Capitalism - A Happy Ending

1/3

Capitalism: A Happy Ending?

Indeed, capitalism is now the dominant force in the global economy. With the

exception of a few, isolated 'communist' states, the world it seems has adopted to the

fast-paced and dizzy ways of the market, with people, goods and capital being

exchanged in the world's economies. Globalization has been not just a buzz-word but a

way of life, seems that the world has been reduced to a click of the mouse.

With this soap opera called Capitalism , can we consider it a happy ending? If it

really is, who are the protagonists who won, and the antagonists who lost? Does it even

matter to the real audience; the people?

It all started with the debates of the world's thinkers during the 20 th century. There

was Keynes, the one in favor for planning and big government, and Hayek, who wanted

the market to be free in its affairs. The early 1900s in itself is a turbulent time, with warsmaking the balance of world affairs very fluid. The communists are fastly rising, starting

in Russia. New personalities (or should I say, 'actors') arrived; there was Lenin and

Stalin, Hitler, Churchill and Roosevelt, among others. Starting with World War II, the

world saw itself in a state of depression. Economies fell, especially in the US, and there

was anxiety as more people lost their living and war is approaching fast.

World War II came; and after the war, the world saw itself in a great divide, much

resembling a couple separated by the circumstances.Suddenly, the world was divided by an 'Iron Curtain'. Communism suddenly

controlled a third of the world's population, introducing central planning, and argurably,

restriction to people's freedoms. On the other hand, Western nations has shifted their

outlook to Hayek's theories. Capitalism, as the West advocated it, is something

equivalent to freedom, that a free market gives people the key to their own destinies.

World leaders such as Margaret Thatcher steered their governments in the attainment

of economic freedom, in turn laying the foundations for globalization. Labor unions were

tamed, government privatized its assets, and certain sectors of the economy was

opened for all, even those from outside the country.

The 1990s came, and as events have turned, communism has fallen into its

destiny. The Iron Curtain was dismantled, and the world was finally united under the

banner of capitalism. It seems that it will become the inevitable.


2/3

The promise of capitalism, however, has mixed results. While it has opened the

world's markets to new sources of capital and overflowing goods and services, its

downside has became very obvious the gap among the rich and the poor widened

excessively, and the world's resources, such as minerals and gas, transferred to a few

hands. And while globalization has made us interconnected to one another, it has

eroded national and cultural identities, seems to be a trend towards a global culture .

Then, who are those who got their happy ending in this soap opera? Some

countries, such as China and the ASEAN, used globalization to develop their

economies, later on stumbled in the midst of the Asian Financial Crisis. While

developing nations rise fast as they unlock their potentials, European countries and the

United States saw themselves in the middle of a credit crunch. The world economy has

now been so linked that an event in one nation could stumble another in just a fewseconds.

There is also an argument that globalization has made nations useless entities.

Indeed, it is now the age of the trans-national enterprise, with global brands, owned by

not just one but many nationalities, controlling majority of the world's businesses. It is

not surprising to have products in the market under American or Japanese brands when

in fact, they are produced in China or some low-wage country.

Business, it seems, has also been very flexible. As nations push forward toliberalize their economies, Foreign Direct Investment entered their gates, paving the

way for their entry on local economies. While they offer more competition, their effect on

local industries has been detrimental, most of them succumbing to foreign companies.

Agriculture, mining, and even utilities such as electricity and water became accessible

to everyone, including trans-national entities. Labor has been very creative, with

innovations such as contractualization transfroming the individual to a mere service

provider.

But if you ask the majority of the world's population, I do not think they can treat

globalization as a happy ending. A farmer, who does not own the land he tills, will

protest about companies converting agricultural land for industrial or commercial

purposes. Indigenous peoples may also argue about foreign mining copanies extracting

minerals in their land without giving them compensation. Ordinary homemakers may


3/3

also grumble about the fast-rising prices of consumer goods, now that oil and gas prices

has been sky-rocketing. College graduates may end up in a call center or be forced to

migrate abroad due to lack of opportunities for them in the country. While developed

nations live effortlessly, majority of the world still lives in the realities of hunger, poverty,

war and disease.

I do not want to consider globalization to be a happy ending, much more and

ending in itself. History, by its terms, does not just end abrputly. While globalization is

now the norm, in itself there are so many events that can change anytime. Who could

have thought that China will embrace capitalism, much more to become as a global

superpower? Who would have predicted America's debt crisis 10 or 20 years ago? As

the world becomes a dizzying market, we could expect nothing but change.

And while these countries, world leaders and businesses write and direct thestory of the global economy, we should remember that we are not just mere audiences

in this story. People themselves should be involved in the script because they are the

ones who will be affected by the story. The effect of decisions made by government and

business are not just limited to themselves alone, but to the people whose lives depend

on the course of the global economy.

For majority of people, they do not really care about globalization and the things

happening in politics everyday, what matters most is for them having a job that couldtake care of their needs. But when they are in a situation where their needs are not

being provided, you could not prevent them to stand up and change the script. The

Occupy movements, the Arab Spring and similar undertakings are not just

manifestations of discontent, rather a plea of people to have the story of capitalism work

for their advantage.

Capitalism and globalization is not a work of the devil, but they could be if people

would not stand up against its excesses. The story of capitalism will only become a

happy ending if it will become the way where people will fulfill their needs and attain the

hopes and dreams they long for.

capitalism - a happy ending

Documents