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The Future of Socialism and the Failures of Capitalism

Wednesday, April 30, 2008

A short clip from a speech Randhir Singh gave in India not to long ago:

The ‘actually existing socialism’ — which was not Marx’s socialism whose possibility remains open — has, of course, failed.  But, surely, the ‘actually existing capitalism’ — which is the only kind of capitalism possible — has not been the success it is made out to be.  In any objective judgement, capitalism too has been a failure in our times.  Other considerations apart, capitalism has been a failure in terms of possibly the most legitimate criteria for assessing the performance of a social system: ‘fullness of employment’ and ‘goodness of employment’ of the actual and potential resources available in society.  Never before in human history has the gap between society’s potentiality and society’s performance been so immense as it is today in capitalism’s current stage of development.  Evidence is there in the extraordinary productive capacity that three successive industrial revolutions have put at the disposal of humankind and the poverty and illiteracy, squalid slums and homelessness that are the lot of millions of families in the wealthiest countries of the capitalist world and the hunger and misery of hundreds of millions of people, living out their empty and barren lives in the hovels of the peripheral or semi-peripheral poor countries of the Third World.  The Third World today is indeed a monument to the failure of capitalism in our times. . . .

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