CapitalismWhat did David Cameron meant when he accused the Labour of, "Letting Capitalism Rip"?

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enotechris's profile pic

enotechris | College Teacher | (Level 2) Senior Educator

Posted on

Why do people continue to blame the economic system when the governmental system is at fault? Why do we want politicians controlling the market? The only reason Capitalism is in crisis is because governments keep meddling with it. One point people repeatedly miss regarding Capitalism is that it requires a Free Market -- which means that the market determines the price and quantity of things.  It also means there are no "special" favors to business by government -- GM does not get the bailout in Capitalism, but in a "mixed" economy, the government shows up and gives them one.   Banking runs amok -- In Capitalism, the banks fail because of poor business practices. Additionally, government punishes them for their illegal activities.  Why didn't the government show up and restrict illegal activities when they were happening?

In both cases, the absence or presence of government causes more economic problems. Government fails because it does what it is not supposed to do, and concurrently, doesn't do what it is supposed to do.  Then the politicians turn around and blame not themselves, but the economic system.  Regulate! becomes the cry, and the politicians continue to expand their power at the people's expense.

"Government in Crisis" doesn't quite have the same alliteration, but therein lies the problem.

 

litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

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Capitalism can often result in some less than moral choices.  An example is the banking system, in which greed is running rampant and resulting in corruption and all kinds of illegal activity on the bank's part.  Many people feel that something should be done.

pohnpei397's profile pic

pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted on

Cameron is saying that the Labour Party, when it was in office, did not do enough to regulate capitalism.  He says that Labour either went all the way to socialism (where its roots are) or embraced capitalism without realizing that capitalism has negative aspects to it.  He claims that the Tories understand capitalism better and will therefore know how to rein in the worst excesses of that system.

washerz's profile pic

washerz | Student, Undergraduate | eNotes Newbie

Posted on

So should we say Captilasm in its pure form and definition should be left alone and avoid meddling in and regulations from Governments?? But as it seems if governments don't regulate to some point the difference between the richer and poor is getting way out of hand!! Hence Nick Clegg suggested the John Lewis way on businesses!!!
washerz's profile pic

washerz | Student, Undergraduate | eNotes Newbie

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Yes greed can be a very big moral issue, but beside that what are the other moral and ethical issues in the Prime Minister's speech? What might be his motivation for saying this? Was he just trying to allege that the Labour party was reckless?? I have read the speech and I am trying to figure out whether his context was historical or audience??? When he says we need to have responsible Capitalism does it mean are slowly moving into Socialism, coz from my understanding a lot of regulations or government intervention on the free market will push capitalism into Crisis!!! He picked on Social Responsibility, in which sense did he mean that?? Which brings us to the question: "Is Capitalism really in Crisis??"
washerz's profile pic

washerz | Student, Undergraduate | eNotes Newbie

Posted on

Thanx mate, now I am getting the grip of it now! Quite appreciated!!

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