Capitalism and its functioning: Human participation is essential | Greenwatch Dhaka | The leading online daily of Bangladesh

Capitalism and its functioning: Human participation is essential


Joynal Abedin
There is no denying the truth that we are living in a capitalist world which has almost become a global system in the globalised world. Capitalism, no doubt, is a dominant ideology ruling the world, following the collapse of socialist system first born in the then Soviet Union. The People’s Republic of China switched over to capitalistic order under the leadership of Deng Zia Ping, the paramount leader, who brought about a great change in China under its own condition. With collapse of socialism in 1991, capitalism filled the void.It does not mean that socialism has withered away. It has given an understanding of the functioning of the society and basic objectives of the state. Socialism in its seventy years of life could not fulfill the pledges of its objectives—food, clothing, shelter and education—in the former Soviet Union which later disintegrated under its own weight. Despite its objectives being pious, it could not meet the needs of the society. In several leading western countries, socialist parties are functioning with the avowed objectives of fulfilling the people’s fundamental needs. Though in competition it fell to the capitalist order, it did not die. So long popular human basic demands remain unmet; the question of socialism or social justice would remain. Western countries want to meet them through democracy without which ensuring justice is impossibility.
In our country political parties once proclaiming socialism became awe-struck after the demise of the Soviet system that disintegrated with a number countries becoming sovereign republics. In the present globalised world capitalism is marching ahead. China’s development in its own way brought massive transformation in that country that now emerged as the second largest economy after the United States, the lone super power in the world/. India is also going ahead to deliver justice to the people through market economy that cannot function without democracy.
Today complexion of capitalism has undergone massive changes by way of providing basic needs of the people like housing, food and medicare. Every country, Bangladesh not excluded, under the capitalistic order has to devise its own way to meet the needs of the country. It has been earlier mentioned that capitalism is a global system functioning under a rigid capitalistic norms unknown to partisanship.
Whatever we say, it has to be admitted that capitalism has its own crisis as seen in the USA in 2007-2008. But it is recovering slowly. It should be noted that capitalism, according to the capitalist economists, cannot solve various problems a society is faced with. The leaders of the country should follow their own way of development, where necessary, to do justice to the people. It means popular participation of the people in decision-making processes in different tiers of the economy. Otherwise, it would be difficult to right the wrongs.
(Joynal Abedin is a veteran journalist and worked with The Financial Express daily and the now defunct Eastern News Agency (ENA) as a senior journalist for many years. He has written this piece for GreenWatch Dhaka)


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