Capitalism at the crossroads

Abstract

Proposes that, as a result of retrenchment and re‐engineering, unemployment is escalating to catastrophic proportions, and that specific remedial actions need to be instituted to address this problem. Global unemployment of massive proportions has profound implications for the continued existence of capitalism as an ideology. Major alterations to the fabric of both international economies and socio‐political behaviour will take place if significant reverses to the trend of escalating unemployment do not occur. Proposes that, first, managers should become cognizant of the long‐term ramifications of this phenomenon, as only their interventions can affect this social/economic disaster. Interventions should be on three levels: short term, medium term and long term. Second, managers must develop an active interest in politics, as it is visualized that, in a geopolitical sense, business managers will replace politicians on all fronts. Politicians can simply not be entrusted with the survival of the human race on a global level. Third, recognition that there is a symbiotic relationship between company and customer will lead to the maintaining of surplus staff on company payrolls, in order to stimulate buying power. In order for this to be successful, inter‐company competition should be replaced by a co‐operative spirit internationally. It is believed that this fusion of two ideologies, capitalism and socialism (referred to as capisocism), is the only solution for the problems which are facing humanity and, in this sense, represents a radical departure from traditional capitalist thinking.

Citation

Slabbert, A. (1996), "Capitalism at the crossroads", International Journal of Social Economics, Vol. 23 No. 9, pp. 41-50. https://doi.org/10.1108/03068299610124315