Does the current financial crisis mean the end of the idea of capitalism, free trade and globalisation? Because it originated from a country that was the strongest proponent of capitalism and those who are spared from its worst effects are sheltered economies which follow mixed or socialist fiscal policies. It has the world in financial turmoil and the worst is yet to come. In its wake, capitalism, free trade and globalisation have suddenly become dirty words.
To me, the attractiveness of a system depends on the amount of freedom which it provides to the individual. The more freedom a system provides to the individual, the more attractive it is. And the more the state wants to control your freedoms and the more it wants to make decisions on your behalf, the less attractive it is to me.
The current financial crisis has led western governments to take steps which reek of socialism and I think that was the wrong thing to do. Because immediate pain might have been avoided but a bad precedent has been set.
Capitalism is the only natural system which allows individuals the freedom to realize their full potential and enjoy the fruits of their hard work. But with freedom comes responsibility. The old adage of 'Buyers Beware' is as applicable today as it always was. And whoever did not do their due diligence before getting into the fray to make some quick money, deserved to feel the pain and the losses and to die a natural death to make way for another more responsible entity to take its place.