Free-markets capitalism, supported by Austrian school Institutes like Mises and Marx’s communism are two poles apart philosphies, which are basically an extension of individualism and socialism respectively. I stand for socialism because I believe, in individualism human beings compete with each other and in socialism they compliment each other. I believe (and I may be wrong) that individuals in a society are not free to pursue their interest because they are also tied to other people’s interest. So, imagine we all are tied up as in a three-leg kind of race. Imagine 100s people all tied up in their leg with each other. Imagine if you ask them to run and if they all pursue inividual goals (read interests), will they achieve it? The answer is no. Now if these people adopt greatest common good as the target and instead of competing, compliment each other, towards a common goal, it is a win-win situation.
Today, we are neither true socialist nor true capitalist. Infact this dangerous cocktail of socialism and capitalism can be at best called as crony capitalism which is as dishonest as Russia’s authoritarian communism or China’s authoritarian capitalism.
If the true capitalism (free markets) had been adopted, it would have shown its ugly face much earlier as the market dynamics would have unambiguously resulted into a great depression with end of road scenario. The whole credit would have got centralized in the hands of a few people whom marx called as “bourgeoisie” and without new markets (read exploitation and generating poors) created either by an act of war or coercion, capitalism could not have continued.
The capitalism would have died in its naked form as people would have understood the futility of a capitalistic structure which has anti-spiritual (anti-dharma) foundations and as such it is inherently faulty. In marx’s words the seeds of distruction of capitalism is in capitalism itself. No wonder why the great leaders of our independence from Hindustan Socialist Republican army (Chandradekhar azad, Bhagat Singh etc) to Subhash Chandra Bose, all had a vision of true socialism or as pandit Sri Ram Sharma Acharya, a great seer sage and visionary of our era has described, ‘spiritual communism’.
Arvind Kejariwal in a recent interview to “chauthi duniya” very beautifully described how our ancient economic model used to be until 1860 which was a real democracy and which Gandhi ji called as Gram Rajya. It was a decentralised model of ‘society owned means of production’ and ‘local governance’. That I believe will be the economic model in the future after the coming economic collapse and that will pave way for the golden age.