One piece of bad news, that’s what it takes now to unhinge entire economies.
Last week we saw the 9th largest daily stock market crash in the history of the U.S. as the markets reacted to the news that one of the world’s largest economies was no where near meeting the criteria to end a recession.
World leaders went into panic mode, although at times it seemed they were more miffed that there holidays had been cut short by such events. The markets were giving their reply to government’s, both in America and Europe, that the sluggish response to the financial crisis was going to be punished.
What we have seen in the past number of days has been the result of nations allowing themselves to be slaves to a regime that has become outdated and antiquated. To think that modern economies could find themselves brushed aside on them whim of this relentless and ruthless machine that is the Market, seems at this stage in human history uterlly extraordinary. We fought wars to stop being slaves, now it seems we have been captured by a faceless fear which has captured us in a way which we never thought possible.
Modern economics needs a radical overhaul and it needs to be led by the people who have the ideas, not the wealth. Entrepreneurs continue to provide ideas that can become the foundations of modern economies. It’s time we started investing in them and in what they have to offer. Have we not seen enough of ‘the greatness of the free market economy’?
Don’t get me wrong, I am a capitalist and I always will be. But capitalism has outgrown it’s old mantra of just making money. The modern day entrepreneur is moving into a new future where their wealth is based not only upon money but upon what they contribute to the world in which they live. Entrepreneurs are leading the way in this new social capitalism through ideas and creating companies that help give back to the society which they are in.
It’s time for capitalism to invest in people, the old machine has outlived its purpose.
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