In defence of capitalism

Mihir S Sharma

Posted: Sunday, Aug 17, 2008 at 0056 hrs IST
Updated: Sunday, Aug 17, 2008 at 0056 hrs IST


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: benefit everyone in their capacity as consumers, so why should we attempt to destroy the system creating it? On the other hand, rent-seeking and corporate power can hurt people in their capacity as citizens, so why permit those systems to develop? The two might have the same cause, but only one needs curing: and the cure is little more than increased participation in and scrutiny of the democratic process.

Supercapitalism has several flaws, both in construction of its central idea and its execution: why voluntary associations worked in the 1960s and not in the 1990s is only incompletely spelled out, for example. And in his discussion of the uselessness of corporate social responsibility as a brand-enhancing move, he ignores the advantages to an expanding company of a reputation for caution: consider the Tatas’ recent purchases. It is, nevertheless, engaging and persuasive; those needing help in cutting through the constant, distracting buzz surrounding the interface of politics and business in the US will find it extremely useful. ...

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