Headline April 02, 2018/ '' 'CAPITALISM UNDER *ZERO-THREAT' ''


THE WORLD STUDENTS SOCIETY - is the exclusive and eternal ownership of every student of India : One Share-Piece-Peace.

*Just as it is the total ownership of every student in the world*. In the world of ever changing perceptions, we !WOW! and move on.

ASIAN YOUNG STUDENTS WILL routinely pick majors in colleges that are trending, say  computer coding, yet ill - suited to their personal strengths.

Consequently, they remain mediocre as employees and reduce the dynamism of the economy.

More alarmingly, a great percentage of  new graduates will inevitably compete for jobs the economy cannot yet produce, and this raises unemployment rates. It is a vicious and demoralizing circle.

THE FORMER GOVERNOR of India's central bank and renowned financial wizard, Raguram Rajan assertion on BBC Radio 4 in mid-March that ''capitalism was ''under serious threat'' as it had stopped providing for the many.

''The ''many,'' in turn, would ''revolt against capitalism'' if the status quo remained unchanged. And as  history testifies, revolutions are rarely bloodless.

His premise is bewildering as it conflates capitalism, a system of organising the economy, with the duties of the state. Revolutions are routinely the product of  poor governance and absent accountability, and not per se the pursuit of profits.

Or take Venezuela, where the quasi socialist regime long maintained a transactional relationship with working-class citizens in the shape of extravagant hand outs while ignoring a ballooning fiscal deficit.

Today, the cash-strapped government faces mass protests for failing to provide basic public goods and services like food, medicine and electricity.

To associate capitalism with equality is folly. In fact, when reduced to a catch phrase, freedom to fail.''

Individuals and organizations take great that either produce dividends or don't. Some win and some lose. You innovate or perish.

Perhaps Rajan meant to say ''globalism'' is under threat, which makes more sense given the resurgence of right-wing political parties in Europe and the destructive trade war between America and China that promises to get a lot worse before it dials down.

You could argue that globalization, or politico-cultural capitalism, has reduced wealth inequality worldwide since the late 20th century by creating a robust global supply chain that rewards economies with clear comparative advantages in trade.

To that end, millions in India, Bangladesh, China and so called ''Asian Tigers'' prospered by from taking over low-skill mass manufacturing or Business Process Outsourcing [BPO] work from Western companies that saw happily their operational over heads slashed by half.

Also globalization has drastically cut the prices of consumer goods while greatly increasing the choices available to them

It has also reduced the technological gap between the developed and developing world. In that respect, ''capitalism has provided for the many.''

Rajan further opines in the interview that while a ''modest education'' was once enough to guarantee a ''middle-class job,'' the massive shakedown to global economies from the 2008 banking crises means you now need a ''really good education'' to ''succeed.''

Yet if we have leaned anything over the past two decades, it is that tech visionaries shaping our future are getting younger and younger and not necessarily more qualified.

Moreover, going forward into the age of Artificial Intelligence [AI] where the clock punching nine-to-five jobs will disappear, self-learning machines will take over most of entry-level grunt work, and creating value will instead become the benchmark of success a ''really good education'' strong skill-sets that align with personal aptitude will be meaningless.

This is a dilemma for collectivist developing countries. It is no surprise that most technological  innovations come from the West that treats individuality and risk taking as virtuous behavior.

Now think of Asia and its ''heard mentality.'' ''Here, the entire social construct revolves around walking the worn-path to ''avoid failure''.

In short, capitalism's status as the organizing principle of global economies won't be threatened anytime soon.What is at risk though is our way of life as AI promises to vastly disrupt how work is rewarded in the next 20 years.

And as with the Internet thirty years ago, early - adopter societies will prosper while those slow to adapt or change will keep playing catch-up.

With respectful dedication to the Leaders, Students, Professors and Teachers of the world. See Ya all  prepare for Great Global Elections and ''register'' on : wssciw.blogspot.com and Twitter-!E-WOW! - the Ecosystem 2011:

''' Tech-Turn-Time '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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