"Cowboy Capitalism",
"was" a reckless economic system in which trade and industry
"were" privately controlled and stage managed for profits, through unfettered risk driven by greed of individuals, either sigularly or jointly. The means of production (Capital and Credit)
"were" owned, operated and traded for the purpose of generating abnormal profits, by private individuals, with Government being mere spectator. (
“Was” Proudly Practiced in US)
Over the past few decades the American free market system, later metamorphosised into
"Cowboy Capitalism" was considered as the role model of choice for any country. But now as we see the instability and insecurity generated by the flaws in that system, there is a renewed interest in the Systematic Economic Market System, as being successfully adopted in countries like India, Brazil, China(yes in China too!!).
I would prefer to call it
“Guided Capitalism", a perfect blend of best of Capitalism and added tinge of Socialism, Human Values, Social Equity and Individual Security.
I absolutely agree with all the modern day economists, that the Wall Street’s culture of unchecked and unfettered risk-taking driven by greed, short-term profitability, unseemly ‘executive compensation’ schemes – have destroyed the brand of free-market or
‘Laissez-faire’ capitalism.
The bull has finally being grounded!
The shock waves disseminated around the globe in past more then 12 months now due to the recklessness of American Capitalism System and the Wall street in particular has plunged the world in recession, resulting in foreclosure, shutdowns and job crisis, which started with Credit Crisis, has effected each one of us directly or indirectly.
It is now becoming increasing clear that the story of the Global Economic Order is now a tale of two worlds.
In one world, comprising of America, Europe and Japan, there is only gloom and doom and then there is this new world out there of
“Guided Capitalism”, India, Brazil, China, they have not only sustained the shock waves of global rescission, but are marching ahead with economic growth. In this new world the countries are neither buried under the heap of mountainous debt, nor there is any scene of gloom and doom. Not that they have remained fully insulated, what is worth noticing is that the overall economic and social scenario of these
“Guided Capitalist Economies” is still positive and citizens are remarkably optimistic about their future.
Time for America and Europe to take a cue in form of “Guided Capitalism”??
