Capitalist corruption leading to global socio-economic collapse

Girish Jakhotiya ()

MPRA Paper from University Library of Munich, Germany

Abstract: In a recently conducted business conclave, the powerful corporate bosses agreed that capitalism should serve the purpose of social equity. While forming the World Trade Organization (WTO), it was expected that the economies world-wide would promote an entrepreneurial culture to create ‘wealth for all’. In reality, it is the crony capitalists who exploited most of the global opportunities of growth even at the cost of their home countries. We observe a systematic capitalist approach to the conduct of corruption across the globe, denying even base-line opportunities of prosperity to the common people. Corruption by the crony capitalists has been either structurally supported by ideological corruption or systemically promoted by the so-called administrative reforms instituted by the corrupt politicians. Although, communism too ultimately promotes corruption through the ranks and files of socio-political structures, crony capitalism has almost destroyed the confidence of common people in global economic cooperation. Therefore, countries after countries and their political leaders are now resorting to the gimmicks of excessive nationalism to impress the masses with short-term gains. It is high time that we wisely think about curtailing capitalist corruption to create an atmosphere of equal opportunity through equity.

Keywords: Crony capitalism; Communism; Imbalanced Growth; Income Inequality; Ideological Corruption; WTO (search for similar items in EconPapers)
JEL-codes: P1 P2 (search for similar items in EconPapers)
Date: 2019-08-29
New Economics Papers: this item is included in nep-pke
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