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1. Capitalism beyond crisis
Running head: Capitalism beyond crisis
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2. Capitalism beyond crisis
Introduction
The main issue at hand according to Sen’s article is that there is dire need for change, the
old capitalism has to be done away with and new capitalism adopted. Sen blames the old
capitalism on the devastating economic effects that were experienced in 2008. Among the
problems that were experienced in 2008 include the food crisis that posed a great threat
especially to the consumers that are poor particularly those in Africa. The oil prices rose
considerably thus posing a major economic threat to all the nations that depend on imported oil
to drive their economies. In the same year, global economic recession was experienced which is
currently gathering momentum at a very high speed. There is no doubt that Sen is very right by
blaming old capitalism on the problems being experienced around the world and as the he
proposes there is need to change it so as to minimize the effects of capitalism (Sen, 2009).
Old capitalism should be changed
Capitalism nature and whether there is need to alter capitalism is one of the questions that
are quite evident. The advocates of capitalism believe that the economic ideology is being
blamed unjustifiably for economic problems that are short term. However, this is not the case as
capitalism is not being blamed for negative impacts that have not been experienced. Capitalism
has very serious defects, which are showing themselves in the prevailing economic arrangement.
In order to avoid the effects of the defects arising as a result of the prevailing economic
arrangement, there is need to adopt new capitalism (Sen, 2009).
Thoughts about altering society’s organization in the long term are indeed needed; such
ideas are quite different from the strategies that are needed in order to deal with the current
economic crisis. The old capitalism needs to be changed to new capitalism, which is non-
monolithic. The new economic order draws from various institutions that are selected
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3. Capitalism beyond crisis
pragmatically and should be founded on values of the society, which are capable of being
ethically defended. Moreover, the concern about the type of economic order that is best
applicable in the current world should be addressed bearing in mind the current economic crisis.
There should be a method of assessing what is championed and taught among economists, in
order to provide some guidance on economic policies. Since we are already in the economic
crisis, the question that we can seek to address is how to get out of the crisis and suffer minimal
effects of the crisis (Shah, 2006).
The author suggests that the current economic order in such places as America and
Europe are not genuinely capitalist systems. Although it is commonly assumed that depending
upon markets for transactions of economic nature is a condition that is necessary for a given
economy to be referred to as capitalist. Again, relying on personal rewards and profit motive that
are based on ownership that is private are often perceived as enough indicators that a certain
economy is capitalist. However, the same economies partly rely on transactions together with
other payments that take place mostly outside the markets. Some of these payments include
public pensions, unemployment benefits social security features and provision of healthcare and
education channeled through arrangements that are non market. For sure, such economic claims
linked with such services cannot be said to be based on property rights and private ownership of
property advocated under pure capitalism (Sen, 2009).
Conclusion
The current economic order of old capitalism has several demerits some of which have
far reaching implications on the economy. The experience of 2008 is a clear testimony of the bad
side of the old capitalism. As proposed in the article, there is need to shift from the old to new
capitalism, and thus mitigate the dire consequences that result from old capitalism. In addition,
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pure capitalism is rarely practiced since there are certain claims that are found in what is referred
to as capitalism but are not founded on property rights and private ownership of property.
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Reference:
Sen, A. (2009): Capitalism beyond the Crisis, Retrieved on 1st December 2008 from,
http://www.nybooks.com/articles/22490
Shah, S. (2006): Old Capitalism is Dead, Long Live New Capitalism, Retrieved on 1st
December 2008 from, http://www.chowk.com/articles/10240.
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