LETTER: Will to rein in capitalism will shape its future
Avarice and greed are in many countries unchecked or actually encouraged
Ismail Lagardien is, sadly, confused in his latest column (“What happens to capitalism after Covid-19?”, May 4). My Pocket Oxford Dictionary defines capitalism as “organisation of production by capitalists for their own profit”. He says the future of capitalism will be determined by knowledge; by technology, artificial intelligence and robotics.
On the contrary, they will be the drivers of production and aspects of the society in which we all will live in the future. The future of capitalism will be determined by the political will of society, exercised through the state, to rein in and control the many and manifest faults of the current manner in which avarice and greed are, in many countries, unchecked or actually encouraged, whilst encouraging its benefits.
Socialism and its extreme, communism, have clearly failed. I argue that, given the opportunity, every person will reasonably act in his own best short-term and sometimes long-term interests. In effect, every person is a capitalist in relation to the production that facilitates their living, their interests. There are very few indeed who will expend energy for the benefit of another.
Robert Stone, Linden
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