Whither Capitalism? Wither Socialism?

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Written on November 9, 2009, and categorized as Secret and Invisible.
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“Twenty years after the fall of the Berlin Wall, a new BBC poll has found widespread dissatisfaction with free-market capitalism. In the global poll for the BBC World Service, only 11% of those questioned across 27 countries said that it was working well.

Most thought regulation and reform of the capitalist system were necessary. There were also sharp divisions around the world on whether the end of the Soviet Union was a good thing.

Almost a quarter – 23% of those who responded – feel (Capitalism) is fatally flawed. That is the view of 43% in France, 38% in Mexico and 35% in Brazil.

And there is very strong support around the world for governments to distribute wealth more evenly. That is backed by majorities in 22 of the 27 countries.” (BBC)

This is an interesting result for such a widespread poll. The more rightwing countries – including USA, France, UK and Chile – think that the demise of the USSR was a good thing, but many major and future players, for example India and Indonesia think that on balance it was a bad thing.

In terms of reform, big divisions in the EU – the great majority in the UK and Germany think that capitalism needs greater regulation, whereas France is much more skeptical with over 40% thinking the system is “fatally flawed”.