Daniel Taylor writing in Red Flag, addresses some of the systemic problems with the economic system we currently have.

 

“When the system is under strain, the “democratic deficit” of capitalism becomes obvious. No matter how many elections take place, the things we want don’t happen; the things we don’t want, do happen; and the people we despise are in charge.

But the roots of the problem are deeper than the political process: the lack of democracy is built into the fundamental structures of a capitalist economy.

Democracy means “the rule of the people”. Capitalism means the rule of the market. Between those two concepts lies a gulf that can’t be bridged by any number of patriotic songs and firework displays.

A capitalist economy, based on private property, divides society into those who own and those who don’t: those who decide and those who obey. The first, most fundamental decisions that can be made in society – what to do with the tremendous wealth and technology that exists in the world – are made with no democratic oversight at all.

Will factories be used to assemble medical equipment or machine guns? Will cranes be set to work building schools and hospitals or luxury apartments for the rich? Will the printing presses make textbooks or newspapers full of racist fear-mongering?

These key decisions, which determine the shape of the society we live in, are made every day in secret, with no democratic oversight, by the tiny minority of the population that owns society’s productive wealth. They are not made in parliaments, but boardrooms. And they are made in the interests of the capitalist class, to increase its profits and strengthen its rule over society.

In capitalist “democracy”, “the people” have no say whatsoever over the most important decisions in the world: the economy is the private concern of the bosses, and we have to live with their decisions. And the state – supposedly the democratic influence on society, in which all citizens, rich and poor alike, have an equal say – merely reflects and reinforces this tyranny.”

I think it is time we give democratic socialism a fair shake.