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KEVIN RUDD has denounced the unfettered capitalism of the past three decades and called for a new era of "social capitalism" in which government intervention and regulation feature heavily.
In an essay to be published next week, the Prime Minister is scathing of the neo-liberals who began refashioning the market system in the 1970s, and ultimately brought about the global financial crisis.
"The time has come, off the back of the current crisis, to proclaim that the great neo-liberal experiment of the past 30 years has failed, that the emperor has no clothes," he writes of those who placed their faith in the corrective powers of the market.
"Neo-liberalism and the free-market fundamentalism it has produced has been revealed as little more than personal greed dressed up as an economic philosophy. And, ironically, it now falls to social democracy to prevent liberal capitalism from cannibalising itself."
Social capitalism divides the concept of economy into two tiers: A participatory group of society working functionally in an upper economy (Tier-One) and an underlying economy of dependent poor communities elements(Tier-Two). Tier-One generally comprises the upper and middle classes while Tier-Two represents many low wage workers, impoverished persons. Social capitalism posits that providing Tier-Two with the means to participate in the market would discourage Tier Two from completely dropping out of the system, hence, causing major disruptions to the market. A larger and more inclusive market is a more efficient and more stable market.
Originally posted by A NeWorlDisorder
BTW, isn't Kevin Rudd the guy that ate his ear wax?