While listening to a recent Democratic party presidential candidate debate I noticed that candidates were really trying hard to distance themselves from Wall Street and project it as some sort of very dangerous or evil entity that needs to be destroyed or at least controlled using additional rules and regulations. I am not an expert on finance and trade-related laws and regulations, but I think I understand the political aspects of targeting Wall Street. More socialist-leaning candidates were more revengeful towards Wall Street organizations, so out of three candidates on the dais obviously Mr. Bernie Sanders was the one who was at the forefront of criticizing the symbol of the financial might of the US. I wonder what is the reason for so much anger which almost sounds like hatred towards Wall Street (abbreviated as WS henceforth in post)? Why do some of these candidates feel so compelled to criticize WS to please their supporters? I am sure all of them have some investment or links that are part of WS business and they all earn part of their income from those investments, but then why do they focus only on negative aspects of WS without even acknowledging that there are many good things happened because of the presence of free market?
WS is the result of a free market system, it is supposed to be a place to trade and raise capital for your business. No doubt that so many scams or bad things have happened in the past. Many people as well as organizations tried to misuse some loopholes in the existing system which resulted in economic crises. The economic disaster of 2008 is still fresh in our memories and whenever the share market starts dipping down sharply many of us who don't understand it very well worry if another 2008 is about to happen or what? So, there is no doubt that there are some concerns and apprehensions about the manure in which WS operates, but isn't this true with any system with so much power associated with it? That power can be financial, political, or military, we all look with doubt at all powerful entities. Even a democratically elected President is not spared if they don't belong to a political party that we support, so we all have some bias towards the rich and powerful and let's acknowledge it. But this doesn't mean we should paint a totally wrong picture of powerful people by completely neglecting any good things achieved by them. I don't think there is any doubt that economic prosperity is one of the major reasons why people get attracted to the US and want to emigrate here. The free market system where people feel that they will be successful entirely based on their talent and capabilities attracts many talented people from all over the world to this amazing country. I am not saying that there are no problems in this system and discrimination doesn't exist, but by and large system works well to do justice to its people. WS is an important part of this system. It allows people to build organizations and helps them to make them big, this is supposed to help in wealth creation and distribution. Many people are direct or indirect beneficiaries of this ecosystem. Definitely, uneven wealth distribution is a serious problem and something must be done about it, but at least wealth is created and the truth is that currently there is no better alternative that seems to be as reliable as this. Many of the objections raised by these people who seem to be fierce opponents of WS about the unequal distribution of wealth and rising economic disparity are true and valid, but some of the solutions offered by them are equally horrible and unpractical. It seems they intend to destroy this working system that has some glitches without even having an alternative that can be at least as good as the current system. It is very easy to criticize and destroy, but then at least provide some viable alternative to the present system before ordering its destruction. There are no examples of successful countries or societies based on any single ideology, let it be capitalism, socialism, communism, or any other "ism." What works best is always a mixture of good things from each ideology based on the requirements of that particular society. Therefore, I don't understand why are we so eager to draw so rigid lines and reject something because it belongs to some other "ism" that we don't support. Why call socialism evil or capitalism evil when both of them have some good aspects and some bad? Why not take the best ideas from all ideologies that suit our society and make something good for most people in our society?
I always wonder how long this fight between different ideologies will continue? Why can't be there interdisciplinary collaboration between all these ideologies like scientists do between different disciplines of science? Is it so difficult or humiliating to accept that there can be some bad and outdated elements in socialism, communism, and capitalism? Is it so difficult to understand that communism is not a very practical idea in today's aspirational world? None of these ideas are completely right or wrong, the only thing is that some parts of them are no longer relevant today, some parts are not practical anymore, or some parts are bad and not acceptable in a democratic society with freedom to choose and express. Is it so difficult to accept the shortcomings of any "ism" for its supporters? Maybe it is difficult, but we need to acknowledge these things and move on, if we become adamant about accepting or rejecting any system completely, then we will never solve this deadlock and keep on arguing endlessly about who is right and who is wrong. Please don't hesitate to highlight any drawbacks associated with any system, capitalism or WS is not an exception to this. Highlight loopholes in the law, highlight its misuse, and question policies based on data and logic, but not based on populism and appeasement. The way it is done now sounds like hatred and anger directed toward the rich and powerful, this attitude is only going to create a social divide and nothing else. Maybe it will help to win some elections, but definitely, it won't help to solve the real problem. So, it will be better if we use this anger to offer constructive criticism and not to vilify any entity. Before destroying the current house, at least propose a viable plan for a new house, let's discuss rather than fight.
WS is the result of a free market system, it is supposed to be a place to trade and raise capital for your business. No doubt that so many scams or bad things have happened in the past. Many people as well as organizations tried to misuse some loopholes in the existing system which resulted in economic crises. The economic disaster of 2008 is still fresh in our memories and whenever the share market starts dipping down sharply many of us who don't understand it very well worry if another 2008 is about to happen or what? So, there is no doubt that there are some concerns and apprehensions about the manure in which WS operates, but isn't this true with any system with so much power associated with it? That power can be financial, political, or military, we all look with doubt at all powerful entities. Even a democratically elected President is not spared if they don't belong to a political party that we support, so we all have some bias towards the rich and powerful and let's acknowledge it. But this doesn't mean we should paint a totally wrong picture of powerful people by completely neglecting any good things achieved by them. I don't think there is any doubt that economic prosperity is one of the major reasons why people get attracted to the US and want to emigrate here. The free market system where people feel that they will be successful entirely based on their talent and capabilities attracts many talented people from all over the world to this amazing country. I am not saying that there are no problems in this system and discrimination doesn't exist, but by and large system works well to do justice to its people. WS is an important part of this system. It allows people to build organizations and helps them to make them big, this is supposed to help in wealth creation and distribution. Many people are direct or indirect beneficiaries of this ecosystem. Definitely, uneven wealth distribution is a serious problem and something must be done about it, but at least wealth is created and the truth is that currently there is no better alternative that seems to be as reliable as this. Many of the objections raised by these people who seem to be fierce opponents of WS about the unequal distribution of wealth and rising economic disparity are true and valid, but some of the solutions offered by them are equally horrible and unpractical. It seems they intend to destroy this working system that has some glitches without even having an alternative that can be at least as good as the current system. It is very easy to criticize and destroy, but then at least provide some viable alternative to the present system before ordering its destruction. There are no examples of successful countries or societies based on any single ideology, let it be capitalism, socialism, communism, or any other "ism." What works best is always a mixture of good things from each ideology based on the requirements of that particular society. Therefore, I don't understand why are we so eager to draw so rigid lines and reject something because it belongs to some other "ism" that we don't support. Why call socialism evil or capitalism evil when both of them have some good aspects and some bad? Why not take the best ideas from all ideologies that suit our society and make something good for most people in our society?
I always wonder how long this fight between different ideologies will continue? Why can't be there interdisciplinary collaboration between all these ideologies like scientists do between different disciplines of science? Is it so difficult or humiliating to accept that there can be some bad and outdated elements in socialism, communism, and capitalism? Is it so difficult to understand that communism is not a very practical idea in today's aspirational world? None of these ideas are completely right or wrong, the only thing is that some parts of them are no longer relevant today, some parts are not practical anymore, or some parts are bad and not acceptable in a democratic society with freedom to choose and express. Is it so difficult to accept the shortcomings of any "ism" for its supporters? Maybe it is difficult, but we need to acknowledge these things and move on, if we become adamant about accepting or rejecting any system completely, then we will never solve this deadlock and keep on arguing endlessly about who is right and who is wrong. Please don't hesitate to highlight any drawbacks associated with any system, capitalism or WS is not an exception to this. Highlight loopholes in the law, highlight its misuse, and question policies based on data and logic, but not based on populism and appeasement. The way it is done now sounds like hatred and anger directed toward the rich and powerful, this attitude is only going to create a social divide and nothing else. Maybe it will help to win some elections, but definitely, it won't help to solve the real problem. So, it will be better if we use this anger to offer constructive criticism and not to vilify any entity. Before destroying the current house, at least propose a viable plan for a new house, let's discuss rather than fight.
Thanks for reading and please share your views on this topic.
[Copyright: Vinay Thakur. Please contact the author for re-posting or publishing]
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