'Today's capitalism has run its course'

You bet it has.

"The Scandinavian countries have for many years practiced a blend of popular socialism and capitalism and as a result they have attained educational excellence, economic prosperity and guaranteed government healthcare for every citizen."

YES!

America, Australia, Great Britain and others MUST develop a much more socialistic form of capitalism, which moves right away from market-force dominated economies and into the arena of strong government regulation, and a much better conversion of wealth into gains for the whole a of a country's populace, and much more equitably.

And it has to be done within a paradigm of sustainability, which necessitates moving right away from continuous growth.

These are the basics.

So what is the chance that the current financial crisis, along with climate change and other huge environmental issues, are going to make us change our errant ways and adopt this sort of governance?

Ludwig, I believe the correct description would be "fat".

Good article.
Sadly, the arguments in this area are usually very 1 dimensional and dogmatic: Don't like corrupt, full-on Howard/Bush capitalism? "Well we tried the alternative and communism lost! So there!".
Maybe now the examples of the Scandinavian countries will be seen as an example of the *balance* that is needed.
Then again we are still fighting "war on drugs" and "war on terror" that are ultimately causing the grief they are trying to solve...so Bugsy is probably right.

Ludwig, the answer is "Buckley's".

David

As it is said to be the Rothchilds with the British government and the Rockefellers with the American, who steer the way for capitalism, you can bet your life they've got their eyes and minds on what is happening now.

Can it be that why they are not mentioned, is they also have the global medias all by what is close to the short hairs?

Have Fun, BB, WA.

Hi Bushbred,

You are dead right the Rockefellers do steer the US economy and capitalism.

They have more than their eyes and minds on the current situation.

They are up to their ears in it.

They and their banker mates are the US Federal Reserve and it is they who employ Bernanke.

Sadly many of those who are championing Bernanke's Bailout don't know that unspoken fact of US financial life.

As for things changing ...well where's that snowball and hell!

All that is occurring at present is a correction to the system. It happens periodically over the decades. Currently it is the markets way of expunging the social engineering that took place when the Democrats created Fanny Mae and encouraged the borrowing of money to minorities, who normally ouldn't possibly attain home ownership, in an endeavour to enrich them. Many people will go broke and many will lose their homes. The rest of us will cope for 4 or 5 years and during that time will recover our losses. Those who lose their homes will be those who probably couldn't afford them in the first place and those who lose their fortunes are those who probably obtained them by trading in 'toxic' mortgages, derivatives and short selling.
Of course the market took advantage of these loose and corrupt practises. The social engineers refused to reverse or even put limitations on these corrupt practises when the Democrats voted against John McCains sponsered bills, that would have legislated reforms to Fanny Mae and Freddie Mac, in the Senate in 2006.

Oh the banks will be mauled and economies based largely on producing consumer goods or digging up minerals will suffer most.

There is a very good article in Yesterdays Australian by John Montgomery.