If all centre-left practitioners are the same as our Labor Governments, past and present, we certainly should not be looking to them to alleviate the economic mess.

The election of Obama represents a window of opportunity for something positive to emerge. The 200,000 people that attended Obama's last pre-election speech in Chicago were all demonstrating that they were thoroughly HEART-sick of the current death-infused and driven system.

Plus the elation experienced and shown by millions of others world-wide when Obama won. The politics of hope versus the politics of death, or business as usual.

The mess is much much more than just economics as it is usually proposed. All of our seemingly intractable problems are inter-related. They are all part of a single all encompassing pattern created and reinforced by the system itself. A pattern or meme that patterns everything. Have you read the news?

Geoff Davies in Economia gives a detailled explanation as to why. He points out that one of the prime engines of our individual and collective financial woes is the practise of USURY or the charging of interest. A system which inevitably results in most of the population being relentlessly screwed and, all of the wealth being accumulated by the already wealthy.

There is an interesting article in todays Age pointing out the potential advantages of the Islmamic system of finance and trade which forbids the use of usury. I am not an apologist for Islam.

Meanwhile these two references describe how everything is inter-related.

http://www.ispeace723.org/gcfprinciples2.html

http://adelicatebalance.com.au

The second reference makes some surprising connections between what we put in our mouths, how it is produced, distributed and promoted (manilpulative advertising) world-wide, and the effects on the planet altogether. Including our current disease patterns.

The over-stuffed toxified obese person being the archetypal image of the inevitable (human) product of the system.

The flip side being the fact that thousands of children die each day from starvation and mal-nutrition. It is all a continuum.

Plus at the collective level The Planet of Slums as described by Mike Davis.

I would even go further and say that Obamas election was potentially THE most important political event since the outbreak of WW2.

Ho hum,

I agree.

How the US balances domestic and international considerations under Obama may indeed set the tone around the world. In other words, If the US does not provide more effective leadership, and I do not pretend to believe that any solution will be easy, then pessimism about the world's future will increase.

While it is argued by Robert Manne that Rudd, like Whitlam, has been unlucky to govern in such difficult times, I believe that the current crisis provides the very environment to test the sophistication of Western leadership.

And we need it, with the environment alone demanding dramatic reform alone.

Ho Hum, Chris
You peeked at my notes for this topic didn't you? Come on fess up.
Alright I agree with what you say.
There are few extra dimensions that I would add.

Given the obvious increasing imbalance between those who can and those who can’t be meaningly involved in capitalism. Clearly the current form of Corporate capitalism allows if not encourages growth through profiteering (exploiting and exacerbating the misery of the “dispossessed”).
The root cause here was the 1862 creation of the Limited Liability company as an entity the grandfather to the Mega corporations. In essence it seems to be a case of too much power for what is essentially an inanimate amoral creation that is giving intellectual/moral cover to dispense with the societal responsibilities/morality. By the well founded psychological principles e.g. providing separation between the decider and the ‘affected’ i.e. We won’t as readily harm people who are close as we will merely statistics.

However it seems to me there is a finite point where mega organization ceases being a tool to serve the needs of man (efficient usage of resources) and becomes
counter productive. Because the primary function of an on going organization is self preservation Whereby man becomes the means rather than the end (see ‘who killed the electric car’). The additional complications come when because of its size the corporation becomes too integral to smaller businesses in fact the whole system. The consequences of its collapse (exit from the market) are devastating to the wider market. Socialized bail outs tend only to delay the inevitable.

I would suggest with some rational justification, that corporate capitalism is neither efficient or in human interests. It is in fact machines (tools) for concentrating power and limiting distribution of wealth or humans are now servants to the tool, all of which are diametrically opposed to Smith’s work and intentions.

As it currently stands Corporate Capitalism fails most of it's stated objectives, assumptions, criteria etc. Therefore I wonder if it isn't time to reconsider the direction of Corporate Capitalism per se. THAT DOESN'T MEAN wholesale destruction of the system

Well said all. Can't really improve nor add to what has been stated. Would just like to say:

I see the current situation as a rare opportunity to break-up monopolies and set real competition into place - with appropriate regulations (yes, I know I used the 'regulation' word, anathema to the neo-con) however unrestricted capitalism becomes as great an evil as any system which gains total control. Too much power corrupts absolutely remember. Limit size of corporations and set executive salaries on a commensurate scale with all workers within the corporation. And give power to share holders to veto pay-outs if executives fail - irrespective of whatever contract they sign at the beginning of their tenure.

I have a question - why is it the low paid workers who get shafted when a company wishes to increase profits? Wouldn't just shedding a few high paid executives be much more straight forward, and allow the company to continue production? Just a thought.