Capitalism, bane of labour class, aver leftist labour leaders and economists. Socialism died long back all over the world. Countries like USSR, China, Cuba et al switched over to globalisation and are rolling out red carpet to welcome capitalism. What these countries realised from socialism in the past 70 years or more were to be a fulcrum for development, they would not have abandoned their ideology. Socialism helped mediocrity and complacency. Workforce were more concerned about their rights. They forgot, organisations are more important for their survival. Productivity and discipline were their last priority. Advancement in Technology has increased the automation and human involvement is reducing day by day. The actual picture of today’s public sector in India, with some exceptions, is an indication how socialistic pattern did not help development in this country. It is pertinent to recall war time British PM Winston Churchill’s observation ” in capitalism, there is uneven distribution of good things. In Communism, there is even distribution of evil things.” Socialism has no place in these days of changed world order. A refined capitalism with sufficient social security benefits to the workers will be the requirement. Today’s politicians need to act.
MRG Murthy, Mysuru