GLOBAL ECONOMIC CRISIS OF CAPITALISM: THE GENESIS AND ENVISIONING THE WAY FORWARD
MICHAEL O. MOJEKEH Ph.D
Department of Marketing
ANAMBRA STATE UNIVERSITY, NIGERIA
E-mail: mmojekeh2010@yahoo.com
Phone No: 08033802178
ABSTRACT
The main thrust of this paper is to examine and highlight the origin of the prevailing and fast-growing economic crisis, shockwaves and disturbances and to proffer avenues for realistic and sustainable global economic stability and peace. Today, our civilization has turned its greatest successes- the masterpieces of material sciences into engines of destruction with increasing force and frequency. We are witnessing a growing precarious economic situation of glaring distortion, disequilibrium and disharmony globally. The neo-liberal capitalism are characterized by individualism, greed, self-interest and economism-(which regards human societies primarily, as economic systems in which financial considerations alone govern choices and decisions). Other fundamental values such as faith, spirituality, justice, love, compassion, sympathy, empathy and co-operation are unwittingly neglected. The paper examines the origin of the global economic crisis of capitalism and to envision avenues for realistic global economic stability sustainability. Cognizance of these facts, the recommendations among other things, are that the economies and societies around the world, should be encouraged to promote and connect economic efficiency with economic ethics and justice and to build an “Economy of Communion” for the “Common Good” of all. "The children of Adam are the limbs of one another, in terms of creation, they are of the self-same-essence (UNO-New York).
GLOBAL ECONOMIC CRISIS OF CAPITALISM:
THE GENESIS AND ENVISIONING THE WAY FORWARD
Introduction
The prevailing and fast-growing global economic crises, shockwaves and disturbances, are not really unconnected with the economic system, that is generally acceptable to various economies and societies around the world-the Western capitalism. It is pertinent to note that in the beginning, it was not so, but the one percent (1%) of the world, who are unwillingly, the unchallenged beneficiaries of this economic system, at the detriment of ninety-nine percent (99%) of the world population, have bluntly refused to accept this unassailable fact and change the prevailing.......
