Topic: Neo-liberalism and the crisis of Capitalism (Read 303 times)

Yes, because the currency is not backed by gold reserves, the value of the currency is dominated by the power of western countries. That is a very detrimental thing. Apart from that, debt is also a problem. When poor countries' exchange rates weaken, their foreign debt will get higher over time.

One of the best solutions is to use fiat currency for local transactions only and use bitcoin and gold which have global prices for cross-border trade. Then the local currency may not be affected by forex. What is your opinion? Do you have a solution for this condition?

people would soon work out. they could sell bitcoin for USD.. convert USD to naira buy bitcoin using Naira, repeat and then see how the balance between Naira and USD changes

basically it boils down to the western controls of FOREX

So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.

So... with all that garbage you typed, or likely churned out of ChatGPT in the style of an idiot, you came up with The Great Depression - which took place almost one hundred years ago, as the centerpiece of your argument that capitalism is bad? How dumb. In all the decades since, not a single better solution or alternative has come along, because for all it's faults capitalism is the best economic model out there. You really want to get to the point where you are running well regulated capitalism, because corporations will have a tendency to direct some of their profits into loosening rules for the benefit of the company and the detriment of the public, but besides that it is the best model out there.

This is not capitalism. This is colonialism you are talking about. Colonialism and capitalism were closely connected in the last few centuries, but  I don't believe that colonialism and capitalism are the same thing. You seem like one of the guys, who blame capitalism for everything.
Why don't the African countries build a bunch of communist egalitarian societies with a government owned command driven economy?
Completely removing capitalism out of the equation will solve the problem. Right? What could possibly go wrong?
Do you really believe that African countries will become developed if the western countries suddenly disappear?

The emergence of industrial capitalism which commenced in Europe in the second half of the eighteenth century heralded two social phenomena such as; pervasive commodification ( all productions geared for sale), and monetization (the centrality and  the use of money for transactions). Sequel to this development, the entire human society became polarized into two social classes; the owners of production and labour. The latter became decomposed into different social classes such as; the middle class, working class, lower class, under class and lastly at best, though more often than not is never recond, the peasantry.
Thus, production is organized within these social complexities which is characterized with antagonisms arising from inequality, poverty, unemployment, inflation and hunger. These are the causes of the miseries in the human society in recent times.
The Great Depression in Europe in 1929 is as the results of these macroeconomic indices as stated above. Classical liberalism was not able to address the crisis, so there was a shift for the adoption of the neo- liberal paradigms such as; fiscal policy and monetary policy. These were operationalized to help manipulate aggregate demands as to minimize unemployment and inflation in Europe. It was achieved through Budgetary framework which shows the ratio of recurrent expenditures and capital expenditures and the directives of expenditures are specified accordingly.
Ever since the European countries, the United States of America and other advance countries are helped by this neoliberal permutations.
On the basis of these ideological persuasions, what really is happening to the African continent and other underdeveloped continents. Why are they not been able to liberate their continents from the contemporary crisis of global capitalism.
I would want the users of this forum to comment and contribute to this great debate. Thanks.