As I sat down to discuss current affairs with one of my lecturers this week, I posed the question, where next for Capitalism? It is a system on the brink of collapse, signified by the rise of economic populism, both in Europe and beyond.
“In sum, neoliberalism is the immediate and foremost enemy of genuine participatory democracy, not just in the United States but across the planet, and will be for the foreseeable future.” – Noam Chomsky
Neoliberal’s realise that democracy is not their friend and time is running out on Capitalism as we know it today. Although it may not be apparent, there has been much work done in recent decades on subverting the power of Government’s particularly in the U.S. but also in the U.K. The de-politicisation of major topics is key evidence of this, as political decisions are outsourced to regulators who are powerless.
The electoral commission is a prime example of such flaws in our democracy, where the maximum financial sanctions for breaking electoral law, £20,000. There have been several times during the process to leave the European Union, where Theresa May’s government has tried to extract power from Parliament, and give power to the cabinet to bypass democratic procedures.
Neoliberal’s look no further than China, an authoritarian regime that has a track-record for high economic growth, many critics cite that this has been achieved because of the regime’s ability to by-pass the checks and balances of democracy. Chinese authoritarianism is a more rapid and efficient way to economic prosperity and stability, than the whirlwind of electoral politics. What sacrifices will this Capitalism ask of us? China is a hi-tech security state, where every movement is monitored, the information you are allowed to read is censored and your mobile is continually monitored for illegal-activity.
With an economic crisis looming, whether it be caused by overindulging stock brokers once again, or the inevitable economic downturn when we leave the European Union, the people will, I feel, reject Capitalism once and for all, the elite know this.
The U.K. represents a less extreme version than the U.S. but with the appointment of Brett Kavanaugh, a highly-politicised Supreme Court represents a seriously detrimental threat to democracy in America, there will be attempts to curb what federal government can rule on, and undoubtedly any controversial decisions will be ruled in favour of the capitalist class. Donald Trump’s highly publicised use of executive orders to avoid Congress, is once again representative of the techniques being employed in the United States, the world’s ‘once flagship’ democracy.
We should be cautious, particularly in times of crisis, as the era after 9/11 showed; a crisis can be used to pass laws on an unimaginable number of topics, Neoliberals will attempt to exploit this. For now we have a legislative hawk in Jeremy Corbyn and the Labour Party, but you have been warned, the Chinese model is what beckons.