Dr Nkrumah's Scientific Socialism

Fri, 27 Aug 2010 Source: Augustrian

Just the other day, I was reading my local newspaper, when I came across the business and financial section. Most interestingly, the newspaper had compiled a list of the world's most richest people. Now, as we all know, the world is still going through a financial crisis. Companies are closing down, and workers are being laid off. Surprisingly, I discovered that it is not all bad news for everybody. Actually, some companies are making tons of monies due to the global financial crisis. Then again, in capitalism, the Corporations are the sole regulators of the economy. The business Corporations could stop the economy and lay people off, whenever they feel the need to do so. Mind you, the economy is like a machine, which could be stopped and reset at any given time. The functioning of an economy has got nothing to do whatsoever with demand and supply. There are more to it than that, but I will leave it for another day. In the world of business, there are two things--which every company hates. These two things are; the paying of taxes to the government and competition.

It's estimated that companies pay billions in taxes to the government annually. So, you could understand why most companies disfavor the idea of paying taxes. Furthermore, competition breaks a company's monopoly--which, of course, results to a loss in revenue. America believes in a free-market economy, and has therefore opened its borders to all. This has led to the invasion of foreign-markets taking over America's economy with cheap consumer products. Of course, to the detriment of American local businesses and companies. In short, American companies are losing billions of dollars to foreign companies operating in the United States with their cheap consumer products. This matter gets worse. Amidst the loss in revenue, Corporate America must still continue to pay its taxes to the government for doing business. See, it's one thing to make money and pay your taxes, and another to lose money and still be expected to pay your taxes. So, what kind of action did Corporate America take to save itself from going completely under? Corporate America simply stopped America's economy, and workers got laid off aplenty.

The worst thing that could happen to any country is to see its unemployment rate soar. This means, less money for the government, and a loss for the country. Mind you, employment creates a huge tax revenue for the government--unemployment does the exact opposite. Therefore, the government encourages people to work. When Corporate America halted America's economy, the government had no choice but to step in with a stimulus package. Then again, this is exactly what Corporate America wanted, expected, and secretly planned. Corporate America wanted to get back some of the monies, which it had lost in revenue to these foreign-markets operating in the United States. This was the whole idea. Of course, the financial losses of Corporate America were estimated to be in the billions of dollars. One thing was clear, Corporate America needed a bail-out. Sure enough, the United States government stepped in and handed Corporate America a check in the form of an economic stimulus package worth $850 billion. To do what? To get the economy up and running again.

Corporate America, without a doubt, got exactly what it planned. It got bailed out by duping the government of America by deliberately recessing the economy. A recession which has contributed to human misery and job losses all over the world. Some have it that capitalism is a monster--which feeds on itself. I would say that it's a monster--which feeds on its practitioners. The free-market economy, in its present form--if not subjected to either rules or regulations by world governments will certainly bring about the fall of humanity. To me, capitalism, as practiced in the United States, is nothing short of slavery. Then again, the United States didn't truly abolish slavery. They still believe in it. The country just stopped using the word slavery, that's all. In reality, nothing changed. Scientific socialism, according to me, is the only way out. Dr Nkrumah wrote that scientific socialism implies: "Political power in the hands of the people, with the entire body of workers possessing the necessary governmental machinery through which to express their needs and aspirations. It is a concept in keeping with the humanist and egalitarian spirit, which characterized traditional African society. Tough, it must be applied in a modern context. In it, all are workers, and no person exploits another."


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Columnist: Augustrian