Monday 5 December 2016

Capitalism and our downfall

Published 27/09/2010 | 05:00

ALAN Rogers ('Socialist policy has ruined us', Letters, September 25) says: "We have had almost 20 years of socialist government in Ireland . . . In between, we had a decade of leadership from Ireland's most famous socialist, Bertie Ahern. And, of course, the country is now bust, as always happens with socialist governments."

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When capitalism fails, as it has done spectacularly on numerous occasions and is still doing so across the Western world, you can be assured that some anti-socialist will appear blaming socialism for capitalism's failures.

This is often used to justify an even heavier dose of capitalism. It won't wash. Over the past 20 years or more we have seen the following: the privatisation of public assets; the undermining of the public health service whilst support was given for private healthcare providers; cronyism and corruption among political and wealthy elites; the granting of tax incentives and tax breaks for property developers, some of whom have enjoyed close relationships with senior politicians; low personal tax and tax avoidance by wealthy people; huge salaries, bonuses and pensions in the banking/financial services sector, and the same, along with massive expenses, for politicians.

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