Socialsm, Communism and now Capitalism

When the erstwhile Soviet Union - USSR - collapsed in the early nineties, it was said that the communism was dead.

And now when the Wall Street collapsed and America finds itself in a financial crisis, it is said Capitalism is dead.

Socialism was declared long dead when developing countries like India were struggling in a so called License Raj and Red Tape.

Now what "ism" is actually the "right" principle? If certain greedy individuals or power mongers mis use the system or any "ism", the system is bound to crack. Why blame the principles themselves for the blunders of unscrupulous individuals? Be it socialism, or communism or capitalism, when things go wrong, blaming the principle is like throwing the baby with the Bath tub.

Now P. Sainath is saying that capitalism has collapsed.

“Before you do anything with your portfolio, ask yourself this: Do you still believe in capitalism?” — From the New York Times, September 20, 2008.

Nope. That’s no flaming radical capturing space in The Times, but a free market believer sounding off on the front page of the Business Section. The writer is simply making this pitch to his readers: either you believe in capitalism or you don’t. And there is a rationale to his posing the question. At this point, a large number of Americans are pretty unsure what they believe in......."

P. Sainath is taking a dig at capitalism and market forces proponents. If you could gauge the sense of glee in the tone, running undercurrent throughout the article, well, may be he didn't mean it. But he has reasons to feel bitter - and wear the "look-what-is-happening-now" attitude.