Thursday, April 12, 2012

Hard times in Europe impacts on human lives

The financial crisis in Europe has not only affected the protection and preservation of its cultural heritage but also more tragically impacted on human lives. In the long run, the problems may be over as a result of the working of the "hidden hands" but as Keynes remarked: "in the long run, we are all dead'". In the mid-19th century, Marx had already shown with analyses the destructive tendency of  unmanaged market (while he also saw capitalism''s liberating effects vis-a-vis feudalism). At almost the same period, great novelist in England Charles Dickens had also discerned the not-so-rosy sides of  the dog-eats-dog system. It is time to understand capitalism with a more balanced perspective. There is a real need to rekindle an intellectual interest in the studies of history and philosophy of economic thoughts in economic faculties as the Cold War was over in 1991 following Soviet Union's dissolution.