What kind of capitalism for us!

After the collapse of communism in Soviet Union and Eastern Europe, when it comes to the prosperity and growth of an economy, the choice is no longer between socialism (or communism) and capitalism. Rather, the choice is between forms of control of the economy that are all arguably capitalistic, in the sense that the bulk of the means of production are in private hands.

Yet across the globe, we see a remarkable variety in capitalist systems – and in performance. There are capitalist societies whose record of innovation and growth is remarkable. The United States is a prime example, as are many of the most industrialized countries of Europe and several other economies that are moving toward the forefront. And there are several apparently capitalist nations, including several in South America, in which growth has been slow – and, in some instances has managed to decline – despite the outpouring of productivity-enhancing innovations in the world economy.

According to a Financial Times article, Europeans have little faith that their continent can compete economically with fast-growing Asian countries – but are even more convinced that it should not become more like the US.

The wary attitude of Europeans towards US-style capitalism and the gloom of many about economic prospects are revealed in an FT/Harris poll.

Asked whether the European economy could compete effectively against rising economies in Asia, such as China and India, almost two-thirds of French respondents said No.

The figures for Italy, at 56 per cent, Germany, at 45 per cent, and the UK, at 41 per cent, were lower, but still higher than the percentage saying Europe could compete with such Asian countries. The difference was accounted for by those who were not sure.

When asked whether Europe’s economy should be more like that of the US, the results were clear-cut. Those saying it should not, included 78 per cent of Germans, 73 per cent of the French, 58 per cent of the Spanish. In both Italy and the UK, 46 per cent opposed the US model.

Among those polled in the US, 30 per cent thought Europe should be more like the US.

So clearly, the European Union countries are struggling to define what is the best free-market, capitalist economic system for them.

Europeans are concerned that multinational corporations are seen as more powerful than governments, and those polled generally believed that regulations protecting workers’ rights should be strengthened rather than relaxed.

How do we feel about the capitalism that we are following in Maldives. Do we need to liberalise our economy further, do we need to strengthen workers rights, do we need more competition avoiding the forming of monopolies or what else do we need to do to create a just and progressive society?


How do we address the imbalances in our economy such as income levels and widening gap between the rich and the poor? These imbalances can be addressed when the people and the government work to improve the well being of every individual.

The Japanese language has a term 'Kyosei' which means ‘to live and work together for the common good.’

What kyosei means to us in business: it reminds us of our responsibility to create a new vision of work that fosters the long-term sustainability of people, profits, and the planet.

The interests of employees, customers, owners, and stakeholders are all honoured equally, that is how kyosei is meant to work. We need to find our own kyosei to share our prosperity in a more equitable and just manner.