Like what you've read?

On Line Opinion is the only Australian site where you get all sides of the story. We don't
charge, but we need your support. Here’s how you can help.

  • Advertise

    We have a monthly audience of 70,000 and advertising packages from $200 a month.

  • Volunteer

    We always need commissioning editors and sub-editors.

  • Contribute

    Got something to say? Submit an essay.


 The National Forum   Donate   Your Account   On Line Opinion   Forum   Blogs   Polling   About   
On Line Opinion logo ON LINE OPINION - Australia's e-journal of social and political debate

Subscribe!
Subscribe





On Line Opinion is a not-for-profit publication and relies on the generosity of its sponsors, editors and contributors. If you would like to help, contact us.
___________

Syndicate
RSS/XML


RSS 2.0

The strength behind Obama's re-election

By Everald Compton - posted Tuesday, 30 October 2012


Those grand times when some people made lots of money ceased forever when the Great Financial Crisis hit the world in 2008. It is a lie to promise people that it will happen again in its old freewheeling way.

Capitalism in the form that we once knew it actually died that year, and rigor mortis set in rapidly. It is beyond resurrection and will be replaced gradually by something more meaningful to the era in which we live.

Thankfully, neither Communism nor Socialism will make a comeback, as both have been tried, often in brutal fashion, over a long period of time, and have failed miserably.

Advertisement

The strongest possible basis for a renewal of prosperity is via a new type of economics that is best described as Community Capitalism.

US President Obama has touched on some elements of it in his current election campaign. He envisages a marketplace that is designed to operate on a level playing field, where hard working and honest people all have a fair chance to compete.

However, the majority of participants in the market will accept that they have a personal responsibility for the alleviation of poverty and the preservation of the environment as a fundamental core of good market economics.

They will also have an opportunity to inject much more private capital into health, education and infrastructure on a basis that offers them a fair return on their investment - replacing the role of governments in those fields.

Outstanding features of this community marketplace will be the active presence of not-for-profit corporations, as well as State Capitalism based on an improved version of the current Chinese model.

These institutions will have far greater capacity for growth than traditional corporate structures and, as a result, there will not be a very wealthy one per cent dominating the scene while most of humanity misses out. It will, however, develop a powerful middle class that is far more likely than the wealthy to generate the economic enhancement of those living in poverty.

Advertisement

Community Capitalism will evolve steadily. Barack Obama appears to have absorbed the message of change, and seems to be heading in this new direction.

Unlike Romney, he acknowledges that there is a new world out there dominated by rapidly changing technology, which gives little guys a lot of power in the social media as well as new found opportunities in an online marketplace. His challenge in leading America through a period of change will be to bring the Congress with him on the journey.

Sadly, most of them are so far to the right, and so lost in the past, that they refuse to accept the obvious fact that the world has undergone a transformation where no sensible person now believes that wealth trickles down from the wealthy to the masses. In truth, it has never done that.

  1. Pages:
  2. Page 1
  3. 2
  4. 3
  5. All


Discuss in our Forums

See what other readers are saying about this article!

Click here to read & post comments.

10 posts so far.

Share this:
bookmark with del.icio.us Del.icio.usdigg thisseed newsvineSeed Newsvinereddit this reddit thisStumbleUpon StumbleUponsubmit to propellerkwoff it

About the Author

Everald Compton is Chairman of ATEC Rail Group Ltd, Surat Basin Rail Pty Ltd, Steel Mississippi Pty Ltd and Tenement to Terminal Pty Ltd. Professionally, he is a Certified Practising Accountant and a Certified Practising Marketer. Subscribe to Everald's monthly newsletter by emailing compton@everaldatlarge.com and follow him on Twitter @EVERALDATLARGE.

He is the former Chairman of National Seniors Australia and has taken-up a new role as Chairman of the Federal Government’s Panel on Positive Ageing. He is also Chairman of the Everald Compton Charitable Trust, an Elder of the Uniting Church and an Honorary Senior Fellow of the University of the Sunshine Coast.

Everald became a Member of the Order of Australia in 1993 and was awarded the Centenary Medal in 2001 for his services to the transport industry.

Other articles by this Author

All articles by Everald Compton

Creative Commons LicenseThis work is licensed under a Creative Commons License.

Photo of Everald Compton
Article Tools
Comment 10 comments
Print Printable version
Subscribe Subscribe
Email Email a friend
Advertisement

About Us Search Discuss Feedback Legals Privacy