IS WESTERN TYPE OF CAPITALISM TRULY SUSTAINABLE IN THIS 21ST CENTURY?

The biggest threat to the western type of capitalism for decades was the Russian Communist Revolution of the 1917 that spread to China and the entire Eastern Europe from 1917 to 1990 when the great superpower nation that was known then as the Union of Soviet Socialist Republic (USSR) suddenly collapsed like a pack of cards in the 1990 and many new nations then emerged out of the remnants of the old Soviet Union. These new Eastern European nations then embraced the western type of representative democracy, party politics and the free market systems or capitalism.

The collapse of the old Soviet Union also changed the world's economic order and direction in the late 1990s with the sudden rise of the Asian Tiger nations of South Korea, Hong Kong, Malaysia and the other emerging economies of the world, such as India, Brazil and South Africa who are now competing with the western industrialized nations for the 21st century human global markets for their goods and services as well as for the limited global oil supply or reserves that are needed to power their new economies and their emerging, but fast growing middle-class populations.

The last 10 years have also seen the sudden rise in the outsourcing of factory and service jobs by the corporations of the western world to the other developing and emerging economies for cheaper labor, to avoid unregulated practices,  to avoid high taxation and make huge corporate profits and to also be freed from the powerful labour unions and labor-related lawsuits. The American manufacturers have closed down more than 50,000 factories in the last 10 years resulting in the loss of more than 3 million factory jobs as a result of those closures.

Today, America's unemployment rate stands at 7.7%, those factory jobs are not likely to be back in America for now or in the nearest future. Today, many powerful political movements are growing in leaps and bounds across the major cities of the United States and the western nations who are now calling for economic justice, fairness and equal taxation in America in particular. Are these political developments the answers to this present western economic crises, the growing wealth gap and ever expanding income inequality in America in particular and in the western economies in general? Will these global movements succeed in changing or reshaping the economic policies of the United States  and the west forever? Will the western capitalism and its corporate greed survive the grassroot movements that are fighting against it in this 21st century human universe? Only time will surely tell.
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