A Response to The End of Capitalism

In a Facebook forum that I frequent, one of the members posted this article by Klaus Schwab in the Huffington Post entitled The End of Capitalism - So What is Next?

Here is my response to both the post and the article itself.

If by capitalism he means the system we have in place today. I agree. However, the term for what we have today is not "capitalism" is the true sense. It is "cronyism" or what I call "handicapitalism."

Most truly understood we have a system where the elites in big government and big business have combined to control the resources of production. Including, BTW, the currency itself.

The most accurate term from an economic standpoint is fascism. (Note not NAZISM.) Fascism, from an economic perspective is control of the resources, but not means of production. This latter state is called communism.

Please note I am not a Republican or a Democrat and I am not calling Bush or Obama fascists. I am saying the the policies of the US government have become increasingly fascistic over the year no matter who has been in the White House.

Now that said, what Mr. Schwab is describing as the replacement of this so-called "capitalism" is really just the market responding to the idea of knowledge workers. He calls this idea "talentism," but is really nothing more than a meritocracy based on knowledge.