What is Compassionate Capitalism and Why We Need it in These Times of Planetary Crisis ?
April 3, 2025
What is Compassionate Capitalism and What Does it Entail for us? In recent years, there has been much talk about Capitalism evolving into a model of economy wherein corporations ensure that communitarian and people oriented business models are embraced so that profit is not the only criterion or reason why they are in business. In…
The Concept of Property throughout the Ages Most of us have a fair idea what property means and what the concept of owning property means. However, the concept of property is a rather new phenomenon in the history of humanity if one considers the evolution of humankind from time immemorial to the present times. To…
Critics have been claiming the recent economic crises are the proof the capitalist system is inherently flawed. The underlying assumption being made is that the world is following the tenets of the capitalist system and hence the failure of the system is the failure of capitalism. In this article, we will question this premise. It…
The previous articles discussed how state formation and state development takes place in the world. Though there are many examples of states that have managed to develop and progress, there are an equal number of states that have regressed and lapsed into chaotic conditions. These states where governance is absent and where civil war like conditions are prevalent are known as failed states.
For instance, many states in Africa can be classified as failed states because there is no semblance of government there and where the people are at the mercy of warlords and stakes.
The failed states index, which is an annual listing of the countries, considered to have failed is growing by the year and at the moment; it has over 100 countries in the list. Though not all are failed to the same degree, it is understood that those countries that make the top slots in the list are certainly basket cases that are beyond redemption. Indeed, many countries in Asia are also considered to be bordering on being classified as failed states as they are unable to control large swathes of their own countries.
The implications of failed states for the global political economy are many. To take the first aspect, failed states present a humanitarian challenge as the world cannot simply sit idly by when large numbers of people are going hungry and humanitarian disasters are happening. This is the reason the United Nations intervenes in these states so as to help the people in those countries to subsist and manage their lives.
Next, failed states are the breeding ground for terrorists and criminals as the case of Afghanistan proves. Considering the fact that the country is now at a stage where it can be classified as a failed state, it has become a haven for all sorts of unsavory activities. This has repercussions for the whole world as the people engaging in these activities can turn their attention to neighboring countries and even distant countries by virtue of having a sanctuary from which they can operate.
The third aspect is that failed states present challenges for the global political economy in terms of accommodation and inclusion of interests as countries with weak governance structures cannot be relied upon to enforced international agreements on issues like climate change and biodiversity.
Finally, failed states pose a threat to the global political economy because of these reasons and any developed country with a conscience cannot ignore the failed states and abandon their people. It is for this reason that the developed west in conjunction with countries like India and China are acting to resolve the knotty issues that make states fail and address the root causes. It remains to be seen as to how successful these efforts are and how much they yield results. What is undeniable is that the global political economy cannot ignore these threats and hence must act in tandem before it is too late.
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