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THE latest unemployment statistics confirm warnings that the global economic crisis is not only ongoing, but deepening, says Terry Bell in his latest Labour Wrap. As a result, he says there is much “thrashing about” in the search for some way out of the crisis, for some alternative.
However, he does not think the putative social compact introduced this week by President Jacob Zuma and the likes of Cosatu president S’dumo Dlamini and Finance Minister Pravin Gordhan is any answer. Such a compact, he maintains, merely means government, business and unions are continuing to function within the same economic parameters based on competition and the pursuit of profit. This system, he maintains, is clearly “beyond its sell-by date”.
This situation has resulted in an increasing and widening search for alternative ideas. Among these are the proposals put forward by Karl Marx and his often overlooked collaborator, Frederick Engels. Bell notes that at the University of the Witwatersrand last week, the Ikwezi Institute hosted a gathering to celebrate the birthday of Marx as an introduction to symposia about economic alternatives.
These discussions will include the works of that standard bearer of liberal capitalism, Adam Smith whose ideas, Bell says, form the basis of the existing system that cannot cope with the demands of the digital age. It has become dysfunctional.
As a result, Bell feels it is essential to gain greater clarity about what alternatives may exist and which may or may not be viable. With many more millions out of work around the world and with little prospect of finding work, something obviously must be done.
Crucially, he thinks it is vital that we should all inform ourselves and know what we are talking about as we seek a better future.
This will be Bell’s last Labour Wrap and Inside Labour column for two weeks.
* Add your voice or just drop Terry a labour question. Follow Terry on twitter @telbelsa.
