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We live in an age of turmoil and rapid changes. The breakdown of the Soviet Union has effected the triumph of capitalism over communism, however capitalism has not supported a peaceful era of economic and social growth. We have wars in many parts of the world, we have famines in Africa and Asia, the gap between the poor and the rich is increasing, our world is becoming more polluted, yet we deceive ourselves in reporting that our Gross Domestic Product (GDP) has been steadily increasing in the last decades.

Capitalism, as it is, is not the answer to our economic and social growth, and its classical economic principles and theory have been rebutted by many social scientists. Kevin Kelly has explained how the Internet economy has disrupted the law of demand and supply(1), David Korten has pointed out the miseries caused by present capitalism(2), Lars Osberg has been sidelining the measurement of the GDP in favour of quality of life(3), Amartya Sen has been focusing on welfare economics(4), and Steve Keen is debunking the discipline of Economics altogether(5).

It is a fact that our economic institutions and policies are inadequate in steering an intelligent social growth, and a new direction must be taken by our governments, our institutions, and our people to fight poverty, to protect our health, and to provide equal opportunities for education and societal learning.

Therefore, we must debunk the dogmatic classical theory of economics recognizing that

"the decision to abandon a theory is never forced upon us by reality but is always and essentially a human voice(6)."

References/endnotes

Relevant political and economics articles http://www.ftlcomm.com/ensign

1. New Rules for the New Economy. Twelve dependable principles for thriving in a turbulent world. By Kevin Kelly, Executive Editor, Wired Magazine Group Inc., F E A T U R E S | Issue 5.09 - September 1997 http://www.wired.com/wired/5.09/newrules.html

2. The Post-Corporate World: Life After Capitalism by David C. Korten http://iisd.ca/pcdf/post-corporate.htm

3. An Index of Economic Well-being for Canada - with Andrew Sharpe, Lars Osberg, October 1998 http://is.dal.ca/~osberg/cgi-bin/titleserv.cgi?#117

4. Sen wins Nobel for contribution to welfare economics http://www.rediff.com/business/1998/oct/14sen5.htm

5. Debunking Economics takes you behind the sanitised, airbrushed view of economics given by its adherents and their textbooks. By Steve Keen http://www.debunking-economics.com/

6. Business Dynamics, by John D. Sterman, McGraw-Hill, 2000. Chapter 21, Truth and Beauty, page 849 http://www.mhhe.com/business/opsci/sterman/