Egypt now facing social chaos

Another one to hit the wall!

CAIRO (AP) – In an attempt to undermine activists who plan to mark the anniversary of President Hosni Mubarak’s overthrow in 2011 with anti-army protests, Egypt’s militaries have warned that the country is now facing conspiracies that seek to topple the state and spread chaos.

Since Mubarak’ step down, protest groups have grown harshly critical of the military’s handling of Egypt’s transition to democracy, accusing the army of trying to protect its power and committing human rights violations that rival those of Mubarak’s regime.

Continued unrest since Mubarak’s ouster has battered Egypt’s economy.

History repeating itself: A year after Mubarak’s ouster, many Egyptians still angry

Former Egyptian President Hosni Mubarak

Things never change!

CAIRO – Egyptian activists vowed to flood Tahrir Square and cripple the country with a strike this weekend, saying that one year after forcing a dictator from power their revolution is far from complete.

Egypt’s economy has suffered since Hosni Mubarak’s ouster: Foreign investment has dried up and tourists are staying away. The once-banned Muslim Brotherhood which won almost half of the seats in parliament in recent elections promised to improve things by ending corruption, but little has changed.

“President Mubarak was very bad,” says taxi driver Redah Mohamed Abdella, 47, a father of four whose daily pay dropped from $25 before the revolution to $5 now.

While Egypt’s new political elite, the Muslim Brotherhood’s Freedom and Justice Party cooperate with the country’s ruling military council, and revolutionaries plot disruption, “Ordinary Egyptians like me are suffering”.

“Everyone has an eye on power,” he says.

Is Modern Capitalism outdated?

Modern Capitalism is falling apart.

Is 20th century capitalism failing 21st century society?

With the world still shaking from the global economic earthquake, and suffering daily aftershocks, it is not surprising to find more and more people asking themselves whether capitalism is dead. Today we are back to the inequality of 1929 and the Great Depression. High unemployment and the failure of wages to keep pace with living costs are resulting in widespread unrest against elites. For many and especially young people, the business community has lost its moral compass.

There is no doubt in my mind that capitalism is outdated and that today, talent, not capital, should be the main driver of economies. So far there seems to be a worldwide view that capitalism may be the worst form of economy and saying that the system needs fixing is only the starting point. Some believe that a new model based around a triangle of government, companies and society is the way forward. Some others believe that there has to be a more inclusive form of capitalism. The real problem is still that far too many narrow-minded executives that don’t want to make the necessary fundamental changes that are necessary to make capitalism work.

While the shift in economic power to the East is undeniable, no-one should think these emerging markets are great paragons of new model capitalism, spreading wealth and benefits. It’s all lip service unless major action is implemented. There may well be a rising middle class in the Eastern economies, but poverty, disease and a lack of social welfare still abound there, that is without saying anything about corruption, and lack of corporate transparency.

Can someone out there please tell me what the new model of global economy should be, how it might look like and most importantly, how we can prevent it to become a re-fashioned version of our actual, outdated and corrupted economic models?

I guess not!