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Wednesday, September 18th, 2019

ONLINE READERS COMMENT: A nation's success depends on more than ideology

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by October 27, 2016 General

Dear Editor,

Here we go again. In another section of the media, another chapter in the sterile ideological debate (capitalism versus democratic socialism) between former Prime Minister Edward Seaga and People’s National Party general secretary Julian Robinson.

Isn’t it high time Jamaicans realise that it isn’t the ideology per se that determines a nation’s success or failure.

For every success of capitalism (Singapore) we can find a failure (Puerto Rico); for every success of democratic socialism (Scandinavian countries, especially Norway) we can find a failure (Venezuela, Jamaica).

For 54 years since Independence we have actually tried both systems; look where we are now.

Just as in football, whether a team employs 4-3-3, 4-4-2, 3-5-2, what counts ultimately is the quality of the players and the coach.

A nation’s success or failure depends far more on population size relative to land mass, natural resources, geographical location (Panama, Singapore), quality of leadership, culture (discipline) of the people than on ideology.

Years ago we were brainwashed that capitalism plus democracy were essential for prosperity.

Tell that to communist/capitalist China today.

What can be said for sure is whether you practice democratic socialism, capitalism, communism, fascism, any other ism or variant therof, if you raise interest rates to 60-70 per cent or beyond, business and banks will crash and your economy will take a lasting hit.

Anyone want to dispute that?

Errol W A Townshend

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