The setback experienced by socialism earlier and now capitalism coming crumbling down,no wonder that a new economic order will sooner or later replace the present economic applications and create fresh financial regulations globally.Modern day economics has long past the ripple affects and has gone into a turmoil phase.The profit oriented system had technology revolution acting as turboprop to continuously keep the economies of developed nations in a turgid state.It had consumerism at its core fueling the profit centered growth.
Recent developments in Greece and awaiting futures of European Union nations with high budget deficits is bound to have contagious affects due to extended globalized linkages.Lets examine -how it all generated and further what all led to it's sedimentation.The genesis was incubated with advent of Information Technology which had the basis in virtuals,it thrived and flourished on unreal structures -handling out real profits which it was sucking from giant edifices of technological upheaval-a logical conclusion for industrial augmentation in earlier years.The process went on sucking the wealth out from the system and built products around borrowings.Economists,Banks,Govts.Industries and Leaders all got into this web of virtual world and worked head over heals to extract more and more easy money coming in tons of Dollars,pounds and Euros from non-innovations.Crisis erupted and precipitated down as consumerism -a fall out of today's system,created false incomes
premised on loans,it had a limitation and now it can't be stretched any further after having crossed the threshold -there is no stopping.No one can turn the wheel back,the only available option is :throwing the present economic system into a trash can,dumping it in gutter lanes and evolving a better mechanism to give the inhabitants of this beautiful planet a bountiful life devoid of deprivation.An economic tool which provides for genuine and rational profits,sufficient re-deployment of earnings back for realization of futuristic goals of mankind,along with human touch.Need must overtake greed-which has no end.
A Herculean task indeed but then moon like blunders require nothing less than Earthy solutions.Get technology the pink-slip from its position of a master of
human destiny ,and employ it as an obedient and submissive servant.
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