Capitalism has not provided any solution to the problem. Rather it creates problem when it continually focuses on the interst of the rich. It focuses on producer side (mostly consist of rich) of the economy not consumer side (mostly consist of poor). While producers create damage to the economy (mostly to environment) through their production process poor people suffer a lot. That is why they are poor. Poor people should be compensated costlessly. That compensation should be through Charity (Jakat in Arabic) or Carde Hasana ( loan without interest). When you provide costly loan to the poor you are adding another nail to the damage already done to them.

Is there anything else better than Capitalism?

So there is nothing better than Capitalism. Only theories and hopes. Unfortunately.

Capitalism is lame when it takes on profit maximization without caring much about distribution of profit on equitable share. If in capitalism rich gets richer at the cost of poor gets poorer, you must stop it. If rich country use technology to exploit poor country thats not a solution.

Fine, stop it. What can we put in place? I hope not Communism :-)

Communism is a dead horse, search for something else!

Tyrell

I like your comments but not the "We have capitalism because it’s the best system we have tried so far". Communism was dead because it did not rectified itself as demanded. Capitalism is survived as it is refined by the necessities. Now what we see is not a pure capitalism, rather we see mixed economy - you may call it social capitalism. It takes bad capitalist attitude (rent seeking profit taking) as well as good socialist attitude (welfare activities, social business). So capitalism is not dead but survived marginally in other form.

Choudhury

Your debate is interesting and valuable. But I think our we should turn our discussion to its central theme i.e. how to solve the problem of concentration of wealth and marginalization of masses in many countries. These problem seem to be the potential factors of conflict in future.

"Your debate is interesting and valuable. But I think our we should turn our discussion to its central theme i.e. how to solve the problem of concentration of wealth and marginalization of masses in many countries." I feel the same. "Attaching" capitalism (although I am not a fan of most of its implementations) takes away from the very interesting question.

'concentration of wealth and marginalization of masses' is the main problem capitalism still have. We need to solve this problem. Communism could not solve this before its death and capitalism tried but failed. We need to understand which factors are responsible for unequal distribution of wealth. Then solution is easy.....

Let me give you an example. Sustainable development economists say that we are exploiting resources at the cost of future generation. This must be compensated. At the same time, I say, capitalists are exploiting resources at the cost of marginal people's wealth. Thus rich are getting richer and poor poorer. This must be compensated. Rich people should go for Social business (with break-even profit i.e. non profit organization), give charity or Jakat (grant to ultra poor) or give zero interest loan or Kard-e- hasanah to poor. There are many ways to compensate poor. When Prof Yunus says that microcredit is a right for poor people, I say interest free microcredit is human right. This microcredit should be financed by the rich who intentionally or unconsciously make money out the poor people's lack of knowledge, technology and information.

To heed the proposal and advice of C.K. Prahalad & the economist E.F. Schumacher

http://www.amazon.com/Fortune-Bottom-Pyramid-Eradicating-Poverty/dp/8177587765

http://www.amazon.com/Small-Is-Beautiful-Economics-Mattered/dp/0060916303