We need a hybrid of isms.

Socialism with its Utopian ideals of equal distribution of wealth, a social net to help the weak and the marginalised and protection of workers against exploitation was very attractive for many but sadly it was never going to work. Discussions about equality was never going to make people equal. Physical strength can be countered by numerical strength but a billion people could not construct the first nuclear weapon. Oppenheimer could. The Soviet Union was a super power but could not win against the creative innovation of capitalism. A study has shown how strong trade unions in West Bengal have become almost irrelevant by killing off manufacturing in the state, encouraged by the communist party which ruled the state for 30 years. Share of total factory output of Bengal fell from 6.2% in 1990 to a mere 2.45% in 2012. Today contract workers, who are paid less than permanent ones, are 30% of the workforce compared to only 5% in 1995. " During the 1970s and the 1980s, the unions and their affiliates took the worker-management relation to the level of class struggle," said Satyabrata Ganguly, former Chairman of Exide. Power draws criminals, as shown by most unions being affiliated to political parties. Francois Hollande became president by promising more socialism but now has popularity rating of just 13% because his policies are destroying the economy of France. Even an oil economy, like Venezuela, has been bankrupted by the irresponsible socialist policies of Hugo Chavez so that it may have to default on its foreign debt, resulting in a calamitous fall in the value of its currency. It needs to sell its oil at $135 a barrel to pay for all the subsidies it guarantees its people but oil prices are falling. People are used to subsidies and so will rebel if they are stopped. Thus the death of socialism lies in its success. But so does capitalism. Capitalists quote Adam Smith who said," It is not from the benevolence of the butcher, the brewer, the baker, that we can expect our dinner, but from regard to their own interest." Which means that competition ensures that unless you supply the best product you will go out of business. But does the market really keep everyone honest? The sub-prime crisis that almost resulted in a global meltdown proves that it does not. While banks were rescued with taxpayer money ordinary people lost their homes through foreclosure. Business fellows form cartels to jack up prices. Then there is crony capitalism, exemplified by the countless mining scams in India. Even today monetary policies by central banks are to protect stock markets while people suffer. Both systems have failed. Therefore, we need a hybrid. If managers get bonuses so must the workers. If the company goes bust managers must pay.