The Views of George Soros on Capitalism

George Soros harbors various negative views on capitalism as well as free markets. He feels that global financial markets are based on a false premise of markets being left on their own. George Soros says that rebuilding must take place from the ground level and then move up. He is against the capitalist belief which is based entirely on self-interest. He considers this global capitalist system to be completely flawed. He maintains that keeping capitalism in the forefront will make the pursuit of money much more relevant than any other social considerations. This can be a threatening situation. Hence global capitalism has to be controlled as it is also responsible for an increase in the free flowing of money across various international borders. This deeply impacts the ability of the State in providing Social Security to its people.

George Soros does not appreciate the globalization that is taking place in the financial markets. This is because it renders the welfare state useless. People requiring social safety network are not able to leave the country, while the capital can.

He has proposed a solution for this problem through a worldwide war on poverty. This way the entire planet can turn into a global welfare state. This will be like an open-society alliance. There could be some kind of a central international bank that can redistribute wealth. Hence it flows from rich people to the poor ones. Keeping this objective in mind, Soros had announced the donation of $50 million to the United Nations Millennium Project. This was in 2006. This project is a massive redistributive scheme in which the governments of rich countries would be committing 0.7% of their GNP towards promoting the welfare and the economic development of various developing countries. This project was headed by Jeffrey Sachs who had worked earlier with Soros. Visit to know more about George.

George Soros has shown his displeasure over the capitalist system globally as it is a complete distortion of an open society today. To rectify the situation, the market fundamentalism that is rampant in America needs to be eliminated. This is the only way to serve the public interest in a better way. What is required is a much better and more equal distribution of the overall wealth.

He is strictly against market fundamentalism. This is because there is a deep-rooted conflict that exists between capitalism and an open society. He prefers the proposition of Karl Marx towards redistribution.

These views of George Soros are quite evident as he is quite vocal about them. He has also proclaimed that he has been involved in changing political regimes in some countries. He self-righteously claims that he has been specifically destined by the Almighty for doing this!

Read more on BigThink about George Soros.

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