Monday, Sep 26, 2022
Outlook.com
opinion

The Laws Are Mutable

China's rise shows that growth stories don't follow dogma

The Laws Are Mutable
Illustration by Sorit
The Laws Are Mutable
outlookindia.com
-0001-11-30T00:00:00+05:53

These speculations are, however, not well informed. Our economic life depends on a multitude of forecasts that individuals make and the thousands of contracts and agreements they get into concerning the future—give me a loan now and I will pay you back over the next 30 years, for instance. Since no one knows exactly how the future will unfold, there is no way of guaranteeing that these contracts, which often lean on one another, will not come tumbling down like a house of cards. Such occurrences are not special to capitalism.

Capitalism has enough flaws of its own. It is a ruthless and mean system that shows no mercy towards the needy and the weak, and not much, for that matter, towards those without rich parents. But that is a topic for another time.

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