Sunday, January 4, 2009

The crisis of global capitalism: open society endangerde is a 245 page book writen by George Soros in response to asian financial crisis to show that market fundamentalism is a threat to global capitalism. He argues that market fundamentalism ignores collective decision making and social values thus promote worship of individualism which is only concerned about individual success not minding its effect on the society at large. To curb this, Soros sugests the introduction of International central bank that will monitor the banking system of borrowing countries and the use of reflexivity analysis by economics.

The reviewer,Dr Arif, commenced the review of the book by bringing author's aim of writing the book '...in the realisation that market fundametalism is a threat to global capitalism". After bringing the point on which the author premises his arguement as enumerated above, he then raises a number of issues about the book as follows:
(1) Self contradiction: The reviewer noted that the author contradicts self in a number of ways to the extent of personality contradiction which the author himself realised but resulted to self justification where he noted ....
(2) Challange of the rationality axiom on which the morden economics rest
(3) Challenge of the virality of libral democracy as practise by the west to be able to the proposed reform
(4) Feasibility of the proposed international central bank as to its acceptability in the south.
The reviewer is not however, just to criticise the book as seen in his agreement with the author on the issue of democracy "...that goverment lacks the political will to change the rule of the game due to influence of the pressure group". He then notes that the book should be seen as a reinforcement to "The feture of capitalism: how Today's Economics Forces Shape Tomorrow" by Lester Throw. Arif then concludes his review by suggesting area of further discourse.
METHODOLOGY OF THE REVIEWER
The reviewer commenced the review of the book by showing he has really read the book by bringing out the authors goal of writing the book and points he brought to justify his claims, making reference to deferent pages as situation demands. After establishing his understanding of the book in author's perspective, he then raises some areas he does not agree with, sighting other authorities to butress his position. He also shows that he is not out just to criticise the book by pointing out areas he agree with the author and even pointed out to the readers another book that will better understanding of the book under review. He round off his work by suggesting area of further interlectual research.
The reviewer, however, fail to show wether the writer has really achieved his targeted goal at the end of his review. This not withstanding, arif has really done a great job on the book.

2 comments:

  1. Yusuf, thanks for the posting. I will comment on it some other time. Here is the link for this book review from socialist point of view. http://www.worldsocialism.org/articles/capitalist_criticises_capitalism.php. You will notice that this guy stressed on different issues than Dr Arif. Dr Arif didnt mention about Soros was actually worried about East shutting down its market for capital from West. And what Soros meant as collapse was them (East) simply blocking capital movements itself. Hence, the question, how would this itself bring down global capitalism?

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  2. dude, btw, u have been way too nice to Dr Arif, you made me look like villain, LOL

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