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World headins, towards clash over model of capitalism
PARIS. Oct 23: With communism crumbling In its last bastions, the world can get down to the real battle between two rival forms of capitalism — American-style unbridled free enterprise or the German-model 'social market economy," reports Reuter.
That is the thesis of French economist Michel Albert, whose new book "Capitalism versus capitalism" is currently the talk of Paris.
The book Is a vibrant eulogy of what Albert calls The Rhine Model" a form of consensus capitalism which he says Germany largely shares with Japan.
In 300 polemical pages, he argues that the ultra-liberalism of Ronald Reagan and Margaret Thatcher leads to disaster by
sacrificing the future to the present. But he also says the Anglo-American model may be gaining the upper hand.
The catastrophic model is Reagan-style new capitalism, which creates a dual society," he says.
Albert, President of the state-owned Assurances Generals De France insurance company, says Anglo-Saxon capitalism — based on deregulation. privatisation and tax cuts — favours short-term Indi vldual profit over long-term collective advantage.
Capitalism Is the free setting of prices by the market and the private ownership of the means of production. But the law of the market does not have to be transformed into the law of the Jungle," he ar-
gues.
Speculators, corporate raiders and asset strippers are the main beneficiaries of the Anglo-Saxon model, he says, while the German-Japanese system rewards long-term growth, stability and social welfare.
He notes that the British and Americans tend to live on credit while the Germans and Japanese make substantial savings.
Citing poverty, crime and homelessness statistics, and the visible collapse of public services, he portrays America and Britain as societies where In the )98Os the rich got far richer while the poor got poorer and far more numerous.
Germany, on the other hand, has managed to many
successful capitalism with a high degree of social protection, health care, education and training, Albert says.
The gap between the salaries of top industrialists and those of their shop-floor employees in Germany is only a fraction of the Gulf in the United States, he notes.
While an American Corporate President earns 110 times the average salary in his company, Japanese bosses make do with 17 and German industrialists with 23 times as much, according to a study he quotes.
Albert, a former State Planning Commissioner under centre-right President Valery Giscard D'cstaing, attributes Germany's successes partly to
the role of the major banks In owning and financing industry, and partly to worker involvement In the boardroom.
Both lead to long-term investment In steady growth and a skilled workforce rather than the search for quick profit.
Perhaps surprisingly after a decade of socialist rule, Albert secs France aa hesitating Mitterrand's the two models.
Despite President Francois Mitterrand's nationalisation of big chunks of French Industry, banking and Insurance in 1981-82, France tn some ways became a more unequal society In the 198Os with speculators profiteering from a bourse and property boom while the new poor festered in decaying suburbs, he say*
Albert sees the European
Community as the prime battlefield in the war between the two forms of capitalism, and he is not particularly optimistic.
The community's 1992 single market risks turning into a mere "supermarket"— a free trade zone with little political or social control, he says.
Albert secs a dangerous race among the 12 EC countries to become a fiscal par adtse for investors, depriving the state of revenues it needs to provide social welfare.
He fears that unless there arc moves soon to create a united states of Europe, frcc-market capitalism will erode the welfare state throughout Europe, increasing social divisions and leading to a plague of poverty, crime and homcless-neas.