Guys, we should understand now world economy has entered into a new phases already. The externalities faced by todays’s economy are completely different that than what it used to be back 30 years /40 years ago. Global warming, terrorism, energy crisis, these all have created enormous challenges. So in order to combat these issues, world economy needs “think out of box” tactics which might appear/ what you consider “socialism/communism”. So I do  think Obama’s plan is in that respect I think will create some social balance.

 Also we need to understand there is strong connection between “socialism” and “capitalism”. If you have read “Das Capital”, Marx also has accepted that “capitalism is the ultimate”.  Whereas “capitalism” also needs to do social justice if you only follow “market based economy” and “encourage consumer society” only, you will face same situation what US is facing today and “capitalism” will go down. Inflation, price hikes, increase of mortgage rates, in crease of foreclosure rate are the problems faced by the one of the world strongest economy, “capitalist”. Under these circumstances state should use its power to regulate the economy.  â€œCapitalism’ is not only about capital accumulation, you just can not ignore social dimension of it, which often ignored and misunderstood.

If you think democracy only survive only in capitalism, you are true to some extent, but when your living becomes difficult, your “bread and butter” becomes major issue you would not think of other aspects of democracy,/ as defined by western world. Again, democracy is not all about freedom of speech or freedom to do anything; it is equally about right of living and right of social justice. Just for example, France is a democratic country, and also developed but system adopted there is no different than what Obama is prescribing. In fact many European countries practice such system and you can see the social balance and harmony in Europe in compare to rest of the world and yet they are still the strongest economy. Formation of European Union and making Euro as their common currency is just another example of how Europe wants to maintain its sustainable economy.

My point is, you just can not take one piece out of another at the present context. “Capitalism, social justice and democracy” has to run in tandem if we are to achieve sustainable economy