First Aid for Democracy and Capitalism

Following the surrender of the Axis trio that signaled the end of World War II, the Allies, led by the United States, sought to promote their Western political and economic ideology, democracy and capitalism to improve the standard of living and human rights for people throughout the world. Despite seven decades of promotion and effort, the hopes and promises of democracy and capitalism have fallen considerably short of expectations. Among third world countries, poverty and illiteracy continue to remain almost the same. Even in America, the richest nation on earth, 47% of its people are living within 200% of the poverty line. In 2016, the accumulated wealth of the richest 1% of the world's population was equal to the combined wealth of the other 99%. On a global basis, democracy and capitalism have failed to improve the general population's living and social condition, to provide equality among nations and international workers, and to achieve world peace and prosperity. This inequality and injustice in social condition is the fundamental cause of turmoil in the world, fostering racial conflicts and growth of international terrorism such as ISIS. Wars and armed conflicts have escalated internationally in recent decades. Consequently, new world orders are imminently needed before another world war threatens the survival of mankind. Changes in governance of business, government, and the international community are explored and proposed to achieve fair and equitable relationships among peoples and nations so that lasting world peace and prosperity may be attainable. Since America is the world superpower and plays a major role in the global affairs of the last century, the author also examines various aspects of its social and cultural fabric, from an economic and political context to family function and social responsibility. Problems are pinpointed, and solutions are suggested. An appendix is devoted to the Chinese economic success story. Significant economic progress has been made since the Chinese launched their economic reform in 1980. Since then, China has played an increasingly important role in global affairs, especially in the world economy. Its recent major global economic development is explored too.