Do you think capitalism will get us into, or out of the financial mess we’re in?

Do you think capitalism will get us into, or out of the financial mess we’re in?

The results are in.

March 9, 2009 12:02 by Dana El Baltaji

If it weren’t for capitalism, would you have moved to the Gulf? We’ve been asking our selves that question over the weekend, and frankly, if it weren’t for the promise of tax-free salaries and good employment, and the wealth and comfort that accompany them, we wouldn’t have moved to Dubai.

But now that expatriates are losing their jobs in the Gulf, especially in Kuwait and Dubai, do you think capitalism – which was principle behind the region’s boom – will help get us out of the financial mess we’re in?

According to 60 percent of Kipp’s readers, capitalism will only get the region into a bigger mess. Besides, it’s what got us here in the first place, they said.

It’s true, capitalism is what dragged Gulf nations’ economies into the mangled mess they’re in. Dubai, more so than any other emirate or nation in the region, embraced capitalism, and, in many respects, became the world’s beacon to capitalism.

However, 21 percent of respondents believe that in spite of capitalism’s trappings, it will help the region overcome the financial crisis. The problem, however, is getting consumers to spend again.

And finally, 13 percent of Kipp’s readers don’t know if capitalism will help or not, because they’re not sure they understand the problem, and 6 percent asked “what financial crisis?”

Denial is a beautiful thing.