He is a happy man* because recession is coming! He has been praying for one since 2015. Yes, without recession, the door of owning a house would be locked for him. But with one coming and prices dropping, the chance is finally here!
He has mocked capitalism because he believes that it is rigged for the big boys. Yes, while governments will always bail out big corporations, only recession will bail him out by making things cheaper and affordable. His thinking is thus: if capitalism is so great, why must it be bailed out by socialism every ten years? Year 2000, 2009 and now 2020. They have another scheduled bailout by 2029.
It is a hard call – privatizing success (profit sharing, bonuses, etc) but socializing economic pains (markets have crashed, we need cheap government money). I still believe capitalism is the best model but there was one they taught me in FUTO in GST 108 ( Polity and Economy of Nigeria). They called it the Mixed Economy System. I am not sure even that one works! But this morning, a commenter left a really nice one on a piece on Igbo Apprenticeship System in Tekedia; he called it Communalism (note, that is not communism)!
Lastly, we need to factor in the metaphysical worldview of the Igbos that favors individualism and a type of capitalism mixed with communalism (not communism) as opposed to the American capitalism that favors individual wealth accumulation, which could explain the centralized, conglomerate model. The Igbos believe that a single tree no matter the size cannot make a forest. But, for the purpose of building scale, it is more of mindset rather than the system.
Yet, I will still vote for capitalism. In the midst of its imperfection, it is well ahead of other options on accelerating innovations and productivity.
*a classmate who lives in London---
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