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Greed a hallmark of many a failed regime

Reasons for the fall of political and economic regimes are more challenging than observed recently. At its simplest, it is about the haves and the have-nots (“Communism failed due to flawed economic ideology”; July 28).

Reasons for the fall of political and economic regimes are more challenging than observed recently. At its simplest, it is about the haves and the have-nots (“Communism failed due to flawed economic ideology”; July 28).

Be it the fall of the Roman Empire, the demise of Imperial China, the decay of communist centralism or the recent near collapse of global capitalism, the hallmarks were greed and gross income disparity.

George Orwell’s prophetic book Animal Farm showed how avarice and unaccountable power can capture any political or economic system and lead to its destruction.

Being part of the political or financial elite is a great social responsibility, not an individual pathway to disproportionate wealth. Decadent and destructive political and economic orders all lose touch with the communities they were originally empowered to serve.

The further politicians drift away from the daily living experiences of their electorate, the greater the danger they face of favouring the haves and ignoring the genuine needs and aspirations of the have-nots.

Complacent, entrenched administrations that do not see trouble coming are another feature of failed empires.

Regular reflection and soul-searching are needed in politics and economics to avoid losing touch with essential social goods.

Such dangers as the 2008 financial crisis are around the corner for any political or economic system that fails to account to the people who ultimately enable its privileged position.

As the current rout of Shanghai’s stock exchange and its calamitous consequences for small investors demonstrate, states cannot salvage the situation when market forces react negatively to ungoverned wealth-gap economic growth.

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