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Putin: «savage capitalism» has exhausted its possibilities and exacerbates inequality ›World› Granma

“The capitalist model has exhausted its possibilities,” declared Russian President Vladimir Putin, in his speech at the meeting of the International Valdai Club, held in the Russian city of Sochi.

According to Sputnik, the president clarified that the system is not capable of finding a way out of the “tangle of increasingly tangled contradictions.”

“Everyone says that the existing model of capitalism, which today is the basis of the social structure in the overwhelming majority of countries, has been exhausted (…). Everywhere, even in the richest countries and regions, the unequal distribution of material wealth exacerbates inequality, “said Vladimir Putin.

According to the president, in recent decades civilization has been going through a crisis and the entire world must face the challenges that lie ahead. In addition, he pointed out that we are currently experiencing a time of ever more profound and fundamental transformations.

The President urged looking at the experience of other countries regarding the powers of the state to solve existing problems and noted the experience of China, where, in his words, market institutions are at the service of society and function with greater efficiency.

Wild capitalism doesn’t work. I’ve already said it and I’ll say it again. I think I just confirmed it with several examples, “concluded the President.

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