Capitalism has run out of steam? Putin warns that world’s present financial mannequin is inflicting big development in inequality globally

By Jonny Tickle, in Sochi

The present mannequin of capitalism, the financial system in many of the world, is inflicting rising inequality, each inside nations but additionally between them on the worldwide stage, Russian President Vladimir Putin mentioned on Thursday.

Speaking to gathered consultants and journalists on the Valdai Discussion Club in Sochi, the Russian president mentioned that many individuals around the globe are affected by disenchanted expectations and an absence of prospects, which results in “uncontrolled migration” as some search higher life alternatives elsewhere.

“Everyone says that the existing model of capitalism, which is now the basis of the social order in the vast majority of countries, has run out of steam,” Putin mentioned. “There is no longer any way out of the tangle of more and more confusing contradictions.”

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Putin went on to elucidate that many around the globe nonetheless undergo from an absence of meals, water, and electrical energy, whereas others reap the rewards of the system.

“In the richest countries and regions, we see growing inequality of material benefits and of opportunities within society, and at the international level too,” he defined, calling the shortage of alternatives for a lot of the world an awesome downside.

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