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Capitalism with a Socialist heart for a sustainable future? By Raj Gonsalkorale Socialism as pronounced by the likes of Karl Marx and others has failed. History tells us that. Maybe it failed because it was at odds with fundamental human characteristics and behaviour where given the opportunity, the desire of most human beings to accumulate and put way wealth to the extent they could. Mankind did this for different reasons, some more noble than others. However, most did it given the opportunity. Some country’s that claim to have socialism as their governing creed, like Vietnam, the Communist Party of Vietnam maintains that the socialist-oriented market economy is consistent with the classical Marxist view of economic development and historical materialism, where socialism can only emerge once material conditions have been sufficiently developed to enable socialist relations. Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy supposedly represents a preliminary or “primary stage” of developing socialism. Despite this, many ...