[OPINION] The failure of COP27 and the alternative to capitalism

COP27 is meeting this week in Sharm el-Sheik, Egypt, from November 6 to 18. The COP is the largest conference of the United Nations on climate change, held annually in different countries and participated in by around 25,000 representatives of different governments.

Second, the system is founded on the exploitation of the working people, which brings about extreme inequality in society marked by a few individuals and families comprising the super-rich in society on one end and a vast number of the super-poor on the other end. Capitalism is entwined with the fossil fuel industry

After coal came oil. Gasoline became a main source of energy. Gasoline powered the new machines invented at that time: cars, airplanes, tanks, warships, and submarines. The fossil fuel industry later branched out into a number of significant affiliated industries, such as the petrochemical, pharmaceutical, synthetic, and plastic industries.

However, the first model of socialism, which is now called 20th century socialism, was a failure in several aspects. It had to contend with a world largely dominated by capitalism and the capitalist market system. In competing with the global capitalist system, its focus shifted towards producing more goods not only needed by the population but also goods and hardware that could defend and arm itself against capitalism’s encirclement.

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