Herman Mashaba.

A lack of capitalism and the dominance of socialist ideas in government and central banking have caused the global crisis, the Free Market Foundation (FMF) said on Sunday.

“The solution is more capitalism and less socialism,” said chairman Herman Mashaba.

He said under capitalism there was private ownership and control, and government played a limited role in the economy.

“Under socialism there is government ownership and control and private business and individual property ownership play a limited or no role in the economy.”

He said part of the economy that was dominated by government was of a socialistic nature.

“The global crisis is the result of the mismanagement of currencies by central banks, which worldwide are under government control.” -Sapa