Is capitalism dying??

There used to be a very common joke that I used to hear from my colleagues long ago and it was they were capitalist in their first week after being paid the salary, a socialist in the 2nd week and a communist in their 3rd and fourth week. Going by the spending seen across the world now , looks like everybody is turning in to being a communist now.
The NPD Economy Tracker report shows that consumer attitudes and their intention to shop is at its lowest level since October 2008. And across the world people have started taking pot shots at capitalism. But how far is it true that all that is happening has to be blamed on capitalism. I would in no way be blaming capitalism since I am even able to write a blog like this today because of capitalism. I would call myself a hybrid combination of capitalistic globalization and socialistic ideals.

But look at what is cooking

 China wants a new global currency to replace the inflatable dollar and they obviosuly feel that Yuan is the best bet
 .The managing director of the International Monetary Fund, Dominique Strauss-Kahn, has said the world financial system needs an "early warning system," which one guesses the rocket scientists at the IMF would provide.
 France's Nicolas Sarkozy wants a global "financial regulator."
 Indian Prime Minister Manmohan Singh wants a “Global Umpire”.

Capitalism is such a vast subject that we write on that in just a one blog. I think most often people mistake the hands-off brand of capitalism in the United States which is now being blamed for the easy credit that sickened the housing market and allowed a freewheeling Wall Street to create a pool of toxic investments that has infected the global financial system as capitalism.
But if you look at it closely other than a few fringe heads of state and quixotic headlines, no one is talking about the death of capitalism. The embrace of free-market theories, particularly in Asia, has helped lift hundreds of millions out of poverty in recent decades. But resentment is growing over America's brand of capitalism, which in contrast to, say, Germany's, spurns regulations and venerates risk.

In South Korea, rising criticism that the government is sticking too close to the U.S. model has roused opposition to privatizing the massive, state-owned Korea Development Bank. South Korea is among those countries that have benefited the most from adopting free-market principles, emerging from the ashes of the Korean War to become one of the world's biggest economies. It has distinguished itself from North Korea, an impoverished country hobbled by an outdated communist system and authoritarian leadership
But the repercussions of crisis that began in the United States are global. In Britain, where Prime Minister Margaret Thatcher joined with President Ronald Reagan in the 1980s to herald capitalism's promise, the government now began to partly nationalize the ailing banking system. Across the English Channel, European leaders who are no strangers to regulation are piling on Washington for gradually pulling the government watchdogs off the world's largest financial sector. Led by French President Nicolas Sarkozy, they are calling for broad new international codes to impose scrutiny on global finance.
China had been resisting calls from Washington and Wall Street to introduce a broad range of exotic investments, including many of the once-red-hot derivatives now being blamed for magnifying the crisis in the West. In recent weeks, Beijing has made that position more clear, saying it would not permit an expansion of complex financial instruments. There are countless articles written about China and its banking system , specially on how controlled it is. But if you probably look at this new emerging angle, people would find that may be a cautious approach taken by countries like China helped them from being completely hit my this crisis. This would mean greater resistance in the years to come for a complete free trade capitalism.
Also of significance is reemergence of concepts like Commons-based peer production , a term coined by Harvard Law School professor Yochai Benkler to describe a new model of economic production in which the creative energy of large numbers of people is coordinated (usually with the aid of the internet) into large, meaningful projects mostly without traditional hierarchical organization (and often, but not always, without or with decentralized financial compensation).
But one should not forget that these theories are models of managing are possible only under a structure which allows freedom to operate, where there is no hardcore state controls and beauracracies, where every man who has the ability and talent can raise upto the level she/ he wants. This is not possible in any other “ism” but capitalism.