General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTwo of capitalism's biggest defenders just confessed that it's no longer working for a lot of
Americans.
https://www.rawstory.com/2019/03/capitalism-isnt-working-everyone-even-free-market-champions-realize/
Most of us have figured that out but I think it is significant that some experts are now admitting it too. It's a start at any rate.
elleng
(130,949 posts)'Raghuram Rajan, a former governor of the Reserve Bank of India who teaches at the University of Chicago Booth School of Business, argues that communities no longer are capable of holding the state or market in check. . . .
Oxford University economist Paul Collier traces a similar pattern in Britain by focusing on Imperial Chemical Industries, which altered its mission in the 1990s from being the finest chemical company in the world to extracting shareholder value.'
alwaysinasnit
(5,066 posts)riverine
(516 posts)That is why we have a safety net. Food via EBT, cash via EITC and TANF, medical care via Medicaid, etc.
It is still by far the best of all economic systems when it comes to production of goods/services.
alwaysinasnit
(5,066 posts)have. And the more extreme that inequality becomes, the more unsustainable the economic system that buttresses it also becomes.
riverine
(516 posts)which he called "market fundamentalism" fits right in the OP:
"Market fundamentalists... [claim] that the common interest is best served by everybody looking out for his own interests. This claim is false... There are many political and social objectives which are not properly served by the market mechanism... These include the preservation of competition and of stability in financial markets, not to mention issues like the environment and social justice."
Soros further argues that free-market ideology threatens political democracy
(1999)
http://www.dollarsandsense.org/archives/1999/0199breslow.html
Soros was right on the mark in 1999.
whathehell
(29,067 posts)Last edited Mon Mar 18, 2019, 05:13 PM - Edit history (1)
which included Social Security, came along.
Republican capitalists called that (and every subsequent social welfare program) "socialism" and they fought like hell against it.
Capitalism was not always so "kind"
YOHABLO
(7,358 posts)whathehell
(29,067 posts)Prior to Post War Ii America, when the US possessed the largest middle class in the World, the usual pattern was a Two Tier Society of the Few Wealthy and the Many Poor.
I think Republicans, who fought (and still fight) FDR's New Deal, would like us to return to that time.
safeinOhio
(32,686 posts)author, stated government needed to regulate against greed.
alwaysinasnit
(5,066 posts)wonder if they have even read the book, much less understood it. Thanks for bring up Adam Smith's work.
safeinOhio
(32,686 posts)Ayn Rand version.
alwaysinasnit
(5,066 posts)gratuitous
(82,849 posts)Any reform of the dysfunctional system now gyrating out of control in a murderous economic rampage will have to overcome a chorus of "Socialism!" which is the current go-to for Republicans. Anything the rich don't like, any changes to the current situation, any reforms proposed to rein in the more outrageous excesses of the overclass, will all have to clear the "socialism" hurdle.
What is the "socialism" hurdle? It's a surprisingly mobile concept that boils down to the heavy tilt of the economic playing field isn't tilted quite enough in favor of the rich. Anything that might restore balance or promote fairness for more people is anathema to this crowd. The specifics or merits of any proposal are irrelevant; shouting "Socialism!" is enough for now to derail any serious conversation. Nobody will demand a definition of "socialism," and it will remain a slippery concept to cover anything that hinders the rapaciousness of the current system.