HOW TO SAVE CAPITALISM

Capitalism may be at a tipping point. For too long, policymakers, governments and business leaders have done a poor job of helping those who have been left behind, and lost sight of how capitalism can create more opportunity for all. It's not hard to see why some are losing faith in our system,...

Full description

Saved in:
Bibliographic Details
Published in:Time (Chicago, Ill.) Ill.), 2020-02, Vol.195 (3/4), p.62
Main Author: Dimon, Jamie
Format: Magazinearticle
Language:English
Subjects:
Capitalism
Corruption
Infrastructure
Private sector
Socialism
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Capitalism may be at a tipping point. For too long, policymakers, governments and business leaders have done a poor job of helping those who have been left behind, and lost sight of how capitalism can create more opportunity for all. It's not hard to see why some are losing faith in our system, particularly the younger generation. Health care costs are excessively high and unpredictable, often causing financial distress. Students are too often graduating without the skills to get good jobs and saddled with too much debt. Infrastructure is rapidly deteriorating. And maybe most importantly, wages, particularly at the low end, have not been growing enough. That might explain why some Americans and politicians are turning to the "hot" new trend of socialism as a cure-all for society's ills. Of course socialism isn't new, and everywhere it has taken root in the past it has failed. In a traditional socialist system the government controls the means of production, and often decides how and where the citizens work rather than leaving those decisions up to the private sector. Socialism inevitably produces stagnation, corruption and the specter of authoritarian bureaucrats maintaining power by interfering with the economy and individual lives.
ISSN:0040-781X
2169-1665