The collapse of the Soviet Union, the decision of Chinese Communist leaders to embrace market economies was thought to signal the end of Communism, and the birth of a new world in which Capitalism was the new economic norm. That was then, and today is now. European economies are stagnant, right wing nuts blaming immigrants for the failures of capitalism are present in just about every European society. America has become a nation in which 1% control 22% of the wealth, and our top 5% control 44%. The gap grows wider between the average working stiff in America and his beloved suffering boss who devotes his time and money ensuring the election of conservatives who pray before the altar of the wealthy. Raising minimum wages is the first step on the road to communism, but lowering taxes on the wealthy is the best guarantee they will have more and more money. So, what is the story of modern Capitalism?
1. The number of low income people able to become middle class is falling. If you are born poor, so will your children live a life of poverty.
2. Capitalism is NOT producing jobs that pay a middle class wage for the average person.
3. The number of part time employees rises each year which ensures these workers will never enter the middle class.
To put it bluntly, Capitalism has failed to create a society in which each person, in reality, has a chance to economically advance. This basic claim of capitalism simply no longer is true.
Perhaps, it is time to revisit other forms of economic theory such as Socialism. Perhaps, we need a new economic system that incorporates the best ideas from Capitalism and from Socialism?
I await the ideas of a new Economic system that is designed to empower each person to rise to some higher economic status. Of one thing I am certain, this will NOT happen under a Capitalist system!!