The Problem With Capitalism? We Don’t Have Enough of It. -Institutional Investor
"The economic engine we have in place today has for decades produced virtually no increase in wealth for the majority of earners. According to information pulled from the Federal Reserve, the median net worth of the bottom three quintiles of families declined in inflation-adjusted dollars from 1998 until 2013, tumbling by 20 percent or more.
This decrease has hit working-class families the hardest; their real net worth has been halved over this time. On the other hand, the inflation-adjusted wealth of the top 10 percent of earners has spiked dramatically in that same period, rising 75 percent cumulatively. Such a trend is not sustainable, and it is symptomatic of an unhealthy economic system; on that we are all in agreement...Rather than being the result of runaway capitalism, these problems, I believe, have been caused by its disappearance. We don't have too much capitalism; rather, we have far too little....Capitalism is freedom. At its core it simply means that individuals should have equal rights to own capital and capital goods, and to manage those economic resources or dispose of them however they see fit, in accordance with their own personal well-being....The reality that going from ten businesses controlling 40 percent of an industry to three firms controlling 80 percent is not more capitalism, it's less....Perhaps it's time the government got back to its job of protecting capitalism and the ability of individuals to control their own means of production with a bit more vigor - in two ways. First, by breaking up businesses, and groups of businesses, that have turned industries into oligopolies with noncompetitive market share dynamics....Second, it's critical for the government to normalize the legal rights of individuals to, at the very least, give them equal status with the current preferred neofeudal empire, the corporation....Let's stop blaming our problems on capitalism...you can't fix a problem that is misdiagnosed."