There’s an interesting article over on the Vox website, Is capitalism worth saving?, in which Steven Pearlstein. Pearlstein has just written a new book, Can American Capitalism Survive? in which he argues that while capitalism is very much under stress, it might be saved by quick and vigorous action.
While Illing doesn’t agree with Pearlstein on some issues, they are more or less agreed on capitalism’s problems. Notes Pealstein, “… capitalism has left a lot of people behind in the last 30 years. Everyone can see that the top 1 percent, the top 10 percent, the top 20 percent, have captured most of the benefits of economic growth over the last 30 years, and the rest of the population has been marginalized.” And the 80 percent at the bottom aren’t happy about that.
The question is whether anything can be done to save capitalism, or if it should be saved. Pearlstein thinks it can be and should be …if the Democrats can wrest control of the government away from the Republicans, and if they can establish something like a new social contract between business and society.
Illing agrees with that, but thinks our plutocrats, in all their greed and fury, will never let it happen…at least not willingly.