Why Capitalism Only Works If Everyone Can Win
This morning I came across a thought-provoking article on Forbes, which is surprising since that magazine’s editorials tend to staunchly defend what I consider to be “crony capitalism.” Michael Maiello reminds us that the whole reason our society chooses capitalism, with all its inequalities and brutal competition, is because it’s been an effective system for reducing scarcity and poverty. As Maiello notes, we are fine with unequal outcomes so long as everyone plays fair and collectively, our material conditions improve. However, the bailouts that have gone to well-connected banks and big businesses are undermining the entire system: Small businesses and individuals are fully subject to the harshest aspects of capitalism while large businesses are exempt. So long as that’s true,…
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