Capitalism Re-Defined

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Capitalism Re-Defined

#1  Postby GT2211 » Nov 26, 2013 12:30 am

http://www.democracyjournal.org/30/capi ... p?page=all
Capitalism Redefined
What prosperity is, where growth comes from, why markets work—and how we resolve the tension between a prosperous world and a moral one.
Nick Hanauer & Eric Beinhocker

For everyone but the top 1 percent of earners, the American economy is broken. Since the 1980s, there has been a widening disconnect between the lives lived by ordinary Americans and the statistics that say our prosperity is growing. Despite the setback of the Great Recession, the U.S. economy more than doubled in size during the last three decades while middle-class incomes and buying power have stagnated. Great fortunes were made while many baby boomers lost their retirement savings. Corporate profits reached record highs while social mobility reached record lows, lagging behind other developed countries. For too many families, the American Dream is becoming more a historical memory than an achievable reality.

These facts don’t just highlight the issues of inequality and the growing power of a plutocracy. They should also force us to ask a deeper set of questions about how our economy works—and, crucially, about how we assess and measure the very idea of economic progress.



Since capitalism/inequality/growth get discussed endlessly here. I thought this would make a good addition for those who care to read about the subject(which may just be me!) but be warned it is not a short read.
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Re: Capitalism Re-Defined

#2  Postby FACT-MAN-2 » Nov 30, 2013 10:34 pm

GT2211 wrote:http://www.democracyjournal.org/30/capitalism-redefined.php?page=all
Capitalism Redefined
What prosperity is, where growth comes from, why markets work—and how we resolve the tension between a prosperous world and a moral one.
Nick Hanauer & Eric Beinhocker

For everyone but the top 1 percent of earners, the American economy is broken. Since the 1980s, there has been a widening disconnect between the lives lived by ordinary Americans and the statistics that say our prosperity is growing. Despite the setback of the Great Recession, the U.S. economy more than doubled in size during the last three decades while middle-class incomes and buying power have stagnated. Great fortunes were made while many baby boomers lost their retirement savings. Corporate profits reached record highs while social mobility reached record lows, lagging behind other developed countries. For too many families, the American Dream is becoming more a historical memory than an achievable reality.

These facts don’t just highlight the issues of inequality and the growing power of a plutocracy. They should also force us to ask a deeper set of questions about how our economy works—and, crucially, about how we assess and measure the very idea of economic progress.

Since capitalism/inequality/growth get discussed endlessly here. I thought this would make a good addition for those who care to read about the subject(which may just be me!) but be warned it is not a short read.

This is of course, a timely piece, as are others that take much the same focus and perspective, and it's very likely we'll see a good deal of these kind of analyses as things continue to go downhill for most Americans.

Something, as one might say, is dreadfully wrong in River City ... and it's causing enormous economic pains for the middle class and the poor., the "99 per cent," if you will, while the one per cent is enjoying more wealth than it knows what to do with. Income distribution has become obscenely skewed toward the top, long ago wiping away any sense of fairness people may have had 20 and 30 years ago.

I don't think we can redefine our way out of this dilemma, which I think is a rather normal outcome of (the now) largely unfettered nature of the capitalist system and its ethos. On the other hand, I've not read this piece yet, so when I do I'll probably have further comments.
Capitalism is obsolete, yet we keep dancing with its corpse.

When will large scale corporate capitalism and government metamorphose to embrace modern thinking and allow us to live sustainably?
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Re: Capitalism Re-Defined

#3  Postby home_ » Dec 01, 2013 12:23 am

I'll be disappointed if it doesn't mention environmental problems. Even if we manage global warming (not likely) we'll just hit another monstrous environmental problem if we continue to treat environment as if god has given it to us for unlimited exploitation. It doesn't work that way, we'll have to live sustainably. It's a big cunundrum we've got ourselves into.

Ok I'll go reading it first and see then.
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Re: Capitalism Re-Defined

#4  Postby FACT-MAN-2 » Dec 02, 2013 6:26 pm

home_ wrote:I'll be disappointed if it doesn't mention environmental problems. Even if we manage global warming (not likely) we'll just hit another monstrous environmental problem if we continue to treat environment as if god has given it to us for unlimited exploitation. It doesn't work that way, we'll have to live sustainably. It's a big cunundrum we've got ourselves into.

Ok I'll go reading it first and see then.

I have read it and no, the writers do not address any enviro issues or discuss anything to do with sustainability. They admit that the US economy is broken, at least for the 99 per cent, and they're right about that. But their attempt to offer a solution by redefining things falls woefully short of what's actually needed. It doesn't strike me as being very cogent.
Capitalism is obsolete, yet we keep dancing with its corpse.

When will large scale corporate capitalism and government metamorphose to embrace modern thinking and allow us to live sustainably?
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Name: Sean Rooney
Posts: 10001
Age: 89
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