Widespread disaffection with the current capitalist systems has led many countries, rich and poor, to look for new economic models. Defenders of the status quo continue to hold up the United States as a shining star, its economy outpacing Europe and Japan, its financial markets as dominant as ever. Yet its citizens are as pessimistic as any in the West. Barely more than a third of Americans believe that they will ever be richer than their parents. The share that trusts the government keeps trending downward, even as the state builds an ever more generous safety net. Seventy percent of Americans now say that the system “needs major changes or to be torn down entirely,” and the younger generations are the most frustrated. More Americans under 30 have a more positive view of socialism than of capitalism.
In countries with emerging economies, it has been a shock to see “the land of the free” abandon its traditional skepticism of centralized power and planning and instead promote big government solutions. Many of these countries, from India to Poland, have not forgotten their own failed trysts with socialism. They were surprised when U.S. President [Donald Trump](https://www.foreignaffairs.com/tags/donald-trump) led a revolt against free trade and open borders, and when his successor, Joe Biden, began promoting what National Security Adviser Jake Sullivan called an “economic mentality that champions building.”
Mapkoz2 on
So a tax haven, a non recognized country and a single party dictatorship ?
Got it.
Bananadite on
Lol no. Please don’t learn capitalism from Taiwan. People have no clue about the massive income inequality and housing market issues in Taiwan as well as the low birth rate + long working hours.
PubliusDeLaMancha on
Well, China doesn’t have social security or a capital gains tax.. Kind of ignoring the obvious
Its becoming increasingly evident that state-capitalism outperforms individual-investor capitalism
4 Comments
[SS from essay by Ruchir Sharma, Chairman of Rockefeller International and the author of [*What Went Wrong With Capitalism*](https://www.simonandschuster.com/books/What-Went-Wrong-with-Capitalism/Ruchir-Sharma/9781668008263)*,* from which this essay is adapted.]
Widespread disaffection with the current capitalist systems has led many countries, rich and poor, to look for new economic models. Defenders of the status quo continue to hold up the United States as a shining star, its economy outpacing Europe and Japan, its financial markets as dominant as ever. Yet its citizens are as pessimistic as any in the West. Barely more than a third of Americans believe that they will ever be richer than their parents. The share that trusts the government keeps trending downward, even as the state builds an ever more generous safety net. Seventy percent of Americans now say that the system “needs major changes or to be torn down entirely,” and the younger generations are the most frustrated. More Americans under 30 have a more positive view of socialism than of capitalism.
In countries with emerging economies, it has been a shock to see “the land of the free” abandon its traditional skepticism of centralized power and planning and instead promote big government solutions. Many of these countries, from India to Poland, have not forgotten their own failed trysts with socialism. They were surprised when U.S. President [Donald Trump](https://www.foreignaffairs.com/tags/donald-trump) led a revolt against free trade and open borders, and when his successor, Joe Biden, began promoting what National Security Adviser Jake Sullivan called an “economic mentality that champions building.”
So a tax haven, a non recognized country and a single party dictatorship ?
Got it.
Lol no. Please don’t learn capitalism from Taiwan. People have no clue about the massive income inequality and housing market issues in Taiwan as well as the low birth rate + long working hours.
Well, China doesn’t have social security or a capital gains tax.. Kind of ignoring the obvious
Its becoming increasingly evident that state-capitalism outperforms individual-investor capitalism