Quote: “Since 1974, the top 1% and the bottom 50% have swapped their relative shares of the national income… Unless we radically transform our capitalist system, which will require building a movement capable of challenging and overcoming the power of those who own and direct our economic processes, working people in the United States face the likelihood of an ever-worsening future.”
Defenders of capitalism in the United States often choose not to use that term when naming our system, preferring instead the phrase “market system.” Market system sounds so much better, evoking notions of fair and mutually beneficial trades, equality, and so on. The use of that term draws attention away from the actual workings of our system.
In brief, capitalism is a system structured by the private ownership of productive assets and driven by the actions of those who seek to maximize the private profits of the owners. Such an understanding immediately raises questions about how some people and not others come to own productive wealth and the broader social consequences of their pursuit of profit.
Those are important questions because it is increasingly apparent that while capitalism continues to produce substantial benefits for the largest asset owners, those benefits have increasingly been secured through the promotion of policies –…
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