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by anon234345566
2380 days ago
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Also the current expressions of capitalism can be improved, and probably will be: "What does the future hold for Western capitalist societies? The answer hinges on whether liberal meritocratic capitalism will be able to move toward a more advanced stage, what might be called “people’s capitalism,” in which income from both factors of production, capital and labor, would be more equally distributed. This would require broadening meaningful capital ownership way beyond the current top ten percent of the population and making access to the top schools and the best-paying jobs independent of one’s family background. To achieve greater equality, countries should develop tax incentives to encourage the middle class to hold more financial assets, implement higher inheritance taxes for the very rich, improve free public education, and establish publicly funded electoral campaigns. The cumulative effect of these measures would be to make more diffuse the ownership of capital and skills in society. People’s capitalism would be similar to social democratic capitalism in its concern with inequality, but it would aspire to a different kind of equality; instead of focusing on redistributing income, this model would seek greater equality in assets, both financial and in terms of skills. Unlike social democratic capitalism, it would require only modest redistributive policies (such as food stamps and housing benefits) because it would have already achieved a greater baseline of equality." "The Clash of Capitalisms
The Real Fight for the Global Economy’s Future" https://www.foreignaffairs.com/articles/united-states/2019-1... |
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