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Performance and ProgressEssays on Capitalism, Business, and Society$
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Subramanian Rangan

Print publication date: 2015

Print ISBN-13: 9780198744283

Published to Oxford Scholarship Online: September 2015

DOI: 10.1093/acprof:oso/9780198744283.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 January 2022

What’s Wrong with Capitalism?

What’s Wrong with Capitalism?

(p.11) Chapter 1 What’s Wrong with Capitalism?
Performance and Progress

Majid H. Jafar

Oxford University Press

Capitalism as a system for economic organization and resource allocation is suffering a worldwide crisis of confidence, with growing inequality, financial crises, and a structural unemployment that affects youth disproportionally. Since the Cold War western capitalism has been treated as the only acceptable form of economic system, andthe public or political realm has itself come to be dominated by the money of special-interest groups. This has in turn led to mass protest movements across the developed and developing worlds, and a weakening of the political center in favor of more extreme political currents. Fissures have been widening between the investor class enjoying growing returns on capital and the wage-earning class suffering declining returns from their labor. And increased financialization of the economy means the traditional economic theories based on production in a classical sense are increasingly irrelevant to the modern economy. Above all a sense of unfairness and decades of growing inequality risk the stability and sustainability of the system and its acceptance, and an erosion in societal trust and the very institutions needed to sustain the system.

Keywords:   capitalism, unfairness, financialization, inequality, unemployment, corruption

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