Capitalism is under a massive attack today from Sanders, Warren, Ocasio-Cortez, Harris, and our new President, Joe Biden, who writes:
It’s way past time we put an end to the idea of shareholder capitalism—the idea that the only responsibility a corporation has is with its shareholders. That’s simply not true. That’s an absolute farce. They have a responsibility to their workers, their community, to their country. That isn’t a new or radical notion.
Biden is right in that this interpretation of capitalism is neither new nor radical, but it is wrong and terribly unfortunate. I think we’re in for some awful years ahead, economically speaking.
I recommend Professor Richard Salsman’s article, “Supposed ‘Varieties’ of Capitalism.” It’s brilliant, sets forth the essential problems, and implies some solutions. The tables therein are clarifying and should be made into posters.
He missed one of the ‘varieties’. About 10 years ago, Robert Reich wrote a book titled, “Super Capitalism”. Of course, its subject was neither.
My thanks to Richard Salsman for writing this, and my thanks also to Carl Barney for posting this very good article.