by China zooms ahead knowing you can't have a good economy and a high standard of living without industry and technology, but in the West the One Percent make more money through rent extraction, and so feel no need to invest and innovate.Sadly, lots of other peoole, including small businessmen, support the present system thinking it is true capitalism, but there would be more rich people and more entrepreneurs if we moved towards a social democracy with a robust welfare state.The West is being destroyed and hollowed out by this neoliberal system, while the East zooms a ahead.Worsening economic inequality in recent years is largely the result of policy choices that reflect the political influence and lobbying power of the rich. There is now a self-reinforcing pattern of high profits, low
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Sadly, lots of other peoole, including small businessmen, support the present system thinking it is true capitalism, but there would be more rich people and more entrepreneurs if we moved towards a social democracy with a robust welfare state.
The West is being destroyed and hollowed out by this neoliberal system, while the East zooms a ahead.
Worsening economic inequality in recent years is largely the result of policy choices that reflect the political influence and lobbying power of the rich. There is now a self-reinforcing pattern of high profits, low investment, and rising inequality – posing a threat not only to economic growth, but also to democracy.
Project Syndicate
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