2 Jan 2015

Modern Capitalism is broken because capital is now inherited wealth hidden in multinationals, it is no longer worked for!

Forget Communism a true Capitalist system relies on acquiring wealth through merit and new creations, today's capitalism relies on manipulation of markets, it no longer creates very much.I don't think multinationals were in the minds of our founding fathers either.
Capital in the Twenty-First Century. by Thomas Piketty
Mr Piketty uses tax data from a variety of Western countries to tacklee the question of income inequality in today's society. He focuses in particular on the increasing concentration of wealth in the hands of an elite few - the much-talked-about "one percent".
We haven't just gone back to nineteenth-century levels of income inequality, we're also on a path back to "patrimonial capitalism," in which the commanding heights of the economy are controlled not by talented individuals but by family dynasties or multi nationals.
This is happening, Mr Piketty writes, because the rate of return on capital has been outpacing the rate of economic growth. In layman's terms, the rich are getting richer.
It's not rocket science to realise that our capitalist system has been bastardised and needs a repair job urgently.

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