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Two of capitalism’s biggest defenders just confessed that it’s no longer working for a lot of Americans

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Capitalism has lost its appeal all of a sudden among younger Americans, and even some of the staunchest free market evangelists understand why.

Angus Deaton, the 2015 Nobel laureate in economics, looks at recent books for Project Syndicate by a pair of prominent economists that critique capitalism and prescribe new solutions to reduce wealth inequality.

Raghuram Rajan, a former governor of the Reserve Bank of India who teaches at the University of Chicago Booth School of Business, argues that communities no longer are capable of holding the state or market in check.

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Rajan traces that unraveling to around 1970, after the global recovery from World War II began to wind down and governments had little to offer but vague promises that resulted in additional borrowing.

That left governments in Europe and North America too weak to deal with the information and communication revolutions, and they were unable to help workers manage the disruption, Rajan argued, and corporations exploited that employee vulnerability to enrich shareholders and managers.

Oxford University economist Paul Collier traces a similar pattern in Britain by focusing on Imperial Chemical Industries, which altered its mission in the 1990s from being “the finest chemical company in the world” to extracting shareholder value.

Collier finds that Britain’s talent and income became increasingly concentrated in London, which leaves behind angry and gutted communities, and Rajan also argued that the elite minority had wrecked communities by gobbling up the market and the state to enrich themselves.

“Behind today’s populist upheavals is a widespread recognition that the economy no longer serves the public good or even the interests of most of its participants,” Deaton concluded. “To understand why, one must identify what has been lost amid so much material technological gain.”

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2020 Election

Did Florida Republican Matt Gaetz just get an illegal donation from the Trump organization?

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The campaign to re-elect Rep. Matt Gaetz, R-Fla., a reliable ally of President Donald Trump, appears to have received a deep discount on lodging at Trump International Hotel in Washington during the Republican National Convention in August, federal records show. Such a discount would violate federal election law barring corporations from contributing directly to campaigns, according to campaign finance experts.
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2020 Election

Republican ‘hero’ who helped stop terror attack faces questions over ‘affiliations’ to right-wing extremists

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An Oregon congressional candidate who drew worldwide acclaim for helping to stop a terror attack faces questions about his "affiliations" to extremists ahead of Election Day.

Former Oregon National Guardsman Alex Skarlatos, better known as the "Paris train hero" after he and four others subdued a gunman while traveling in Europe in 2015, is running in Oregon's 4th Congressional District. Democratic groups claim that his association with Timber Unity, a group linked to extremist groups such as the Proud Boys, QAnon and the Three Percenter movement, raises "serious questions about his affiliations."

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2020 Election

Morning Joe destroys your Facebook friends’ excuses for voting for Trump

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MSNBC's Joe Scarborough said most of the people he grew up hate President Donald Trump, but they're voting for him anyway.

The "Morning Joe" host said they share many of his concerns about the president and his fitness for office, but he said they always offer excuses for holding their nose and voting to give him four more years.

"It's good talking to them and just saying, so why are you voting for this man?" Scarborough said. "'Well, he's a terrible guy, he's a horrible example for my kids, I'd never invite him over to the house, he's despicable -- I hate him, I just hate him,' but and then, fill in the blank, AOC or Nancy Pelosi or Bernie Sanders or regulations or tax cuts or 401(k)s, and I say, so, well, we have right now a president of the United States who is demanding that his attorney general arrest the former vice president of the United States, his chief political competitor. This is something that happens or happened in the former Soviet Union, this is something that happens still in Russia."

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