Some people think that capitalism is in serious decline. Does it really matter? The thing is that capitalism is already dead and buried… but they forgot to write the obituary. The bank bailouts of 2008 were, perhaps, the final nail in the coffin.
Results from a recent survey by Harvard University found that a majority of millennials do not favor capitalism. Interestingly enough, the same survey said that those same millennials favor a free-market system over a government-managed economy. What’s wrong with that picture? The problem is that those two responses stand in stark opposition with one another. That is, you can’t favor a free-market system and in the same breath reject capitalism. Can you?
So, on what level does this make any sense? Here’s how. Those surveyed don’t truly understand what capitalism is. That should be intuitively obvious since, by definition, capitalism is a free-market system. I said should be intuitively obvious.
All that the millennials know is that they object to the 1% controlling most of the nation’s wealth. As a result, capitalism becomes a convenient whipping boy. Little do they realize that a free market system is not truly free if it’s controlled by the same 1%. The truth is that the economy is run in a concerted partnership between corporations (the 1%) and government. Historically, this is more correctly labeled as fascism – not capitalism. Just ask Mussolini.
“Fascism is capitalism in decay.”