Rant at the Economic Populist:
We need a new economic system because the old has failed. American Capitalism has failed so many people in so many ways.
We need to transform our economy to one that works for the most people possible.
We need a new form of capitalism.
What is the state of American capitalism today? As Professor James Galbraith has stated American capitalism is not what we are told by politicians, media or textbooks: benign competition leads to a greater good for most people. We are far from that.
The defining feature of American capitalism today is predation – where a class of people – the oligarchs – feed off the demise of people not within this class. This oligarchy, or as Professor Galbraith calls them the predatory class, has control over the government and the capital in our economic system.