… a new global opinion poll shows another, perhaps more serious form of damage: falling public support for capitalism. This is most marked in the country that used to epitomise free enterprise. In 2002, 80% of Americans agreed that the world’s best bet was the free-market system. By 2010 that support had fallen to 59%, only a little above the 54% average for the 25 countries polled. Nominally Communist China is now one of the world’s strongest supporters of capitalism, at 68%….
That's from the Economist, that says that this is a "cost of the financial crisis." But I think that the stage was set before then. As mentioned before (see again the
Chart of the Decade, right), our current setup hasn't been doing wonders for anyone except the very rich lately.
Capitalism’s waning fortunes are starkly visible among Americans earning below $20,000. Their support for the free market has dropped from 76% to 44% in just one year. The research was conducted by GlobeScan, a polling firm. Its chairman Doug Miller says American business is “close to losing its social contract” with average families.
And then what happens?
"Doug Miller says American business is “close to losing its social contract” with average families."
ReplyDeleteWhat? The social contract is supposed to be between the government and the governed. I recognize business as the de facto government, but did I miss some sort of official announcement? Maybe it was included in one of the fine print notices from my bank. Or when I clicked "Agree" to download iTunes. The only contract negotiation that American Business has done with the American family has been forced by the now-defunct labor movement.
And then what happens? Short of revolution, nothing. Big business has the money, the politicians, the media, the lawyers, and the delightful quirks of corporate law. If consent of the people is required, it can be manufactured.
Unfortunately, if consent were to be manufactured it would be done in Mexico for 20 Pesos a day.
ReplyDeleteSee, I think that would bring consent into my price range.
ReplyDelete