{"id":47658,"date":"2023-10-20T15:54:31","date_gmt":"2023-10-20T15:54:31","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/a-new-deal-with-capitalism-requires-a-revolution-in-politics-and-markets-startupsmart\/"},"modified":"2023-10-20T15:54:31","modified_gmt":"2023-10-20T15:54:31","slug":"a-new-deal-with-capitalism-requires-a-revolution-in-politics-and-markets-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/a-new-deal-with-capitalism-requires-a-revolution-in-politics-and-markets-startupsmart\/","title":{"rendered":"A new deal with capitalism requires a revolution in politics and markets – StartupSmart"},"content":{"rendered":"
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Many people feel that the capitalist economic system delivers wealth to a few and somehow cheats the rest of opportunity.<\/p>\n
I agree: our market system is being looted by a small minority and the only real solutions call for courageous measures.<\/p>\n
It has been all too easy for things to slide to excess. Traders in financial markets manipulate prices to obtain higher bonuses.<\/p>\n
They and their managers take massive gambles with shareholders\u2019 money because these are essentially one-way bets \u2013 governments and central banks will bail them out if things go awry.<\/p>\n
The management teams of large companies reward themselves with larger and larger compensation packages virtually independent of the performance of their enterprises.<\/p>\n
In a more subtle strategy, and without perhaps considering the effects, business leaders can end up looting the future by investing insufficiently for the longer term.<\/p>\n
They are playing a game skewed towards the pursuit of short-term profits in order to achieve higher personal payouts.<\/p>\n
In industry we see increasing forms of cartel-like behaviour everywhere.<\/p>\n
The big banks offer essentially similar services on similar terms and extract monopoly rents, often in egregious forms such as massive charges for late payments or unauthorised overdrafts for retail clients.<\/p>\n
Large pharma companies actively work to extend patent protection on drugs and to limit the ability of generic drug makers to compete effectively.<\/p>\n