Posted by: Frank | December 12, 2018

Frank blogged on December 12, 2018 at 10:43AM

I think that unregulated capitalism is really survival of the fittest applied to wealth. Left unchecked, as it mostly is today, pure capitalism leads to monopolies that destroy any real free market.

I am encouraged by Elizabeth Warren’s Accountable Capitalism Act even if I am skeptical it will result in real legislation. This topic needs to be addressed because of this:

But in the 1980s a new idea quickly took hold: American corporations should focus only on maximizing returns to their shareholders. That had a seismic impact on the American economy. In the early 1980s, America’s biggest companies dedicated less than half of their profits to shareholders and reinvested the rest in the company. But over the last decade, big American companies have dedicated 93% of earnings to shareholders – redirecting trillions of dollars that could have gone to workers or long-term investments. The result is that booming corporate profits and rising worker productivity have not led to rising wages.

from Frank McPherson’s Web Notes

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