INEQUALITY, THE CANCER AT THE HEART OF CAPITALISM

Donghyun Park

Chapter 4 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 19-23 from World Scientific Publishing Co. Pte. Ltd.

Abstract: At the same time, it should be acknowledged that capitalism is far from perfect and saddled with major problems of its own. The single biggest flaw with capitalism is the staggering inequality that it often breeds. Even in the world’s most affluent countries, abject squalor exists side by side with luxurious abundance. Run-down and decaying inner cities, epitomized by the surreal ghost town of Detroit, once the automobile capital of the world, are ringed by leafy, affluent suburbs. Such stark contrasts between the haves and have-nots are a hallmark of urban America. The decaying slums of inner city America and pleasant middle-class American suburbia might as well be different countries. For sure, they are different worlds. Similarly, grim and grimy banlieues — low-income suburbs populated by Arab and African immigrants — are a world away from chic, elegant Champs Elysées and the scintillating splendor of central Paris…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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