Robert Reich on Why Capitalism Needs Saving
By Mike Konczal (originally published at Rolling Stone, October 7, 2015)
"The real issue is whether capitalism is organized for the benefit of the society as a whole or for the benefit of a small group," says Reich
Excerpt:
Economic inequality is shaping up to be one of the central debates of the 2016 election: Those on the left – most notably Bernie Sanders – decry the increasing wealth and power of those at the very top of the economy, while others are left behind. Those on the right respond that this upswing in inequality, however regrettable it might be, is the natural result of free markets.
Few have looked at this issue as closely as political economist and former Labor Secretary Robert Reich. In his new book, Saving Capitalism: For the Many, Not the Few
, he tackles this obsession with free markets. He argues that there is no such thing as a free market, and that the basic rules of capitalism – laws surrounding property, monopoly, contract, bankruptcy and enforcement – are really driving inequality.
Rolling Stone recently spoke with Reich about his book, the rise of populists like Bernie Sanders and Donald Trump in the presidential race and the legacies of the Obama and Clinton years.
RS: You called your book Saving Capitalism. Why does capitalism need saving, and why is it worth saving?
RR: Those are the two questions I've been getting on the book tour. One group of people says, "Why do you suppose it needs saving? It's perfect." And another group says, "Why do you want to save it? It's so rotten."
Picture via Huffington Post.
