Socialist Finds 14 Flaws in Capitalism and Seeks Help to Fix Them; Mish 14 Point Rebuttal

Those looking for a big laugh can find one in Philip Kotler's Huffington Post article entitled Fix Capitalism - Join Us!

Kotler says "The economic system is failing to deliver rising living standards for most Americans. Most of the gains from higher productivity are going to the rich. The middle class is getting smaller, the wages of the working class are lower in real terms than in the 1980s, and the really poor continue to constitute 15% of our citizens."

On his website FixCaptalism.Com Kotler notes 14 shortcomings of capitalism but says "there may be more". 

14 Alleged Shortcomings
  1. Proposes little or no solution to persistent poverty
  2. Generates a growing level of income inequality
  3. Fails to pay a living wage to billions of workers
  4. Not enough human jobs in the face of growing automation
  5. Doesn't charge businesses with the full social costs of their activities
  6. Exploits the environment and natural resources in the absence of regulation
  7. Creates business cycles and economic instability
  8. Emphasizes individualism and self-interest at the expense of community and the commons
  9. Encourages high consumer debt and leads to a growing financially-driven rather than producer-driven economy
  10. Lets politicians and business interests collaborate to subvert the economic interests of the majority of citizens
  11. Favors short-run profit planning over long-run investment planning
  12. Should have regulations regarding product quality, safety, truth in advertising, and anti-competitive behavior
  13. Tends to focus narrowly on GDP growth
  14. Needs to bring social values, well being and happiness into the market equation.

Kotler's list is so preposterous, I hardly know where to start. So let's just go down the list one by one.

Mish 14 Point Rebuttal    Continue reading

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