On Modernizing Capitalism

Evert Cilliers over at 3QuarksDaily examines the deficiencies of capitalism in the modern world and how it can be improved.

The fact is that capitalism is a feudal system, which therefore works well in a feudal society like China.

But in modern, highly evolved democracies, capitalism is a handicap.

Why? Democracy has evolved, but capitalism hasn’t. It’s essentially unchanged from its 18th century origins. Capitalism is so feudal, it’s almost medieval. It requires a subservience from its minions that hints at slavery, serfdom, or peonage. It grants its captains of industry the freedom to lord it over everyone else like banana-republic dictators or command-economy Kremlin bosses.

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