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moondust

(19,963 posts)
3. Capitalism has changed.
Sat Oct 17, 2015, 03:54 PM
Oct 2015

Before Reagan and financialization capitalism was much more about having the freedom to open your own business and be your own boss. That was enough to make a lot of people happy. (Try that today in competition with Walmart. ) After Reagan and financialization it became largely about greed: serving (wealthy) corporate investors and amassing ever greater fortunes--leading to globalization and closing down thousands of factories employing millions at good wages and moving them to cheap labor markets offshore. The transition to the capitalism of supergreed was a mistake IMO. It's arguable that this transition was implicity racist in that virtually all of those wealthy corporate investors were white while the decent-paying jobs shipped offshore were good options for minorities and the poor who liked working with their hands or could not afford an expensive education.

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