Former Treasury Secretary asks: Is capitalism dead?
Larry Summers, former Treasury Secretary, asserts that public dissatisfaction with the market and a seeming lack of economic mobility indicates that “capitalism isn’t working.”
In a column in Reuters, Summers poses two simple questions: “Do today’s problems inhere in today’s form of market capitalism or are they subject to more direct solution? Are there imaginable better alternatives?”
While not arguing there is a better choice than capitalism, Summers echoes the sentiments of other economic analysts who contend that technological advances have dramatically changed the labor market – a change to which governments and political leaders have yet to adapt and address effectively.