A far reaching BBC poll has concluded that most of the world is deeply dissatisfied with free market capitalism, and many deem it a ‘fatally flawed’ system:
More than 29,000 people in 27 countries were questioned. In only two
countries, the United States and Pakistan, did more than one in five
people feel that capitalism works well as it stands.
quarter – 23% of those who responded – feel it is fatally flawed. That
is the view of 43% in France, 38% in Mexico and 35% in Brazil.
there is very strong support around the world for governments to
distribute wealth more evenly. That is backed by majorities in 22 of
the 27 countries.
I am always reticent to use the term ‘free market’ when it comes the economic system in the U.S and U.K (the most ‘capitalist’ countries in the world), because both do not conform in any way to a true free market system.
The U.S and U.K work as corporate welfare states where the majority of the working population are subjected to the market, while the rich rely on the government to look after their interests. They are given giant tax subsidies (and often not required to pay any), allowed to flout anti trust laws, given lucrative government contracts without competing for them, and bailed out to the tune of trillions of dollars when they hit hard times.
How this can be construed as a ‘free market’ economy is anyone’s guess, but it is now clear that people are deeply distrustful of it, and would like to see a more equal society.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.