
IPFS News Link • Philosophy: Capitalism
Do We Need A "New" Capitalism?
• https://www.zerohedge.com, Tyler DurdenElizabeth Warren calls her version Accountable Capitalism. Marco Rubio dusted off an 1891 speech by Pope Leo to advocate what he calls Common Good Capitalism.
Milton Friedman apparently infected several generations of capitalists with an insatiable greed by informing them that they should run their companies for the sole benefit of owners. You know, the people who actually provide the capital that gives capitalism its name.
Warren's new version of capitalism is one where putting capital at risk entitles you to nothing more than the right to have someone else tell you how to deploy it. Elizabeth Warren will be in charge of your capital structure and workers will sit on your board of directors where they can make sure they get their fair share of what you've risked. Your existence will depend on your ability to satisfy all your "stakeholders" rather than just your customers. And you'll need a federal charter to operate your company if you achieve a level of success the government deems worthy of their oversight.