Philip Cross: Face it, millennials: There is no realistic alternative to capitalism fpcomment
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Instead, today’s critics, such as Thomas Piketty, fault capitalism for producing excessive inequality. Their complaint appears to resonate with the public. In a 2019 article on millennial socialism, The Economist magazine cited a Gallup poll in which Democratic voters in the U.S. indicated they preferred socialism to capitalism by more than 10 percentage points.
By not sufficiently emphasizing the unprecedented improvement in living standards, economists left capitalism open to unfair and unfounded criticism. The economic historian Deirdre McCloskey proposes one solution would be to change the system’s name from the Marx-rooted “capitalism” to Schumpeterian-inspired “innovationism,” which would underscore how incubating and developing new ideas is the essence of decentralized, market-based economies.
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