Let me begin by stating that I am a supporter of capitalism over other economic systems. Competition drives innovation like nothing else does.
However, just because capitalism is the best system doesn’t make it a perfect system, nor does that mean it should be free to operate unconstrained by regulation.
Nor does it also mean everything capitalists say in their defense of capitalism is true.
Again, I reiterate, I am not a socialist. I am a capitalist. But I do agree with much of what William writes in his article.
Trickle down is a lie. You can disagree about the origins of trickle down, but that doesn’t change the fact that the concept has been championed by the ardent defenders of capitalism in the U.S., for decades.
Wealth is not the product of hard work alone — luck, connections, and communal benefits play a role.
Regulations are necessary.
There is less social mobility than there has been in half a century.
These are facts.