Capitalism's growth problem

Capitalism's growth problem

by David F. Ruccio Monday, Feb. 08, 2016 at 10:39 AM
marc1seed@yahoo.com

Contemporary capitalism has a big problem. And no one seems to be able to refute it. The problem, as Robert J. Gordon sees it, is that economic growth is slowing down, it has been for decades, and there’s no prospect for a resumption of fast economic growth in the foreseeable future.

https://rwer.wordpress.com/2016/02/07/capitalisms-growth-problem/#more-22125

We certainly don’t know what lies ahead. But, since the 1970s, we’ve witnessed growing inequality in the distribution of income and wealth, which resulted in and in turn was exacerbated by the most severe economic crisis since the 1930s. Capitalism’s legitimacy, based on “just deserts” and economic stability, was already being called into question. Decades of slow economic growth and the real possibility that that trend might continue for the foreseeable future mean that capitalism (not to mention those who spend their time celebrating capitalism’s successes and failing to imagine alternatives) has an even bigger problem.