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But this time, if and when discontented Americans like Amy and Sarah do reengage with democracy, it’s by no means clear that they will vote to stick with the capitalism part of the American model. The 1970s represented the first protracted stumble after the recovery from the Great Depression, with two oil-price shocks and a nasty recession mid-decade. Had recovery from those challenges been as strong as that in the late 1930s and 1940s, no doubt faith in the system would once again have been vindicated. Instead, as the data shows, the post-1970s decades have been, for Americans like Amy and Sarah, a slow drip feed of disappointment and frustration. In this environment, a more sinister narrative about capitalism has been taking root. Capitalism is no longer unambiguously about everybody working hard and getting ahead—it is about the benefit of overall economic growth flowing so disproportionately to rich people that there just isn’t enough left for average Americans to consistently advance. If the little that does trickle down isn’t enough to keep Amy and Sarah afloat, then sooner or later they will wonder why they trust the management of the economy to Wall Street CEOs and Beltway politicians and policy wonks. And then they will surely reengage with the democratic part of the US system—probably with dramatic and potentially harmful results. To be sure, it is always tempting to look for a clear, easily identified whipping boy—a bad president, an atrocious piece of legislation, callous Wall Street, venal hedge funds, the unfettered internet, runaway globalization, or self-absorbed millennials. While no one of these can be held responsible for the yawning inequality of the US economy and the alienation that it engenders, many actors have played a role. It has taken almost half a century of both Democratic and Republican presidents and houses of Congress to get us to the current point. And if numerous actors are in part responsible, then we have to ask—given all that the data shows—whether there may be a fundamental structural problem with democratic capitalism. If so, can we fix it?
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Roger L. Martin (When More Is Not Better: Overcoming America's Obsession with Economic Efficiency)