Peter1469
01-27-2016, 05:24 PM
Why millennials are embracing socialism (http://www.cnbc.com/2016/01/27/why-millennials-are-embracing-socialism-commentary.html)
Social democracy rather than socialism. But CNBC has a thoughtful article about the younger generation and their take on capitalism.
Throughout our history, hard work, risk-taking, and trust in our free-market capitalist system have propelled our nation and millions of people up the economic ladder. But now nearly four in ten Americans believe that hard work and determination are no guarantee of success. Even worse, millennials now view socialism more positively than capitalism.
What has undermined faith in our economic system and the very values needed to sustain it?
Much of the blame goes to crony capitalism, which is when government provides special favors to some people or businesses, and picks winners and losers in the marketplace. Cronyism certainly predates capitalism itself, as past rulers rewarded family and friends for eons. But it's unfortunate that cronyism remains alive and well in a democratic society that trumpets the values of the free market. From tax breaks to no-bid contracts, crony deals wreak havoc on markets and capitalism both ethically and economically.
Read more at the link.
Social democracy rather than socialism. But CNBC has a thoughtful article about the younger generation and their take on capitalism.
Throughout our history, hard work, risk-taking, and trust in our free-market capitalist system have propelled our nation and millions of people up the economic ladder. But now nearly four in ten Americans believe that hard work and determination are no guarantee of success. Even worse, millennials now view socialism more positively than capitalism.
What has undermined faith in our economic system and the very values needed to sustain it?
Much of the blame goes to crony capitalism, which is when government provides special favors to some people or businesses, and picks winners and losers in the marketplace. Cronyism certainly predates capitalism itself, as past rulers rewarded family and friends for eons. But it's unfortunate that cronyism remains alive and well in a democratic society that trumpets the values of the free market. From tax breaks to no-bid contracts, crony deals wreak havoc on markets and capitalism both ethically and economically.
Read more at the link.