What Went Wrong With Capitalism

Ruchir Sharma examines the ills of capitalism and proposes seven fixes to restore the balance between state support and free markets, leading to a more prosperous and happier future.

Format: Hardback
Length: 384 pages
Publication date: 11 June 2024
Publisher: Penguin Books Ltd

A comprehensive analysis by a renowned financial analyst, commentator, and investor delves into the shortcomings of capitalism and proposes solutions to address them. While progressives may criticize modern capitalism as "socialism for the rich," the reality is that government interventions have significantly expanded in developed nations, encompassing areas such as spending, regulation, and rescues during economic downturns. This has led to the emergence of "socialized risk," where the costs of government guarantees are shared by everyone, including welfare for the poor, entitlements for the middle class, and bailouts for the rich.

Voters express dissatisfaction with capitalism, as the distorted system resulting from government interventions deviates from the principles of a free market. Consequently, productivity and economic growth have slowed, resulting in a smaller pie for all and fueling public anger. Recognizing that these issues emerged as the government grew, further expanding the state will only exacerbate the existing problems.

In response, Ruchir Sharma offers a series of seven fixes aimed at restoring the balance between state support and free markets, paving the way for a more prosperous and happier future. These solutions encompass measures such as reducing government spending, streamlining regulations, promoting competition, investing in education and infrastructure, addressing income inequality, promoting innovation, and fostering international cooperation. By implementing these reforms, societies can strive for a more equitable and sustainable economic system that benefits all members.

Weight: 603g
Dimension: 242 x 163 x 35 (mm)
ISBN-13: 9780241595763