The free-market fundamentalist economic model is being thrown onto the trash heap of history.
“The conservative-preferred, free-market fundamentalist, shareholder-only modelâ€”so successful in the 20th centuryâ€”is being thrown onto the trash heap of history in the 21st century. In an era when countries need to become economic teams, Team USA’s resultsâ€”a jobless decade, 30 years of flat median wages, a trade deficit, a shrinking middle class and phenomenal gains in wealth but only for the top 1%â€”are pathetic.
This should motivate leaders to rethink, rather than double down on an empirically failing free-market extremism. As painful and humbling as it may be, America needs to do what a once-dominant business or sports team would do when the tide turns: study the ingredients of its competitors’ success.”