…How It’s Going

Capitalists, as Adam Smith noted but didn’t think through, hate free markets. To restrain them and get more of what they want, the business class of the late 1800s convinced legislatures to deregulate corporations, which until then had been retrained from buying one another and undertaking activities not enumerated in their charters.

In the late 1970s and early 1980s, capitalists finally recovered enough clout to fight back against what they’d lost in the publicly-administered full-employment economy of World War II. The coming-out party for this restorationist project was called, in the USA, the Reagan Revolution.

How’s that effort going?

Take a look at this graphic from of Bloomberg Businessweek:

Bloomberg Businessweek, 3 Oct 2021