Those looking for a big laugh can find one in Philip Kotler's Huffington Post article entitled Fix Capitalism – Join Us!
Kotler says “The economic system is failing to deliver rising living standards for most Americans. Most of the gains from higher productivity are going to the rich. The middle class is getting smaller, the wages of the working class are lower in real terms than in the 1980s, and the really poor continue to constitute 15% of our citizens.”
On his website FixCaptalism.Com Kotler notes 14 shortcomings of capitalism but says “there may be more”.
14 Alleged Shortcomings
Proposes little or no solution to persistent poverty
Generates a growing level of income inequality
Fails to pay a living wage to billions of workers
Not enough human jobs in the face of growing automation
Doesn't charge businesses with the full social costs of their activities
Exploits the environment and natural resources in the absence of regulation
Creates business cycles and economic instability
Emphasizes individualism and self-interest at the expense of community and the commons
Encourages high consumer debt and leads to a growing financially-driven rather than producer-driven economy
Lets politicians and business interests collaborate to subvert the economic interests of the majority of citizens
Favors short-run profit planning over long-run investment planning
Should have regulations regarding product quality, safety, truth in advertising, and anti-competitive behavior
Tends to focus narrowly on GDP growth
Needs to bring social values, well being and happiness into the market equation.
Kotler's list is so preposterous, I hardly know where to start. So let's just go down the list one by one.
Mish 14 Point Rebuttal
