Except it confuses industrialization with capitalism.
I would argue that misguided liberal policies have distorted true capitalism into a form which is bound to fail. Paradoxically, the growth of Government and entitlements has made it “safe” for companies to flee the USA. They can still make a fat profit while the Government kept the Middle Class afloat through deficit spending. Once the credit limit is reached, however, that’s when things start to get dicey because the domestic market will finally suffer. If Government was not there to pick up the slack, business would have figured out long ago that outsourcing was not in its long term best interest as it would destroy the Middle Class.
The article mentions Victorian values- one of which was thrift, and they would have held in abhorrence modern practices such as putting debts not yet paid to you in the profit column, borrowing obscene amounts of money relative to what you make, and considering a home as merely a financial asset. They also understood rightly that the government had no business screwing around with economics.....
The Golden Goose has been sold for a Needy Donkey..
The premise of this article is wrong. Neither Britain, nor the United States, have practiced capitalism for a very long time.
It would be interesting to see how much damage has been done by the shift from a market economy to a status economy: i.e. set asides because you are black, Asian, Mexican; the hiring as wage earners minorities as opposed to whites etc. etc. I wonder if the dollar value of such a shift could be quantified.
Nonsense. It is a Leftist BBC article. Capitalism is the most free open economic plan that ever existed. It is the Communists and the many other “isms” that have been planning and working for generations to undermine Capitalism.