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An “eye-opening” (The New York Times), “absolutely fascinating” (Fareed Zakaria, CNN host and commentator) look at a how a century of expanding government has distorted financial markets, stoked massive inequality, and soaked America in debt.
Capitalism didn’t fail, it was ruined…
What went wrong with capitalism? Ruchir Sharma’s account is not like any you will have heard before. He says progressives are right, in part, when they mock modern capitalism as “socialism for the rich.” For a century, governments have expanded in just about every measurable dimension, from spending to regulation and the scale of financial rescues when the economy wobbles. The result is expensive state guarantees for everyone—bailouts for the rich, entitlements for the middle class, welfare for the poor.