What Went Wrong with Capitalism
What Went Wrong with Capitalism by Ruchir Sharma, published by Simon and Schuster on June 11, 2024, spans 384 pages and is presented in English. This book examines how a century of expanding government intervention has altered financial markets, contributed to significant inequality, and increased national debt. Sharma argues that rather than failing, capitalism has been fundamentally distorted by government actions, leading to a system that favors the wealthy while burdening the economy with inefficiencies.
Readers will find an exploration of the historical shift from minimal government involvement to extensive regulation and financial support, which Sharma claims has created a culture of bailouts and monopolies. The narrative delves into the consequences of these changes, including the rise of “zombie” firms and the impact on economic growth. By tracing these developments, Sharma aims to provide a clear diagnosis of the issues plaguing capitalism today, suggesting that merely expanding government will not resolve the underlying problems.
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Named a Best Book of 2024 by The Wall Street Journal and Financial Times
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.
Taking you back to the 19th century, Sharma shows how completely the reflexes of government have changed: from hands-off to hands-on, from doing too little to help anyone in hard times to today trying to prevent anyone suffering any economic pain, ever. Trading sins of omission and indifference for excesses of spending and meddling, governments from the United States to Europe and Japan have pumped so much money into their economies that financial markets can no longer invest all that capital efficiently.
Inadvertently, they have fueled the rise of monopolies, “zombie” firms, and billionaires. They have made capitalism less fair and less efficient, which is slowing economic growth and fueling popular anger. The first step to a cure is a correct diagnosis of the problem. Capitalism has been badly distorted by constant government intervention and the relentless spread of a bailout culture. Building an even bigger state will only double down on what ruined capitalism in the first place.
What Went Wrong with Capitalism is a “superbly written” (The Wall Street Journal), “fresh and accessible” (Robert Rubin, former Secretary of the Treasury and chairman of Citigroup) look at the issues confronting our capitalistic society and will ultimately reshape how you think about world.
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