What Went Wrong with Capitalism
What Went Wrong with Capitalism by Ruchir Sharma, published by Simon and Schuster in July 2025, offers a detailed examination of the impact of government expansion on financial markets and economic inequality. This 384-page book presents a perspective that challenges conventional views, arguing that capitalism has not failed but has been fundamentally altered by excessive government intervention. Sharma traces the evolution of government roles from the 19th century to the present, highlighting how increased spending and regulation have distorted the principles of capitalism.
Readers will find an exploration of how these changes have led to monopolies, inefficient capital allocation, and a culture of bailouts that disproportionately benefits the wealthy. Sharma discusses the consequences of this shift, including rising economic discontent and the slowing of growth. The book delves into the interplay between politics and economics, making it relevant for those interested in business, investing, and social sciences. What Went Wrong with Capitalism aims to provide a clear diagnosis of the issues facing modern capitalism and suggests that merely expanding government will not resolve the underlying problems.
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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.
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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