By the way, the Gini index ranks Bosnia, Ukraine, Ethiopia, Bangladesh, Egypt and Vietnam as more equal than the UK. But in which of these countries is it better to be poor?
By the way, the Gini index ranks Bosnia, Ukraine, Ethiopia, Bangladesh, Egypt and Vietnam as more equal than the UK. But in which of these countries is it better to be poor?
I think you missed the point. As long as there was still socialist idealism in the hearts of a sizeable proportion of the Western population, there was always the fear of a revolt in your factory or even country. So, people with capital had to keep their workers happy.
Now that virtually everyone in the West believes in the capitalist doctrine, not making it means that you are just a sucker who did not work hard enough, did not make the right choices, etc. So, you don't protest, you just work harder.
In a way, perhaps capitalism can be seen as the 'liberal' side, where there is an explosion of development and innovation at the expense of stability, social cohesion and safety.
Maybe our biggest long-term challenge is figuring out a way to maintain a balance and keep either 'side' from winning or at least stabilizing the oscillation a bit.
The original canonical work on capitalism, Adam Smith's "On the Wealth of Nations" lays this out clearly.