And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics.
Moreover, statistics can be deceiving: the growth of jobs in the US in the 90s was due to many part-time jobs, with no benefits and generally low pay.
But in the past, US companies have been able to increase their profits through downsizing in the US, through colonizing other people's resources, and through the increase of globalization.
Capitalism is not about free competitive choices among people who are reasonably equal in their buying and selling of economic power, it is about concentrating capital, concentrating economic power in very few hands using that power to trash everyone who gets in their way.
In the US, most progressives start to see the differences between internationalism and economic globalization.
My claim is that we do not have a market economy, but a capitalist economy.
The first principle of the market economy is that it is comprised of many small buyers and sellers, which implies a substantial degree of equity. Another fundamental market principle is that costs are internalized in the producer's price.
If I would need to make a prediction I still believe Kaplan's scenario is very plausible.
In a world of increasing inequality, the legitimacy of institutions that give precedence to the property rights of 'the Haves' over the human rights of 'the Have Nots' is inevitably called into serious question.
It is interesting to note that the 200 richest people have more assets than the 2 billion poorest.
More humane societies are usually smaller, like the Scandinavian countries and Holland, where it is much easier to reach consensus and cooperation.
Wall Street sees a social fabric or social contract as inefficiencies, which need to be removed.
Europeans say they are proud of their social fabric, of strong rights for workers and the weak in society.
More and more surveys in the US are indicating a change in values taking place among consumers, who become more concerned about quality of life, food, health and the environment.
Money flows into the US, and inflates US assets, and allows the US to have a monstrous trade deficit. That means we are consuming more than we are producing.
