Marguerite Ward: Only 25% of Americans think capitalism is good for society

Marguerite Ward writes that Only 25% of Americans think capitalism is good for society.

In May, the Harris Poll and Just Capital, an independent research firm founded by the billionaire investor Paul Tudor Jones, surveyed 1,000 people on their thoughts about capitalism amid the pandemic. Only 25% of respondents said they believed our current form of capitalism ensures the greater good of society.

For many this doesn’t come as a surprise. Prominent voices ranging from a top Harvard economist to the billionaire hedge-fund manager Ray Dalio have warned that capitalism would soon face a crisis because of the massive inequality exposed by the pandemic.

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The report on the survey concluded:

Americans overwhelmingly agree that we as a society need to use this crisis as an opportunity to fix what’s broken and find a better way of living. Americans are looking for companies to take the lead on key policy issues like paid sick leave, paid family leave, wage increases, healthcare, and increased flexibility to work from home. And the American public believes we need a more evolved form of capitalism to tackle the shift.

This more evolved capitalism must be based on our learnings from this time – that our economy has not been working for the majority of Americans, that business must play a key role in protecting the public, and that certain populations, including Black and Brown Americans, are tremendously vulnerable to both the health and economic impacts of crisis. When asked if they had been personally impacted by COVID-19, Black survey respondents identified as having been furloughed, laid off, or given a zero-hour schedule at double the rate of White respondents (Black respondents: 22%, 20%, and 21% vs. White respondents: 10%, 11%, and 5%, respectively).

We have faced unprecedented challenges over the last few months – and it’s not over yet – but we have the opportunity today to build better coming out of this pandemic, and deep social unrest. These views from the public provide a roadmap to how we can reset capitalism to truly serve all Americans, and build a more equitable society for tomorrow.

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This view is hampered by the blinkers that Capitalism is the only gmae in town. Socialism or Communism is not even considered. Fifty (50) years on neo-liberalism has led us here. What the magazine wants some form of Capitalism to survive this crisis. They are implicitly recognizing that the neo-liberal project has led to this series of crises: massive busfires; glaobal pandemic; economic depression; unrest in the streets.

People have to realize that asking Capitalists to be nice will not work. We have seen what utter bastards thry are throughout the 1980s and onwards. We need to take control of our own lives and our work. We need to work and struggle towards a more just and equitable society. Capitalism has shown that it cannot achieve that outcome.