RAGE AGAINST CAPITALISM: A LETTER TO THE ECONOMIST (October 24, 2011)

“People are right to be angry,” you open your main leader about capitalism and its critics (“Rage Against the Machine,” October 22, 2011). In the rich world, people face an increasingly hostile social, economic, and political environment. “To the man in the street,” you argue, “all this smacks of a system that has failed.” Taking aside the condescending tone with which you address the inconsistencies and incoherence of global protests inspired by the Occupy Wall Street movement, you firmly side with openness and freedom. However, you worry about the rise of populism and its effect on politics. So many years after the collapse of socialism, the rage indeed threatens to turn into populism. It is time for the critics of capitalism to iron out the inconsistencies and incoherence you mention, and they will perforce look back to socialist ideas about capitalism’s many faults. There are plenty of those, too. And you are sure to have to defend your ideological corner to the best of your ability. But calling capitalism “the machine,” as you do in the very title of your main leader, will not do. It is time to call a spade a spade. Capitalism is a social, economic, and political system that favors a tiny minority to a vast majority. In addition, the tiny minority is shrinking while its wealth is growing fast. Whence the rage, of course.