Ruchir Sharma, chair of Rockefeller International, has dropped a truth bomb 💣: capitalism is facing a “clear and present” crisis. In a Financial Times op-ed, he argues that overactive governments are amplifying capitalism’s biggest flaws – slower growth and widening inequality. 🚨
The System’s Broken Compass
Sharma claims capitalism’s core promise – limited government enabling upward mobility – has been gathering dust for decades. “The playing field is tilted,” he says, with industries dominated by “old concentrations of wealth and power.” Today, 1 in 3 U.S. towns rely on a single mega-employer. 🏭
Job-Hopping Grind to a Halt
Remember when people chased opportunities? 📉 Americans are now half as likely to move states and 25% less likely to switch jobs than in 1980. Meanwhile, inequality isn’t just about CEO pay – Sharma points to “superstar companies” like Google where all employees outearn peers at weaker rivals. 💸
Europe vs US: A Role Reversal?
While Europe’s heavy regulation slowed growth, Sharma warns the U.S. under Biden is becoming an “extreme outlier” with skyrocketing debt. “We’re repeating the same mistakes: rescue, regulate, spend,” he says, predicting “gravy days for billionaires, not society.” 🌐⚖️
Could this critique spark a capitalism 2.0? 🔄 Young innovators and policymakers are now on the clock. ⏳
