>>Simultaneously, we have seen the greatest burst of prosperity in the developing world in recorded history.
Inequality rose: The top 1% share of market income rose from 9.6% in 1979 to a peak of 20.7% in 2007
The environment suffered: The average global temperature has increased by 0.8 degrees.
More worrying than these particular figures is the alignment of incentives that causes the trend. I like what capitalism has achieved in the short term, I worry about the long term where companies have traditionally maximised profit by externalising costs.
Inequality is not an inherently bad thing. I would rather live in a society where everyone makes a living wage except for some billionaires (some inequality), compared to a society where everyone makes a poverty wage (no inequality).
World poverty dipped. It’s true that inequality rose inside countries but it actually decreased on a global scale.
Environmental issues are a byproduct of human development, not of any specific economic system.
It is not clear to me how these issues would have been any better under socialist/communist regimes. If anything, the Soviet record on environment and workers health is abysmal.
Inequality rose: The top 1% share of market income rose from 9.6% in 1979 to a peak of 20.7% in 2007
The environment suffered: The average global temperature has increased by 0.8 degrees.
More worrying than these particular figures is the alignment of incentives that causes the trend. I like what capitalism has achieved in the short term, I worry about the long term where companies have traditionally maximised profit by externalising costs.