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Capitalism and its critics: Rage against the machine, The Economist, 22 October, 2011 I’ve been fairly interested for a while in the recent uprising of protesters and the productive and nonproductive sides of the issues. At the root of it, it’s the typical frustration towards the increasing wealth gap and class distinction, and with just a quick glance at popular media it’s easy to see the nonproductive, almost silly side of the movement. Despite not having a central goal, I believe there are some very good things that are emerging from the Wall Street occupiers and protesters around the globe. The problems that caused the 2008 financial crisis have yet to have been adequately addressed. Public policy has reacted rather slowly and is far from finding a balance benefiting the large range of classes. For the U.S., the Economist is advocating reducing tax loopholes and
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Unformatted text preview: simultaneously lowering high income taxes. They also admit that this may be widely unpopular with the majority of the protesters, but less lukewarm decision making may be the answer to revitalizing democracy. Without explicitly defining a solution (if we had one, we wouldn’t have problems to begin with), the Economist advocates foregoing short term austerity for more medium term solutions. Some of this article’s ideas are increasing the age of retirement, smartly making sure the rich pay taxes, and refurbishing the finance industry. It’s this last one that I really think needs some change. Besides entrepreneurship, finance is the only possibility for almost unlimited profit. It also holds the possibility for almost unlimited loss, and when this loss hurts the global economy as much as in 2008, something needs to be changed.\...
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