Christopher Joye | The biggest threat facing contemporary capitalism is democracies rejecting its key feature: the “creative destruction” imposed by freely functioning markets, which is the main driver of productivity. The prices we see today for equities, bonds and housing are not remotely near their true market “clearing” levels.
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The biggest threat facing contemporary capitalism is democracies rejecting its key feature: the “creative destruction" imposed by freely functioning markets, which is the main driver of productivity.
The prices we see today for equities, bonds and housing are not remotely near their true market “clearing" levels.
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Original URL: https://www.afr.com/policy/economy/why-capitalism-is-not-doing-its-job-20141104-11gt1t
