Martin Wolf has a long and thoughtful article on capitalism's woes in the FT today. I don't agree with it all, but I do with much of it. I especially like this:
As the Organisation for Economic Co-operation and Development, the Paris-based think-tank, showed in a recent report, high-income countries have seen large rises in inequality over the past three decades.
Many would argue that inequality is unimportant. To this, there are two powerful responses. The first is that it is important if it is politically salient. It is. The second is that inequality of outcome has a strong bearing on equality of opportunity, about which many more do care.
What are the answers? Among them must be explicit fiscal redistribution from the winners to the losers and particularly to the children of the losers; subsidisation or direct provision of jobs; big efforts to improve the quality of education and childcare for all, including public financing of access to higher education; and a determination to sustain demand more effectively in severe downturns.