Earlier quoted context omitted.
> Private investment capital has been demonstrably effective at growing that pie somewhat Compare the success of the free market at raising the standard of living as opposed to other forms of government - by a lot. > arguably been privatizing the resulting wealth The only way that wealth would have grown is if that investment paid off in providing goods and services that the rest of the country preferred to buy, and…
> Compare the success of the free market at raising the standard of living as opposed to other forms of government - by a lot. Generally alongside massive government-directed/-financed social programs, often much higher tax rates than we’ve seen for decades, alongside a powerful labor movement, and alongside substantial regulation like antitrust. To the extent the raised standard of living has been anything remotely…
With that said, my personal politics (I did self-identify as a “coastal leftie”) are such that I tend to agree with you that equitable surges in human welfare seem highly correlated with a deep partnership between the public and private sectors, strong labor organization, thoughtful and deliberate restraints on monopoly actors, and the Powers That Be taking a very long view on their own welfare by viewing it as a partnership with the working class.
I have also had to divert significant funds to family members both older and younger than me because people in both groups faced exceedingly bleak economic situations of comparatively new vintage: the older because of a collapse in traditional safety nets for retired persons (both public sector and community oriented) and the latter because of starting their working lives during the Great Recession, neither of which is anything to them but really bad luck.
I can’t speak for Walter, but in my lifetime I’ve observed a marked decline in what used to be called noblesse oblige among the asset-holding class, and given his greater experience it seems at a minimum plausible that my dissenting opinions are a product of a deviation from more typical conditions.
I sure hope so!