The crony capitalism that we have allowed to infect the U.S. economic system shares weaknesses with communism. A tax system that amplifies compounding advantages for business-people and corporations the higher up the food chain they go and compounds disadvantages for people at the bottom is bad for business. It slows the rate at which ideas are generated and problems are solved. The healthiest ecosystem or economy is one with the most diverse, able competitors, not one overrun with one or two dominant species.
The diversity of our citizens and the dynamism of our markets is America’s “secret sauce.” Insuring that the kind of capitalism we embrace is structured to maximize the greatest number of diverse, able competitors, and that those competitors focus on America’s greatest challenges, should be the central role of government. If we get that right, no country on Earth can best us.
This is a difficult article to try and reduce to a few paragraphs, so I’d recommend reading the whole thing.
I also note it’s from Nick Hanauer who cried “censorship” and retained a PR firm when TED didn’t find his talk worthy of putting online. Which is what it is. I’m interested in these ideas, and wish I had the requisite economics background to investigate them further.