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How Capitalist Utopia Became Everyone Else’s Dystopia
by Umair Haque
Posted September 27, 2018

rich on the backs of the poorI don’t usually write essays about charts— but this one’s different. It’s American collapse in four lines. It says that American elites mismanaged their economy so badly, so fatally, so totally, the rich world hasn’t seen the like since Weimar Germany. They created a capitalist utopia — but the problem is that that’s everyone else’s dystopia.

To understand the story of this gargantuan, historic failure — not managing a society in any way resembling “well”, or even “sanely” — it’s probably best to understand what Europe did right — and then come back to what America did wrong. Which, in short, is that it embarked on one of history’s greatest fools’ quests since alchemy, a utopian mission to turn the lead of capitalism into the gold of prosperity for everyone. But lead doesn’t turn into gold. More…