Unfettered Capitalism for few or free enterprise for all?
This week Facebook said it would purchase a small company, WhatsApp for $19 billion dollars. About the deal David Brooks wrote,
But now capitalism faces its greatest moral crisis since the Great Depression. The nature of that crisis can be captured in two statistics. When Facebook entered a deal to buy WhatsApp this week, it agreed to pay a price equal to $345 million per WhatsApp employee. Meanwhile, the share of the economic pie for the middle 60 percent of earners nationally has fallen from 53 percent to 45 percent since 1970.
David Brooks’s entire article missed the entire point. It misses what this type of deal represents to the entire society. It misses that this form of capitalism that creates wealth without producing or producing little relative to reward is not only corrosive but destructive to society.
