The Explosion of Bailout Culture

Acton Line

Capitalism didn’t fail—it was ruined, says Ruchir Sharma.

In his new book, “What Went Wrong with Capitalism,” Sharma takes you back to the 19th century to illustrate how the reflexes of government have changed. From hands-off to hands-on, from doing too little to help in hard times to trying to prevent anyone from suffering economic pain ever.

The result? Expensive state guarantees for everyone: bailouts for the rich, entitlements for the middle class, and welfare for the poor. Sharma says this constant government intervention and relentless spread of bailout culture has build an even bigger state, one that’s surely going to double down on what ruined capitalism in the first place.

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What Went Wrong with Capitalism | Simon & Schuster