Socialism vs. Capitalism: Employee-Owned Companies Offer a Third Way
Judging from the headlines this election cycle, you’d be forgiven for thinking America was poised to either nominate and elect a radical socialist bent on economic destruction or reelect a person who will exacerbate income inequality to the point of no return.
Buried amid the rhetoric coming from both sides are the facts. Income inequality has consistently risen since the 1970s. This trend has accelerated since the end of the Great Recession in 2009, largely driven by stock market gains that have primarily accrued to the wealthy.
Increasing income inequality has been cited as one reason for our increasingly polarized political system. It has also been blamed for great political upsets, like Donald Trump’s surprise victory in 2016 and Brexit.
Income inequality has even been said to be the driving force behind the success (and creation) of some businesses that cater to increasingly bifurcated income groups.
At the same time, according to data from the U.S. Bureau of Labor Statistics (BLS), union membership “has hit its lowest point since the BLS started tracking the number.”
If these grim statistics evoke images of American carnage, you’re not alone.
