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What kind of economic system is most conducive to human well-being? That question has come to define the current era, because, after 40 years of neoliberalism in the United States and other advanced economies, we know what doesn't work.By contrast, the third camp advocates what I call progressive capitalism, which prescribes a radically different economic agenda, based on four priorities.This brings us to the third priority: addressing the growing problem of concentrated market power.The rise in corporate market power, combined with the decline in workers' bargaining power, goes a long way toward explaining why inequality is so high and growth so tepid.As the U.S. moves ever closer to a fundamentally undemocratic system of "one dollar, one vote," the system of checks and balances so necessary for democracy likely cannot hold: Nothing will be able to constrain the power of the wealthy. This is not just a moral and political problem: Economies with less inequality actually perform better.
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