In a recent, fascinating speech, John Kay emphatically declared capitalism no longer exists. He claims we keep using a word that no longer applies to the structure of our economic world in a significant way. Those who amassed the most wealth could control entire sectors of the economic world. After Marx predicted the end of capitalism in a classless society, revolutions swept through the world: the Bolsheviks, Chairman Mao, and others. Kay says capitalism morphed into something quite different in the middle of the 20th century.

Source: Forbes May 02, 2018 18:11 UTC