Why & How Capitalism Needs to Be Reformed

I see populism as people rising up to reject their leadership. Now, it's a bad thing. Yes, that they're not willing to accept the results. I agree with your definition. I agree with your definition.

And then also at the same time that that's happening, they'll win at all cost. They won't compromise. They will win. They will fight for that side and win. Okay, fair enough, and that's not good.

But I mean, I guess my question is why don't you have more criticism for our elites who are running all these institutions and making these decisions? I do, I mean, it depends what you're—I wrote a piece about four years ago which says why and how capitalism needs to be reformed.

And I believe that on these issues of equal opportunity and all that, we've got a big structural problem. And that, everything needs to be reformed. I'm not against capitalism, but it needs to be reformed.

Part of the big problem, just analytically, mechanically, is that it's the profit system alone that does not direct resources adequately. Let's say if we take climate, for example, there are terrible costs that come from climate—it's not built into the system.

Education, look at the gaps in education. The structural system means that the central government can, that state government controls education. Then you get to the town, and at the town level, it's the town that controls the education—how much they pay.

And so then you create wealth gaps, with rich people being able to take care of their kids in a way that other people can't take care of their kids. And that creates an opportunity gap. That's a structural problem that has to be taken on, fully looked at, reformed—and we, in order to pull this thing off, we have to do it together.

Okay, we cannot do it with one side fighting the other side and with irreconcilable differences.