Capital

by Thomas McClure
I Introduction
This is written on Capital.

II Capital

Capitalism
Time, May 23, 2016 (p. 28)

Polls of Americans in 2016

aged 18 to 29

Capitalists 19.00%
Supported Capitalism 42.00%

Among older people

Capitalists 26.00%
Supported System as a whole Little over 50%

Financial sector percentage of US Economy

1980 4.00%
2016 7.00%

Despite currently taking around 25% of all corporate profits,

[the financial sector] creates a mere 4% of all jobs

Unintended consequences (p. 29)

Misguided belief in aspirational belief

in part of an advanced service economy
have endangered
the very American system

financial “innovations”

In the USA 70% of output is consumer spending

 The amount of credit to US consumers
has doubled in real dollars since the 1989s (pp. 29-30)

Global debt levels higher than they were in 2007

by $57 billion

American companies across every sector today

earn five times the revenue from financial activities
that they did before 1980. (p. 30)

the wealthiest 10% of the population that/

owns more than 80% of all stocks

From 1978 to 2012 (p. 31)

the number of new firms as
a share of all businesses has actually shrunk
from 50% in the early 80s to 44%

Business dynamism suffers

as innovation tails off by 40% at tech companies
as they go public

Business executives who receive 82%

of their compensation in stock naturally
make shorter-term business decisions

a dysfunctional ecosystem (p. 32)

permeated with academics who resist challenges

to the gospel of efficient markets

nobody really knows the perfect model

for a high-functioning, advanced
market system in the 21th century

III Conclusion

This is written on Capital.