Article Title: Moving beyond stigmatized capitalism
The article points out that the public perception of how capitalism works matters. A lot depends on whether voters see businessmen as robbers or men of enterprise. The narrative surrounding the legitimacy of businessmen is important. In the recent months news of bank frauds have become common and also the corruption in the previous government has affected the outlook of the people towards capitalism.
One of the major problem that affects the capitalist system is corruption because of which the profits of capitalism do not flow to the poor. A lot thus depends on whether citizens believe that wealth has been generated through political contacts or competitive excellence and whether the rule of the law applies equally to all. The new regulations would be stricter and they will inhibit growth of businesses in the future. Economic reforms need to tackle the corporate-political nexus through more competitive markets and change the way government contracts are awarded.
Words to learn from this Article:
Rampant: (especially of something unwelcome) flourishing or spreading unchecked.
Causality: the relationship between cause and effect.
Startling: very surprising, astonishing, or remarkable.
Backlash: a strong negative reaction by a large number of people, especially to a social or political development.
Populist: a member or adherent of a political party seeking to represent the interests of ordinary people.
Leverage: use (something) to maximum advantage., the power to influence a person or situation.
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