Posted 3 years ago on March 24, 2013, 3:51 p.m. EST by struggleforfreedom80
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by Noam Chomsky, March 5, 2013
The term "capitalism" is commonly used to refer to the U.S. economic system, with substantial state intervention ranging from subsidies for creative innovation to the "too-big-to-fail" government insurance policy for banks.
The system is highly monopolized, further limiting reliance on the market, and increasingly so: In the past 20 years the share of profits of the 200 largest enterprises has risen sharply, reports scholar Robert W. McChesney in his new book "Digital Disconnect."
"Capitalism" is a term now commonly used to describe systems in which there are no capitalists: for example, the worker-owned Mondragon conglomerate in the Basque region of Spain, or the worker-owned enterprises expanding in northern Ohio, often with conservative support -- both are discussed in important work by the scholar Gar Alperovitz.
Read the rest here: http://chomsky.info/articles/20130305.htm