Former Labor Secretary Robert Reich says the US tradition of democratic capitalism has gone badly wrong. A generation of free market adulation, says Reich, has built a kind of capitalism so powerful that it is overwhelming the democracy it is supposed to support.
He calls it "supercapitalism." A capitalism that brings us dirt cheap blue jeans, and falling wages, no job security, and a government owned by corporate lobbyists.
It's time to choose, says Reich, whether we are consumers first, or citizens first. Tough questions these days.
This hour On Point: Robert Reich and "supercapitalism."
Robert Reich, secretary of labor under President Bill Clinton, currently professor of public policy at the University of California at Berkeley and author of the new book "Supercapitalism: The Transformation of Business, Democracy, and Everyday Life"
Marvin Zonis, political economist, professor emeritus at the University of Chicago's Graduate School of Business
This program aired on September 4, 2007.