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REGARDLESS of one’s place on the political spectrum, few would dispute that capitalism is failing to bring prosperity and happiness to an increasing number of people.
In the 99 Percent Economy, author Paul Adler identifies the crises inherent in capitalism that create and perpetuate a multitude of social, economic, political and environmental catastrophes and, in contrast with those who believe that capitalism can be fixed, illustrates the limits of reform.
He argues that as an economic system, it cannot be rehabilitated and needs to be scrapped in favour of one that works for 99 per cent of the population.
With a background in economics, management and academia, Adler uses his knowledge of how major capitalist companies strategise and function to show how the expertise and acumen used to make profits for the few could be transposed to a socialist democracy.
Large firms operating under public ownership can remain efficient and innovative, he argues, providing examples of how a socialist democracy might work to solve some of the major problems facing the world currently.
His persuasive arguments for why the transition from an obsolete system to a superior socialist one could not be more timely.
The 99 Percent Economy: How Democratic Socialism Can Overcome the Crises of Capitalism is published by Oxford University Press, £16.99.