What kind of economic models are an alternative to Capitalism?
If there is any whiff of Socialism, all the binary thinkers will have a cow. Some can hardly admit we should have a "social contract".
A very good question.
I don't think Capitalism is the real villain here.
I think the type of Capitalism, which I call "Market Force Determinism", is.
Just like any decent ball game or even regatta, Capitalism needs rules and even more important, hard fast limitations.
Our present model assumes no such limitations are needed and "the market" will sort all these things itself, to everyone's benefit. The market is assumed to be self correcting.
Personally, having lived under the heel of this supposed self correcting market, I believe different. I believe this so called self correcting market is routinely manipulated by any and all who can find an opportunity to do so.
Pure competition is the road to economic ruin. Just ask any unskilled laborer. Maybe that's why affluent people routinely vote to defund education (hey. I want my kid to go to college, especially if my neighbor's kid can't)
The way to prosper is to find some unfair advantage and to exploit it to the nth degree. Unions do this by using the blackmail of the strike threat. CEO's do this by buying politicians by pumping huge amounts of money into campaign war chests.
This could explain why two of the richest men in America have turned a major political party into a family subsidiary.
Just like limiting the Water Line Length in sailboat classes, was the first step in regulating sailboat races, limiting how much someone can make in a single year, before being slammed with monster top marginal taxes, is probably the first hard limit that needs to be set to make capitalism anything near being fair. It should be a multiple of the minimum wage, not a set dollar amount.
Having the Federal Reserve discount rate adjusted on a sliding scale, so that "too big to fail" banks pay a higher rate than smaller ones, might go a long way too.
Bringing back "Death Taxes" for the obscenely rich would go a long way toward bring us back from the brink of entering a new feudal age, where just about every industry is owned or controlled by an established family.
I do believe we need markets and free enterprise, but I refuse to believe such are inherently self regulating, or inherently serve the best interests of all involved. Left to themselves, they almost invariably serve just the handful on top and maybe an ever shrinking middle class.
We need to wise up, before the merely imperfect gets replaced with the absolutely terrible.