Is capitalism, as an economic policy, something that benefits everyone? New research done by a Nobel Peace Prize winner shows that it has some disadvantages.
In Angus Deaton’s research, he found that mortality rates were rising for working class Americans ever since 1999. This is only in regards to white working class Americans.
Deaton attributes this to a change of life and lower wages for many Americans. In a way, it can be compared to how Native Americans experienced a change of lifestyle when the settlers came and started settling in America. This current change of life can be attributed to many things. Globalization and technology are just two of them.
Angus pointed out that there are ways we can improve this. For example, our healthcare system can be improved. The healthcare system wastes a lot of money. If we took this money and put in back into workers’ wages, then workers would be healthier emotionally and would be in better shape.
Angus also pointed out that many people become rich at the expense of others. Angus has no problem with people making smart inventions and becoming successful. The problem lies with people who lobby Congress to make deals that would benefit them at the expense of the working class.
There are still some unanswered questions. Median wages have dropped in Britain, but they have not experienced the same rise in mortality rates.