ReformedCapitalism

Quora Answer : From the socialist perspective, why can't capitalism be reformed?

May 12, 2020

From my perspective, it can be reformed to an extent.

And more importantly, it has been reformed, quite a lot in the 20th century.

But as we can see happening, right now, in front of our faces, the super-rich who have done well out of capitalism, start chafing at the reforms and restrictions such as the Glass-Steagall act that made the banking sector more stable, or tax funded social welfare programs.

And they start agitating to dismantle them.

The super-rich fund think-tanks like the Institute for Economic Affairs to continue to invent sophisticated reasons why the reforms should be scrapped, and capital should be freed from any constraints that the rest of society tries to place on it.

Given this evidence that capital simply doesn't accept reforms, but actively tries to throw them off, I believe it's obvious that "reformed capitalism" is not a long-term sustainable solution.

The only way NOT to have a rich and powerful investor class trying to undo your reforms, is to not have a rich and powerful investor class.