Saving Capitalism: For The Many, Not The Few

by Robert B. Reich

A viable third party is likely to emerge only if both the Democratic and Republican parties are so dependent on big business and Wall Street that neither is able to respond to the emerging views and needs of the vast majority at this juncture in history. Whether it comes about through adaptation by one of the current dominant parties or the emergence of a new third party is less important than that countervailing power be re-established in America. No one should expect this to occur smoothly or easily. The moneyed interests have too much at stake in the prevailing distribution of income, wealth, and political power to passively allow countervailing power to re-emerge. While they would be wise to support it for all the reasons I have enumerated above—mostly, they will do better with a smaller share of a faster-growing economy whose participants enjoy more of the gains and will be more secure in an inclusive society whose citizens feel they are being heard—they will nonetheless resist. The status quo is too comfortable, and the prospect of countervailing power too risky and unpredictable. Yet its re-emergence is inevitable. We cannot continue in the direction we are now headed.