Author and columnist Ruchir Sharma's new book What's Wrong with Capitalism is out. In this he has written in detail on the economic turmoil caused by capitalism in countries like America, France and Germany. Spoke to Bhaskar's Anirudh Sharma on various issues including his book and election related predictions. Read his exclusive excerpts… Ruchir: From the outside it seems that America is the epitome of capitalism. There per capita income is 60 thousand dollars compared to 3 thousand dollars in India. Two-thirds of Americans say their country is headed in the wrong direction and they want change. More than half of young people want socialism. This book examines this assumption. The situation in Western Europe, especially Germany and France, is even worse. People generally suggest that the government should do more. While I believe that government interference in the economy has increased over the last 100 years. America is the greatest example of evil in capitalism. There has been a phenomenal rise in property prices. 20 years ago it took 3 years to buy a house with a down payment in America, while today it takes 19 years. The US central bank has pumped so much money into the economy that property prices have gone up. Even though the population has more than doubled, the number of houses built in the 1950s remains the same. Only in big cities like New York are prices under control. Ruchir: I have been there for 22 years. In 2012, I wrote in my first book 'Breakout Nations' that BRICS countries are being exaggerated. India is said to be doing very well with a growth rate of 8-9%, I suspected. America was considered the best. Then I regretted that I didn't invest all the money in America… these things were 12 years ago. Today in America, income above a certain level is taxed at more than 50%. No developed country takes on as much debt as the American government. America thinks we are the most powerful of all. American capitalism has changed a lot in 100 years. America has profit capitalism and loss socialism. Capitalism means new companies come every year. If a company is making more profit, a new company can take a stake in it, so that no one company can have a monopoly. The regulation and costs are such that only large companies can afford it. That's why big companies get bigger. Ruchir: Indian election travel is my passion and I follow the US elections. I can give analysis when I get input but I am not interested in going from place to place and meeting people. However, from what I'm reading, it looks like both Donald Trump and Kamala Harris are 50-50, with a difference of 19-20. American society is highly polarized. Only a few thousand people in five-six states will prove decisive as to who will become the President. It is very difficult to understand these few thousand people and how they will go.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
America's Capitalist Model Failed…: Taking the biggest loan today, now Americans are saying – the country is going in the wrong direction… change is needed
