Supercapitalism by Robert Reich

I am currently reading this book and my key takeaways so far are:

Capitalism started to change in the 1970's, not just in the USA but also in Japan and Western Europe. This change was mainly due to the oligopolies losing power due to technology (largely sponsored by the US government to protect itself during the Cold War, ex. 70% of R&D for the nation's aircraft industry by the late 1970's), product differentiation, globalization (ex. empty ships returning from Vietnam during the war stopping in Japan to load up with consumer goods on their return to the US, global supply chains) , and deregulation.

This change in capitalism shifted the power to the consumers and investors. The citizens lost the power. There was no longer a need for corporate statesman. Profit, profit, profit became all that mattered.

My personal thoughts:

Robert Reich speaks of the "widening inequalities of income and wealth." This is one of my main concerns. As I travel and see the poverty and huge disparity between the small percentage of people in the top tier, the lack of a middle class, and the large lower class, I see first hand what could happen if we are not careful here in the USA. What makes our country strong and supports the American dream which so many admire is the large middle class. If it continues to decline, as the statistics show in this book, America will lose much more than it realizes. And from what I am reading, the consumer, as well as the investor, can make a difference.

Many speak of the "triple bottom line". Let's try and actually implement that and not just empty words.

And, strive to be the best citizen, not just the best consumer or best investor. We can each individually make a difference. Don't be complicit.

An added thought is don't buy products with white labels (store brand or no name brand items). There is no accountability when there is no brand equity to protect.

Robert Reich writes on page 95, "Higher education is a uniquely hidebound industry whose economics highly defy rational explanation." I thought I would share this humourous comment with you. He is talking about how higher education is becoming more and more expensive each year, yet the product you receive is the same. Interesante...