The angst about capitalism

Given the things modern Americans do — texting, emailing, recreating and, yes, working for a living — many of us missed the news that young adults are cooling to capitalism and warming to socialism. Irony enters the picture quickly, though, when mulling the activities listed above. We communicate using hardware and software developed by risk-takers. We ski, bowl, go to movies and eat out wearing gear and using tools and equipment brought forth by entrepreneurs. We get to work in vehicles ideated, designed and produced by a system in which stockholders put up money in hopes — but certainly with no guarantee — of a profitable return. And we make abundant use of the products and services of the mega-capitalist Facebook, Amazon, Netflix and Google. A survey released last year shows that the share of young adults with a favorable view of capitalism is just 30 percent, compared with 39 percent three years ago. A Harvard University poll found that 51 percent of Americans between the ages of 18 and 29 don't support capitalism. But waning support for capitalism isn't found exclusively among the young. This has been noted recently by, among others, Gerard Baker in his “Editor at Large” column in The Wall Street Journal and Edward Glaeser, a Harvard economics professor. Simply put, American society is uneasy about the system that developed and sold them their cellphones, snow skis, sports cars and thousands of other products. Baker wrote that angst about capitalism “is upending politics in the pursuit of alternative political objectives and ideologies.” Glaeser, in his James Q. Wilson lecture series address last fall, implored his audience to unite against being “trapped in this socialist era that caused so much harm over the course of the 20th century.” It's too easy and much too glib to dismiss the anxiety of adults not far removed from high school. Something's happening here. It's time we stopped and mulled not a drift toward socialism nor a blind defense of capitalism but a determined rejection of the former and a re-imagining of the latter. A blueprint is available in a new book by Paul Collier titled “The Future of Capitalism: Facing the New Anxieties.” Collier recognizes that capitalism is failing many in society and certainly failing to excite many of those for whom it's actually succeeding. One need only compare Oklahoma's metro areas with its rural enclaves to note a great divide. Socialism isn't the antidote to the failures of modern capitalism, perceived or otherwise. The doses prescribed by Bernie Sanders, et al, would place immense tax burdens on the millennials down the road. Still, society is at a crossroads. Conservatives should lead the way in refashioning capitalism in a way that assuages the “new anxieties.” This requires compromise, including some transfers of wealth. Cherished beliefs about free markets must bend. The best defense against socialism is a good offense.