By Nasir Ismail | International Affairs Columnist
For decades, Americans have been fed a myth—that capitalism is a fair, meritocratic system that rewards hard work and innovation while lifting all boats. But this lie is crumbling under the weight of reality. The truth? Capitalism, as currently structured, is a rigged game, funneling wealth and power to a tiny elite while leaving workers behind.
The Myth of Prosperity for All
The dominant economic narrative insists that free markets naturally distribute wealth fairly. Yet over the past 50 years, workers’ share of national income has plummeted—from *75% in the mid-1970s to just 46% today. Meanwhile, the richest **1% (and especially the 0.01%)* have captured nearly all economic gains. Wages stagnate, housing and healthcare costs soar, and job security vanishes—but corporate profits and CEO pay keep breaking records.
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This isn’t an accident; it’s by design. Tax cuts for the wealthy, deregulation, union busting, and Wall Street’s dominance have systematically shifted power from labor to capital. The result? A hollowed-out middle class and a generation facing downward mobility.
The “Economic Lie” Exposed
The core deception is the idea that markets are neutral and rewards are based on merit. In reality, wealth begets more wealth—through inheritance, political influence, and monopolistic control. The wealthy rig the rules: lobbying for bailouts, tax loopholes, and anti-worker policies while preaching “free markets” to everyone else.
Even economics education perpetuates the lie, ignoring power dynamics and pretending exploitation doesn’t exist. We’re told that *trickle-down economics* works, despite decades of evidence proving it enriches only those at the top.
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An Alternative: Worker Cooperatives & Economic Democracy
There is a better way. *Worker cooperatives*—businesses owned and democratically run by employees—prove that equity and efficiency aren’t mutually exclusive. Studies show co-ops often have:
✔ Higher productivity (workers are more invested)
✔ Greater stability (less layoffs during downturns)
✔ Fairer wages (no CEO-to-worker pay ratios of 300:1)
By democratizing workplaces, we could build an economy where prosperity is shared, not hoarded.
America at a Crossroads
The U.S. is following the path of declining empires—concentrated wealth, eroding living standards, and political dysfunction. Without systemic change, the crisis will deepen. The choice is clear: cling to a broken system or reimagine an economy that works for the many, not the few.
The lie is over. It’s time for the truth—and a new way forward.
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Key Takeaways:
– Capitalism’s “fairness” myth justifies extreme inequality.
– Workers’ share of income has collapsed while the rich take all.
– Trickle-down economics is a scam; worker co-ops offer real solutions.
– Without radical change, America’s decline will accelerate.
“By democratizing workplaces, we can build a daily democracy that works for all.”
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Nasir Ismail is a political analyst and columnist focusing on South and Central Asian affairs. He writes frequently on geopolitics, foreign policy, and emerging power dynamics.
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