Discussion Board Week 7 Assignment

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Discussion Board Week 7 Assignment
In this review, the discussion will be based on the article titled; Third wave capitalism: How Money, Power, and the Pursuit of Self-Interest Have Imperiled the American Dream. The article was authored by John Ehrenreich and published by the ILR Press in 2016. Ehrenreich discusses the evolution of one of the most common global economic system which is the capitalist economy. In what is referred to as the third wave capitalism, Ehrenreich illustrates the growth of a new level of capitalism in the American society. In his own words, the author points out that in the current decades the corporate capitalism in American has evolved to a new phase which he identifies as the third wave capitalism.
From the author’s arguments and illustration in this article, capitalism has been on an evolving trend over the years. The nineteenth-century industrial capitalism gave rise to the most recent cooperate capitalism which is currently being replaced by new third wave capitalism in the American economic system. With distinctive characteristics from its predecessors, the new form of capitalism has been attributed to rapid growth in productivity, high levels of inequality, lagging wages, extreme poverty levels, deterioration of global democracy, increased mental illness, political rage and increased personal misery (Ehrenreich, 4). The author critically addresses that the third wave capitalism phenomena through as a virtual fusion of the government and unhealthy business practices that have undermined the American dream.

According to Ehrenreich, the new capitalism is full of greedy business practices and high levels of economic inequality which emphasizes on continuous individualism. In this case, the third wave capitalism does not only compromise on the social welfare of the American citizens, but it also makes the legal and political business environment unbearable for fair business practices and healthy competition in the economy.
Work Cited
Ehrenreich, John. Third Wave Capitalism: How Money, Power, and the Pursuit of Self-Interest Have Imperiled the American Dream. ILR Press, 2016.