I believe Capitalism was clearly defined by the original European settlers who made their home in America. In their system everyone started off equal albeit some were indentured servants who still had opportunities ahead of them once they completed their service. The freedom they enjoyed gave them great opportunities to create a better and more prosperous life for them compared to Europe. Their descendants benefitted from Generational Wealth.
Study of earnings and wealth by Quintiles ==> Middle Class Wealth – 2020 Update
To my mind the inequalities are the result of economic concoctions that muck up the system. Adam Smith would have not envisioned Mortgage Derivatives, Credit Default Swaps, or Junk Bonds. Or a model of Corporations that allows a minority of stock holders complete control. Or a Federal Reserve system under Alan Greenspan that raised the Fed Rate to stifle wage pressure at the bottom end of our economy. Then there’s the unfair and wealth draining mechanisms that have stifled the ability of minorities to build up Generational Wealth. Note from the chart that 40% of our wage earners cannot create Generational Wealth.
Fairness and Adam Smith mechanisms instead of Wall Street dreamed up “assests” which don’t help lower quintiles and getting rid of real discrimination which still exists at some level will restore the historic Captialistic model that Conservatives pretend to advocate but never intend to.
My approach is the real “Conservatism”.
jef4revive
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