LETTER: No egalitarian society under capitalism

It is a sad day indeed when an organisation that previously enjoyed an excellent reputation propagates blatant untruths about our economic system .

Our economic system is undoubtedly a free market, as evidenced by minimal government interference. We have a thriving stock exchange in which multinational companies are listed and willing, knowledgeable buyers and sellers can freely trade shares and other financial instruments. The rand trades freelyThe government owns entities that are essential but not profitable to run, such as the post office and the railways.

Innovation and guts must always be fairly rewarded in an economy. Empirical research has revealed that the wealth of 2,214 of the richest people in the world exceeds the wealth of just more than 4-billion of the poorest people. It is under these circumstances that the greed of the few who thrive under capitalism has been exposed. We can never achieve an egalitarian society under capitalism.

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