Competition for wealth and social status was hardly created by the capitalist system. People have always competed for these things. Thanks to capitalism, though, this competition is now less violent, and true poverty is easier to avoid.
The fact that the most conservative investors are being forced to purchase bonds of nearly bankrupt companies for virtually no yield is not a success of monetary policy nor a tool for growth.
People buy things that reflect their value systems — values learned in homes and other non-market institutions. Meanwhile, markets don't force anyone to buy anything.
There is reason to believe low-interest rate policy has lowered productivity, lessened economic growth, and favored large firms at the expense of small firms and innovation. Greater inequality and stagnating wealth has resulted.
The central bank can try to manipulate the interest rate to whatever level it desires. However, it cannot exercise control over the underlying interest rates as dictated by people’s time preferences.
While many have been talking about Venezuela's food shortages, Cuba is now implementing a rationing program to combat its very own socialism-induced shortages of basic goods.
Progressives like John Kenneth Galbraith no longer heap praise on China, given that it long ago abandoned Mao’s austere communism. Instead, modern progressive economists like Joe Stiglitz save their acclaim for the economies of places like Cuba and Venezuela.
