A lot of people in the states seem to have lost their faith in capitalism. Do you think there could be an emergence of communism in the country? What reaction would the following proposed laws get from the majority? 1. A cap on the pay differentials between the highest and lowest paid employees in a company. E.g. a maximum factor of 10 - if the janitor gets 15k, the CEO can only get 150k 2. Capital gains and income tax going up to 90%+ on salaries above $1 mill. 3. Windfall taxes on oil and energy companies. 4. Nationalisation of the mortgage and banking industry. 5. Nationalised health care 6. Restrictions on being able to fire workers
These proposals rate as socialism at best. Not even close to communism, where everyone would have roughly the same income, and the government would basically run the entire economy. Obviously doesn't work. Anywhere. N Korea and Cuba have had low standard of living since day one. Nam isn't even a true communist country anymore. Lots of free market activity there. China isn't even close. France has had restrictions on firing workers for generations, and it cripples them (Germany too to a lesser extent). Sure, they grow an ave of a percent per year over time, but would grow twice that without these restrictions. Many countries have nationalized health care. You might see a few of the above, but only if things get quite a bit worse. Nationalized health care and windfall taxes maybe. They won't nationalize the banking system, but will put more regulations on it. The mortgage industry may be nationalized by default more or less, but only until it rights itself in a few (or several) years.