If you have lived and breathed global capitalism since birth, examining its narrative can feel a bit like a fish analyzing water. But, as Rajan argues, we have to examine it because its flaws and strains are threatening to dry up the entire pond.
It gets tougher every day to deny the human wreckage wrought by capitalism everywhere it exists — the steaming heap of alienation, market failures, inequalities, and rigged outcomes. Proponents of globalization cheer unfettered capitalism as the vehicle for spreading democratic values, freedom, and reciprocal exchange, but in reality, as Rajan notes, entry and participation are not equally open to all. This reality is currently erupting into worldwide unrest and the rise of right-wing populism. Clearly, the official story and what happens on the ground don’t match: Lots of people work hard but get little benefit, while plenty who do not work at all get rich.