An Unquestioned Truth

The fissures and contradictions of ­capitalism are obvious. One cannot turn away from increasing inequality of income and wealth, and the social upheaval that it causes. The warnings of experts are ominous. Take Ruchir Sharma, chief global strategist at Morgan Stanley Investment Management, and his recent essay on the deleterious consequences of “easy money.” Or see Larry Fink’s annual letter to BlackRock shareholders, where he exhorts companies to take responsibility for their social and environmental impacts. Then there are the social commitments that corporations make these days, notwithstanding the Friedmanite imperative that they ought to focus only on increasing profits. A recent full-page ad in the New York Times, for example, read, “Putting affordable homes within reach — this is our commitment today and always.” It was authored by one of the world’s largest financial institutions, Wells Fargo. One is compelled to ask, Did it not play a part in creating this...