The late Steve Jobs was a genius. He was an incredibly shrewd businessman. And he was a marketing wizard.
Jobs was the larger-than-life visionary behind Apple, which has been hailed as one of the all-time great American economic success stories.
But there's one big problem with this rosy picture. The fact is, Apple represents a great deal of what's wrong with the U.S. economic system today.
Since around 1980, the U.S. capitalism has increasingly become a "winner take all" system. This corresponded with a trend in which the very top elite in society began seeing an enormous increase in their compensation. These "winners" included everyone from CEOs to movie stars to hedge fund managers to sports superstars.
And nobody was more representative of this new breed of elite "winners" than Jobs.
The only problem is that, since 1980, wages started stagnating for the rest of us. Allowing for inflation, average workers' wages have barely budged in more than three decades.
The result is that America now has the income inequality levels of a Third World nation. In fact, the top 400 richest Americans now own a titanic amount of wealth that exceeds the combined wealth of the bottom 155 million Americans.
And that's only the beginning of the problems with U.S. capitalism today.
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