It was Balkan-style crony capitalism, creating far too cosy a relationship between politics and big business.

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Because capitalism functions by creating economic disparity, having universal public access to education is likewise important.

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Third, public companies give ordinary people a chance to invest directly in capitalism's most important wealth-creating machines.

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Therefore, the purpose of capitalism and the corporation must be redefined as creating shared value, not just profit per se.

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But there was also a successful progressive prescription for reducing income gaps and boosting mobility by attacking crony capitalism, investing in the young (especially by broadening access to education) and creating a safety net for the poorest (particularly through unemployment insurance and pension schemes).

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Capitalism has lifted the world out of poverty because it gives people a chance to get rich by creating value and reaping the rewards.

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