Capitalism Quote by Jason Hickel
““In the late 1970s, growth in Western economies began to slow down and returns on capital began to decline. Governments came under pressure to do something about it – to create a ‘fix’ for capital. So they attacked unions and gutted labour laws in order to drive the cost of wages down, and they privatised public assets that had previously been off limits to capital – mines, railways, energy, water, healthcare, telecommunications and so on – creating lucrative opportunities for private investors.””
About This Quote
Late‑20th‑century Western growth slowed; governments responded by weakening labor protections and privatizing public assets, benefiting private investors.
In simple terms: Economic slowdown led to deregulation and privatization.
Key Takeaway
Critically assess policy impacts.
Themes
economics
policy
privatization
Mood
critical
inquisitive
Type
analysis
historical
When to use this quote
- public sector reform
- investment strategy
- social equity
Key Concepts
history
labor rights
capital markets
Questions to Reflect On
- What are the long‑term effects on workers?
- How does deregulation affect public services?
A Different Perspective
Privatization can increase inequality.
![“Neither Italian fascism nor German national "socialism" have anything in common with such a [Soviet socialistic] society, primarily because private ownership of factories, plants, lands, banks, means of transportation, etc., remain untouched there, and, therefore, capitalism in Germany and Italy…” quote by Joseph Stalin](https://sms4smile.com/quotes/img-quotes/411/joseph-stalin-1734_capitalism_neither-italian-fascism-nor-german-natio_1430.jpg)
