Capitalism is not about free competitive choices among people who are reasonably equal in their buying and selling of economic power, it is about concentrating capital, concentrating economic power in very few hands using that power to trash everyone who gets in their way.
There is a huge shift taking place in the global awareness in the last 5 years with strong views about globalization and the power structures of major corporations.
But in the past, US companies have been able to increase their profits through downsizing in the US, through colonizing other people's resources, and through the increase of globalization.
It will take some time before a politician will capture the imagination of the American people and have the vision and understanding to do what is necessary for a better future for the people of America and the world.
In a world of increasing inequality, the legitimacy of institutions that give precedence to the property rights of 'the Haves' over the human rights of 'the Have Nots' is inevitably called into serious question.
My own experience in the third world was that even if people started to make more money, the cost of living and housing increased often faster than the wages.
The first principle of the market economy is that it is comprised of many small buyers and sellers, which implies a substantial degree of equity. Another fundamental market principle is that costs are internalized in the producer's price.
If you look internationally over the last 50 years there have been improvements in the third world, but in the last 20 years the reverse has happened, with debt crises and increased poverty.
More and more surveys in the US are indicating a change in values taking place among consumers, who become more concerned about quality of life, food, health and the environment.
And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics.
Money flows into the US, and inflates US assets, and allows the US to have a monstrous trade deficit. That means we are consuming more than we are producing.
The EU will face problems similar to the US: an increasing gap between the citizens and decision makers in Brussels and a perceived or even real lack of democracy.
Not exclusively, but the bulk of our local economy should be covered by local currencies, which is more efficient than having global currencies which lose connection with reality in the markets, shops and communities of the people.
But we can also take the radical view that the test of an economy has to do with the extent to which it is providing everybody with a decent means of living.