Where has capitalism gone wrong? Why are capitalist economies so sick, and why do conventional policy solutions – such as reduced taxes and increased money supply – produce only wider income disparity and inequality?
We are now living in a new World in which a majority of people enjoys the highest living standard in history, acquiring more and more goods and services as necessary luxuries.
The average American home has nearly tripled in size over the past 50 years with an average of 300,000 items per home. One out of every 10 Americans rent offsite storage – the fastest growing segment of the commercial real estate industry over the past four decades.
Currently, there is 7.3 square feet of self storage space for every man, woman and child in the nation.
British research found that the average 10-year-old owns 238 toys but plays with just 12 daily. 3.1% of the World’s children live in America, but they own 40% of the toys consumed globally.
Americans spend more on shoes, jewelry, and watches ($100 billion) than on higher education. Americans spend $1.2 trillion annually on nonessential goods – in other words, items they do not need.
We consume twice as many material goods today as we did 50 years ago.
The average American woman owns 30 outfits – one for every day of the month. In 1930, that figure was nine. The average American family spends $1,700 on clothes annually. While the average American throws away 65 pounds of clothing per year.
Shopping malls outnumber high schools. And 93% of teenage girls rank shopping as their favorite pastime. Women will spend more than eight years of their lives shopping.