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Capitalism is broken – we need the Government to fix it Contrived scarcity is putting home ownership out of reach for a rising share of young families Back in May 2019, Economic Agenda warned the Western world faced a new “gilded age”. That name derives, of course, from an 1873 Mark Twain novel – which satirised the greed and decadence of late 19th century America. Twain told of an era of monopolies, exploitation and corrupt links between political and business elites. His coruscating tale was, above all, a warning of what happens when capitalism ceases to work. For the super-rich, gilded America was about vast wealth, sprawling estates and grotesque opulence. Pretty much everyone else had to scratch out a living, suffering if not grinding poverty, then economic subservience and financial insecurity.

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