Here are two short articles worth reading. They illuminate two different aspects of what’s wrong with modern capitalism:

Is Modern Capitalism Sustainable? by Kenneth Rogoff

I am often asked if the recent global financial crisis marks the beginning of the end of modern capitalism. It is a curious question, because it seems to presume that there is a viable replacement waiting in the wings. The truth of the matter is that, for now at least, the only serious alternatives to today’s dominant Anglo-American paradigm are other forms of capitalism….

Will capitalism be a victim of its own success in producing massive wealth? For now, as fashionable as the topic of capitalism’s demise might be, the possibility seems remote. Nevertheless, as pollution, financial instability, health problems, and inequality continue to grow, and as political systems remain paralyzed, capitalism’s future might not seem so secure in a few decades as it seems now.

Ethics and Inequality by Rob Reich and Debra Satz

Consider some facts: the 400 wealthiest Americans have more money than the bottom 50 percent of all Americans combined. Between 1979 and 2007, the incomes of the top 1 percent of the population grew by 275 percent while the incomes of the middle class rose only 40 percent. And according to newly released measures, a staggering one in three Americans, or 100 million people, suffer in poverty or near poverty.

These are startling facts, and the Occupy movement, with its references to “the 1 percent” and “the 99 percent,” has brought them to the fore of public consciousness. In response some critics have argued that the popular protest against inequality is inspired by mere envy, or an effort to inflame class warfare. We disagree. Inequalities can—in this case do—raise ethical concerns, and we think citizens are right to be outraged at the gap between the 1 percent and the 99 percent. We seek here to explain why these inequalities are so troubling.