In a capitalist society that goes low, wages are depressed as businesses compete over the price, not the quality, of goods so-called unskilled workers are typically incentivized through punishments, not promotions inequality reigns and poverty spreads. “Low-road capitalism,” the University of Wisconsin-Madison sociologist Joel Rogers has called it. When Americans declare that “we live in a capitalist society” - as a real estate mogul told The Miami Herald last year when explaining his feelings about small-business owners being evicted from their Little Haiti storefronts - what they’re often defending is our nation’s peculiarly brutal economy. But around the world, there are many types of capitalist societies, ranging from liberating to exploitative, protective to abusive, democratic to unregulated. It’s a fatalistic mantra that seems to get repeated to anyone who questions why America can’t be more fair or equal. “But this is a capitalist society, a capitalist system and capitalist rules.” “No one wants to say it, no one’s proud of it,” he explained. At a health care conference, Shkreli told the audience that he should have raised the price even higher. Previously the drug cost $13.50 a pill, but in Shkreli’s hands, the price quickly increased by a factor of 56, to $750 a pill. A couple of years before he was convicted of securities fraud, Martin Shkreli was the chief executive of a pharmaceutical company that acquired the rights to Daraprim, a lifesaving antiparasitic drug.
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