Capitalism needs an overhaul

It is difficult to find a path of reform that can stimulate innovation and competition while maintaining fairness. It is more difficult to stick to the path resolutely when the way ahead is riddled with obstacles.

The Financial Times summarized the past year in one word: inequality, and explained it as a parlous state of unfairness into which solipsistic Western societies are inexorably being dragged despite strenuous attempts by politicians to be seen opposing it.

A widening wealth gap is not a new problem for the world. The reason that it seems to be a new problem is because it became a normal state in many developed countries last year, even providing shocks to some countries' political situations and stifling growth.