Letter: The failing of capitalism

Capitalism does not work when the rich are too rich and the man in the street is too strapped for cash that he cannot buy what he needs; the new carpet, the new suite, cannot afford leisure and cultural trips and holidays etc.

It is the purchase of, and demand for, such household goods and leisure services by the many that drives, and gives impetus to the economy.

Widespread demand by the many creates jobs.

If much of our country's wealth is in the hands of the few who hoard it in banks, gold, fine art, jewellery, antiques etc and spend it on holidays abroad, it is obvious the demand by the privileged few for these luxury items and foreign holidays is too narrow and too specialised to give sufficient stimulus to our economy.

There is an economic imperative, as well as a moral imperative, for the health and growth of our capitalist and economic system to engineer movement of some wealth more rapidly downwards from the very wealthy to the many struggling with the cost of everyday living.

Our society would be happier, more productive and safer, more people would be in jobs if there was careful and thoughtful redistribution of wealth.

J McCarthy

Oswestry