EINSTEIN ON SOCIALISM

“Private capital wealth tends to become concentrated in few hands, partly
because of competition and partly because technological development
and the increasing division of labor encourage the formation of larger
units of production at the expense of the smaller ones. The result of
these developments is an oligarchy of private capital, the enormous
power of which cannot be effectively checked even by a democratically
organized political society. This is true since the members of legislative
bodies are selected by political parties, largely financed or otherwise
influenced by private capitalists who, for all practical purposes,
separate the electorate from the legislature. The consequence is that
the representatives of the people do not in fact sufficiently protect the
interests of the underprivileged population.

The profit motive, in conjunction with…unlimited competition leads to
a huge waste of labor, and to the crippling of the social consciousness
of individuals. This crippling of individuals I consider the worst evil
of capitalism. Our whole education system suffers form this evil. An
exaggerated competitive attitude is inculcated into the student, who is
trained to worship acquisitive success as a preparation for his future
career.”

The situation worsens since the old man wrote that.
Kapitalism is Kaput.