Capitalism has run out of steam? Putin warns that world’s existing economic model is causing huge growth in inequality globally

The current model of capitalism, the economic system in most of the world, is causing growing inequality, both within countries but also between them on the global stage, Russian President Vladimir Putin said on Thursday.

Speaking to gathered experts and journalists at the Valdai Discussion Club in Sochi, the Russian president said that many people around the world are suffering from disappointed expectations and a lack of prospects, which leads to “uncontrolled migration” as some seek better life opportunities elsewhere.

“Everyone says that the existing model of capitalism, which is now the basis of the social order in the vast majority of countries, has run out of steam,” Putin said. “There is no longer any way out of the tangle of more and more confusing contradictions.”

Putin went on to explain that many around the world still suffer from a lack of food, water, and electricity, while others reap the rewards of the system.

“In the richest countries and regions, we see growing inequality of material benefits and of opportunities within society, and at the international level too,” he explained, calling the lack of opportunities for much of the world a great problem.

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