WORLDVIEW: Time to address the Achilles Heel of capitalism – or face the consequences

When it comes to improving living standards and opening opportunities for all, capitalism is comfortably the best system thus far discovered by mankind. But it has two dreadful deficiencies. One is what Warren Buffett calls "the tyranny of the womb" – the unfair advantage afforded offspring of the wealthy. The other is excessive executive remuneration.

These twin demons provide plentiful ammunition to those who want to replace the system with destructive alternatives. And as focus grows on the great income divides, their voices are growing ever louder. Quentin Wray offers some food for thought.

Quentin writes: "Executive pay, that hardy annual of outrage generation, is back in the headlines. The latest Deloitte report on the subject was released this month and it makes for fascinating reading. Like all good research, it raises as many questions as it does answers.

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