Zohran Mamdani’s victory as the Mayor of New York City isn’t just a stunning political feat; it’s how revolutions look in a democracy. When desperate voters allow themselves to be lulled into deceptive hope of a utopian democracy, where magically everyone gets taken care of economically equally well by the state.

But such revolutions are doomed for failure. Why? Because they are fuelled by populist Kool-Aid and not the hard realities of an economic system where the concept of labour and reward is rapidly changing. Because they put too much store in the political system and too little responsibility on its constituent parts—the people themselves. It’s like a student expecting their teacher to give them an A without putting in the required effort.

Unfortunately, what we are witnessing is just the start of such revolutions. Yet, when the capital of capitalism decides to put its future in the hands of an avowed socialist, you know that there’s a problem with both capitalism and democracy.

Capitalism of the Few

Ever since the Industrial Revolution of the 1800s, the world has continued to get richer. In 1820, an estimated 90% of the world population lived in extreme poverty. Today, that number is reported to be just 10%. As productivity improved and demand for labour shot up, the resulting economic wealth made everyone more affluent. Buoyant taxes allowed governments to spend more on infrastructure and welfare, and........

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