I think the term ‘monopolistic capitalism’ is not far off the term, ‘hedonistic capitalism’. In either case, owners of capital care only about themselves, as such in that sense attempt to monopolize all of the benefits of capitalism.
Clearly, when owners of capital attempt to monopolize benefits of capitalism, those who seek to innovate are not really free in their pursuit of capital. They are able to access capital only if they kowtow to the already rich.
Now if kowtowing meant merely sharing equity with the already rich, that would not be so much of a problem. Rather, kowtowing means the already rich see themselves as gatekeepers who choose whom to admit into their club. In presence of such discrimination, having a great innovation does not guarantee access to financing for a great innovation. By the same token, redundant innovations by those who are liked are more likely to secure financing.
Many of the nouveau rich of today are not rich on back of some great innovation. Rather they have become rich merely because they are admitted into the club on basis of some redundant innovation.
If this state of affairs continues, America will be capitalist in name only, will become no different from Russia and China, or all of Africa (aghast, but possible) — countries within which getting rich occurs primarily via currying of political favors.
Americans need to wake up, need to realize that not all who live within confines of America want the American Dream to be available to all. Plus there are many outside of America who, because they delight in some greed infused desire for humbling of America, seek the death of the American Dream.
If politicians whose histories, decisions, and actions do not epitomize celebration of the American Dream are celebrated by America, then Americans will have themselves killed off the goose that lays the golden eggs.
Thanks for taking the time to pen a response.