I'm saying that your category of 'extreme' capitalism is de facto capitalism. (MaizieD)
I would argue that what is often labelled as "extreme capitalism" can easily be understood as pure or laissez-faire capitalism, where market forces operate with minimal or no government intervention. This differs from regulated "capitalism", which incorporates checks and balances to protect public interests. It is not rocket science and I imagine most would easily recognise the difference.
Unfortunately it hasn't been controlled sufficiently over the past 40+ years because the most influential regimes in the 'Western World', notably the US, were influenced by Hayek and his disciple, Freidman, into rejecting the Keynesianism of the post WW2 period, and allowing greater market 'freedom' and a shrinking of the state. (MaizieD)
The result is what we have today. Greater concentration of wealth in the hands of the already wealthy, ever rising inequality and the rise of populism. (MaizieD)
When describing capitalism's evolution over the last 40 years, we should consider other significant historical events and movements. Post-WW2 Keynesian consensus was, indeed, influential, but various factors, including globalization, technological advancements, and geopolitical changes post-Cold War, also played substantial roles in shaping economic landscapes. Acknowledging these complexities can provide a more nuanced understanding of why wealth concentration and inequality have grown.
Your argument attributes the current situation to the influence of Hayek and Friedman. However, other schools of thought have existed and influenced policy decisions throughout this period. For instance, institutional economics, behavioural economics, or even alternative economic models like degrowth or cooperative economies offer differing perspectives on how economies can function without leading to severe inequality.
The critique of insufficient regulation may also overlook the potential evidence suggesting that too much regulation can stifle innovation, entrepreneurship, and economic growth. Countries with varying degrees of market freedom have experienced diverse outcomes, indicating that the relationship between regulation and economic health is not linear.
The rise of inequality is indeed a concern, but it's worth questioning whether issues like technological disruption, changing labour markets, and shifts in education and skill requirements also contribute significantly to income disparity.