"However, after the mass financialization of the 1970s and the advent of Reaganomics - the hands-off approach to corporate regulation that took hold in the 80s- business interests have increasingly stymied progress in favor of monopoly capitalism, seeking profit from every possible source and bringing the system's long-standing inequalities to the front. For a perfect example, look no further than private equity's effect on healthcare in the US as it buys hospitals to run them for profit, rather than for the public good."
"A recent paper published in the medical journal Annals of Internal Medicine found that private equity ownership leads to a 13.4 percent in emergency room deaths compared to non-PE facilities. The study likewise found a large increase in transfers to other facilities - a costly practice which has been linked to higher rates of hospital mortality - as well as a slight decrease in the length of time patients spend in the ICU."
Market competition historically drove major technological and production advances that improved quality of life relative to feudalism. Mass financialization in the 1970s and Reaganomics fostered deregulation and the rise of monopoly capitalism that prioritized profit over broad progress. Private equity has increasingly acquired hospitals to operate them for profit rather than public benefit. Private equity ownership of hospitals is associated with a 13.4 percent increase in emergency-room deaths compared with non-PE facilities. Associations also include large increases in transfers to other facilities, linked to higher hospital mortality, and slight decreases in ICU length of stay. Data span ten years across nearly 350 hospitals. Worse outcomes are attributed to staffing cuts and reduced salaries for acute medical workers used to generate financial returns. Risks are uneven across patient groups.
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