The GameStop Revolt Exposed Capitalism

In 1976, Peter Drucker published The Unseen Revolution: How Pension Fund Socialism Came to America. The book opened with a sentence that would have seemed astonishing at the time, and looks vaguely amusing today: “If socialism is defined as ‘ownership of the means of production by the workers’ . . . then the United States is the first truly ‘Socialist’ country.”

Pension fund socialism is based on a very appealing idea: that social change can happen slowly, iteratively, and without much overt conflict. Rather than fighting against their bosses on...