Could this ever happen in the US?

Are the Swiss having second thoughts about capitalism?

The extraordinary series of political initiatives on pay rates which are being put to Swiss voters is the sign of a rank-and-file “rebellion” against fat-cat salaries for top managers. But the free market is still generally accepted, say two academics in the field.
The shock-waves after the carrying of the popular initiative “against rip-off salaries” in March 2013 have not yet abated, but on November 24 there is to be a nationwide vote on another proposal to put the brakes on the pay of top managers. This is the initiative “1:12 – for fair pay”, which proposes that the highest wage paid by any company be no more than twelve times the lowest wage it pays. Next year, a further initiative could set a minimum legal wage for Switzerland.

Demands for more equitable pay rates have traditionally come from the left, but in the last few years they seem to have won favour with a broad spectrum of voters.

“Citizens have rebelled against a system of pay imported from the English-speaking world in the last twenty years in the wake of globalisation”, Rafael Lalive, who teaches economics at the University of Lausanne, told swissinfo.ch. This system is linked to “development of financial products, such as ‘call options’, which have made it possible for top managers to receive fabulous salaries”, he explains.

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