As previously argued, the system of capitalism has captured (or is it co-opted) the democratic system of governance. If capitalism was inherently aligned with democratic principles then this may not be such a bad thing. However capitalism is not only antithetical to democratic governance, the former rests on ‘it being all for me’ and the latter ‘We the people’ but it is destructive to life it self as evidenced by global warming its most far-reaching effect. Unavoidably there will be hell to pay but not by everyone, at least in the short term.
However, Adam Smith, the father of capitalism, said in The Wealth of Nations, “in order to bring up a family the labour of the husband and wife together must even in the lowest species of common labour, be able to earn something more than what is precisely necessary for their own maintenance” and correspondingly spoke against the rentier class whose income he cast as unearned. According to Michael Hudson (author of Killing the Host) the original meaning of ‘free market’ was that of being free from exploitation (particularly by the rentier class), and not as the term is applied today by corporatist to mean free of regulation to do as one desires. So is it the system or the person? Continue reading
The only thing constant in life is change—Heraclitus. With change being constant in life, change is not avoidable through life.
With this in mind, denying (the need for) change, is denying life. Refusing to deal with it in the present is refusing to be life affirming in the present. This way of being doesn’t stop change from arising—given its constancy—it only ensures having to deal with it in its extreme later. Continue reading
In the article Three Things to Know to Hold Wells Fargo Accountable the author Lynn Parramore (Senior Research Analyst at Institute of New Economic Thinking) relays what William Lazonick (Professor of Economics, University of Massachusetts Lowell) identified as the three things we need to know: 1) American businesses have become stock manipulation machines; 2) focusing on short-term stock prices leads to corruption; and 3) punishment means little until executive pay is understood. The first essentially speaks to the profit maximizing intent of business and its executives and the second to the importance of it happening now if not sooner while the third is that the entire scheme is ultimately profitable because of the enormous size of the gains. So now that we know these things, what are we to do about it? Continue reading
Whether as a symptom of or as a commentary about the state of affairs of the U.S. economy we hear many (pundits especially) say the middle class is declining… if not disappearing. A growing number of people the state of affairs is quite stormy as they are finding it harder and harder to stay above water, yet for a select few who are smoothly sailing along it has never been better. Continue reading
According to the mission of our materialist egoistic system of economics (aka capitalism) we are to accumulate, without limit, as much material wealth as we can and (individually) we are to do this by maximizing the satisfaction of our individual material self-interest. In other words one leads a successful life to the extent that one has realized material gain and amassed wealth—the greater the material gain, the more worthy and the more successful one is. Accordingly this is to be one’s goal in life, it is all there is to life itself! Necessarily, it follows that the pinnacle of self-interest behavior, of getting as much as possible for one’s self, having it all for one’s self, is greed—there is little doubt in this philosophy of life greed is good! Continue reading
We blame corporations for contributing to climate change and governments for not taking action against the threats to sustainability and our very (continued) existence. But it is not our corporations or governments that exploit both people and Nature in pursuit of ever increasing profit and growth. Continue reading
Robert Reich’s article Work and Worth presents a ‘what’s it worth to society’ argument regarding what various people get paid for what they do. Reich’s argument centers on the societal value derived from the actual service provided. Continue reading