Citizen Action Monitor

What’s wrong with capitalism? — A 2:18-minute video explains how capitalism is killing us

Either we evolve beyond capitalism or we won’t have a future.

No 2126 Posted by fw, December 16, 2017

“Our leaders will tell us that these ideas [to dethrone capitalism] are not feasible, but what is not feasible is the assumption that we can carry on with the status quo. If we keep pounding on the wedge of inequality and chewing through our living planet, the whole thing is going to implode. The choice is stark, and it seems people are waking up to it in large numbers: Either we evolve into a future beyond capitalism, or we won’t have a future at all.”Dr. Jason Hickel and Martin Kirk, Fast Company

Dr. Jason Hickel is an anthropologist at the London School of Economics // Martin Kirk is cofounder and director of strategy for The Rules, a global collective of writers, thinkers, and activists

Reposted below is an embedded 2:18-minute video on how capitalism is killing us. Following the video is a copy of the accompanying text with my added subheadings, text highlighting, and minimal bulleted re-formatting. At the bottom of the post is a link to an excerpt from Tim Jackson’s sensational book, Prosperity without Growth: Foundations for the Economy of Tomorrow, the single best, most comprehensive book to chart a path out of the dilemma of endless growth.

Alternatively, watch the video and read the text by clicking on the following linked title.

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Are You Ready To Consider That Capitalism Is The Real Problem?  by Jason Hickel And Martin Kirk, Fast Company, July 11, 2017

Before you say no, take a moment to really ask yourself whether it’s the system that’s best suited to build our future society.

The first and last rule of capitalism is this: Make More Capital. And it’s killing us. But we can build better systems. There are plenty of options. We can change the rules.

WATCH THE VIDEO

READ THE ACCOMPANYING TEXT

The college sophomore who asked a simple question that Nancy Pelosi couldn’t or wouldn’t answer

In February [2017], college sophomore Trevor Hill stood up during a televised town hall meeting in New York and posed a simple question to Nancy Pelosi, the leader of the Democrats in the House of Representatives. He cited a study by Harvard University showing that 51% of Americans between the ages of 18 and 29 no longer support the system of capitalism, and asked whether the Democrats could embrace this fast-changing reality and stake out a clearer contrast to right-wing economics.

Pelosi was visibly taken aback. “I thank you for your question,” she said, “but I’m sorry to say we’re capitalists, and that’s just the way it is.”

The footage went viral. It was powerful because of the clear contrast it set up. Trevor Hill is no hardened left-winger. He’s just your average millennial—bright, informed, curious about the world, and eager to imagine a better one. But Pelosi, a figurehead of establishment politics, refused to — or was just unable to — entertain his challenge to the status quo.

Young voters in Britain, US, and Germany don’t support capitalism

It’s not only young voters who feel this way. A YouGov poll in 2015 found that 64% of Britons believe that capitalism is unfair, that it makes inequality worse. Even in the U.S., it’s as high as 55%. In Germany, a solid 77% are skeptical of capitalism. Meanwhile, a full three-quarters of people in major capitalist economies believe that big businesses are basically corrupt.

“There’s something fundamentally flawed about a system that has a prime directive to churn nature and humans into capital”

Why do people feel this way? Probably not because they deny the abundant material benefits of modern life that many are able to enjoy. Or because they want to travel back in time and live in the U.S.S.R. It’s because they realize—either consciously or at some gut level—that there’s something fundamentally flawed about a system that has a prime directive to churn nature and humans into capital, and do it more and more each year, regardless of the costs to human well-being and to the environment we depend on.

GDP keeps growing – but so does inequality, hunger and poverty

Because let’s be clear: That’s what capitalism is, at its root. That is the sum total of the plan. We can see this embodied in the imperative to grow GDP, everywhere, year on year, at a compound rate, even though we know that GDP growth, on its own, does nothing to reduce poverty or to make people happier or healthier. Global GDP has grown 630% since 1980, and in that same time, by some measures, inequality, poverty, and hunger have all risen.

Capitalist corporations have a fiduciary duty to grow their stock value

We also see this plan in the idea that corporations have a fiduciary duty to grow their stock value for the sake of shareholder returns, which prevents even well-meaning CEO’s from voluntarily doing anything good—like increasing wages or reducing pollution—that might compromise their bottom line.

The system is designed to put profits before employee wages

Just look at the recent case involving American Airlines. Earlier this year, CEO Doug Parker tried to raise his employees salaries to correct for “years of incredibly difficult times” suffered by his employees, only to be slapped down by Wall Street. The day he announced the raise, the company’s shares fell 5.8%. This is not a case of an industry on the brink, fighting for survival, and needing to make hard decisions. On the contrary, airlines have been raking in profits. But the gains are seen as the natural property of the investor class. This is why JP Morgan criticized the wage increase as a “wealth transfer of nearly $1 billion” to workers. How dare they?

What becomes clear here is that ours is a system that is programmed to subordinate life to the imperative of profit.

For a startling example of this, consider the horrifying idea to breed brainless chickens and grow them in huge vertical farms, Matrix-style, attached to tubes and electrodes and stacked one on top of the other, all for the sake of extracting profit out of their bodies as efficiently as possible. Or take the Grenfell Tower disaster in London, where dozens of people were incinerated because the building company chose to use flammable panels in order to save a paltry £5,000 (around $6,500). Over and over again, profit trumps life.

Capitalism subordinates life to the profit imperative

It all proceeds from the same deep logic. It’s the same logic that sold lives for profit in the Atlantic slave trade, it’s the logic that gives us sweatshops and oil spills, and it’s the logic that is right now pushing us headlong toward ecological collapse and climate change.

By focusing on different resistance struggles we miss the single underlying root cause  – capitalism

Once we realize this, we can start connecting the dots between our different struggles. There are people in the U.S. fighting against the Keystone pipeline. There are people in Britain fighting against the privatization of the National Health Service. There are people in India fighting against corporate land grabs. There are people in Brazil fighting against the destruction of the Amazon rainforest. There are people in China fighting against poverty wages. These are all noble and important movements in their own right. But by focusing on all these symptoms we risk missing the underlying cause. And the cause is capitalism. It’s time to name the thing.

Are millennials ready to invent something better than capitalism?

What’s so exciting about our present moment is that people are starting to do exactly that. And they are hungry for something different. For some, this means socialism. That YouGov poll showed that Americans under the age of 30 tend to have a more favorable view of socialism than they do of capitalism, which is surprising given the sheer scale of the propaganda out there designed to convince people that socialism is evil. But millennials aren’t bogged down by these dusty old binaries. For them the matter is simple: They can see that capitalism isn’t working for the majority of humanity, and they’re ready to invent something better.

What might a better world look like and where should we start?

What might a better world look like? There are a million ideas out there. We can start by changing how we understand and measure progress. As Robert Kennedy famously said, GDP “does not allow for the health of our children, the quality of their education, or the joy of their play . . . it measures everything, in short, except that which makes life worthwhile.”

We know what people want – to dethrone capitalism and replace it with a more balanced logic

We can change that.

Measures like these could dethrone capitalism’s prime directive and replace it with a more balanced logic, that recognizes the many factors required for a healthy and thriving civilization. If done systematically enough, they could consign one-dimensional capitalism to the dustbin of history.

Either we evolve beyond capitalism or we won’t have a future

None of this is actually radical. Our leaders will tell us that these ideas are not feasible, but what is not feasible is the assumption that we can carry on with the status quo. If we keep pounding on the wedge of inequality and chewing through our living planet, the whole thing is going to implode. The choice is stark, and it seems people are waking up to it in large numbers: Either we evolve into a future beyond capitalism, or we won’t have a future at all.

Dr. Jason Hickel is an anthropologist at the London School of Economics who works on international development and global political economy, with an ethnographic focus on southern Africa.  He writes for the Guardian and Al Jazeera English. His most recent book, The Divide: A Brief History of Global Inequality and Its Solutions, is available now.

Martin Kirk is cofounder and director of strategy for The Rules, a global collective of writers, thinkers, and activists dedicated to challenging the root causes of global poverty and inequality. His work focuses on bringing insights from the cognitive and complexity sciences to bear on issues of public understanding of complex global challenges.

SEE ALSO

“Capitalism” — an elusive concept that appears in numerous varieties, says Tim Jackson : Whatever its definition, the question remains: Are any of these varieties of capitalism possible without growth? Posted on October 16, 2017 — Through a ceaseless process of innovation and rapid obsolescence, the profit motive spurs the release of newer, better, cheaper products and services. Simultaneously, expanding consumer demand is a function of slick, aggressive, in-your-face marketing. “These two factors,” says Jackson, “combine to drive ‘the engine of growth’ on which modern economies depend and lock us in to an ‘iron cage’ of consumerism.”

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This entry was posted on December 16, 2017 by in academic counterpower, economic counterpower, information counterpower, political action and tagged .
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