Looking around wondering how we are where we are? It’s been a long time coming and no, it isn’t about Donald Trump.
His lack of IQ, putting aside non-existent EQ, has simply taken what felt like a crumbling system and turned it into a collapsing one.
The rot began a while ago:
- 51% of Americans between the ages of 18 and 29 no longer support the system of capitalism
- A YouGov poll in 2015 found that 64% of Britons believe that capitalism is unfair, that it makes inequality worse. Cue Brexit.
- Americans who believe capitalism is unfair is running at 55%
- In Germany, 77% are skeptical of capitalism
Let’s not forget, the US, UK and Germany are the stalwarts of free-market capitalism.
While everyone might keep saying this is too complicated to solve, it really isn’t.
- We humans don’t do well, individually or collectively, with temptation. We don’t plan on these lapses in judgment, they just sort of happen, as evidenced by medical research.
- Bottom line? Self-regulation isn’t viable to ensure the right societal outcomes
- Our current form of capitalism has subjugated the principle of the greatest good for the greatest number to GDP growth and corporate earnings growth. This has ensured and perpetuated great inequality
- Governments are far from infallible; QED the failure of Communism
- In the absence of better choices, government (for the people and of the people) are the ONLY viable arbiter to ensure the greatest good for the greatest number
- For government to work, it has to be actively protected from influence
What’s the Answer? We need radically reformed markets – truly open, competitive and transparent capitalist markets that lead to greater equality, competition and collaboration. Equality + competition + collaboration = (Cue the trumpets) Entrepreneurship
Entrepreneurship is the answer. We’ve always believed this at ideamix. We need entrepreneurship because it ensures individual success and build communities. We need entrepreneurship to ensure meaningful jobs and living wages for people who want to work. We need entrepreneurs to bring their employees and stakeholders up with them. We need entrepreneurs because they know they must compete and collaborate.
To learn more about any of the above factoids, check out these books and articles:
Max Ehrenfreund, A Majority of Millennials Now Reject Capitalism, Washington Post
Ray Williams, Has Capitalism Failed Us?, www.raywilliams.ca
Association for Psychological Science, Why We Give in to Temptation, Science Daily
Eric A. Posner & E Glen Weyl, Radical Markets – Uprooting Capitalism & Democracy for a Just Society
If you like this article, check out our podcast episodes: Elaine Pofeldt – Build Your 1 Person Million Dollar Business and Hashem Montasser – Build Your Passion Project
