“Capitalism has been broken, top UK business leaders warn”, scream media headlines. Artificial intelligence and technology are being blamed, the short-term thinking of profit-oriented corporations are being blamed.
My son reads aloud a quote from the Book of Luke,
“There will be more joy in heaven over one sinner who repents than over 99 righteous ones who do not need to repent.”
And then goes on to name some top industrialists.
“What went wrong, Mom? Ayn Rand applauds capitalism as the only route to a fair economy in her books.”
“She was fundamentally against Communism, as she had ‘suffered’ life in a communist state. She saw capitalism as an alternate option. There were many others who believed that a rising tide lifts all boats.”
“And then?”
“What actually happened was that capitalists with deep pockets dominated the world. Power games were in full play. It was the rise of money, rather than intellect. At the other end of the spectrum, the beggar on the street or a slum-dweller was not assured of a square meal in a day by the system. Hence, the economic gap widened.”
“Why is technology being drawn in the controversy? And will it bring in equality?”
“The reach of technology is tremendous. It gives power at a low cost. But it does not assure an ethical application. Different people will use it to further their own interest. The ‘short-termism’ of capitalists just gets spread out over a broader range.”
“Is there no hope?”
“Only a combination of ethics and social awareness can save the world. It needs to be injected in all kinds of learning channels.”
Cue words (5) Words: | REACH | DEEP | SQUARE | FULL| PLAY |
Creative Experiments and More 
I recently joined Bright Blue who support Capitalism but believe that judicious intervention in the market is necessary,
“Pro-market not free-market
Markets are the best way of allocating resources, but they can be inefficient and inequitable, so government and social institutions can help correct market
Problems”, (http://brightblue.org.uk/index.php/about/what-is-bright-blue).
As someone who is disabled (I am registered blind), I am a supporter of anti-discrimination legislation (“The Equalaties Act”) which makes it illegal to discriminate against disabled people, ethinic minorities, women etc. However such legislation is not incompatible with support for a mixed economy containing a significant element of Capitalism. It is, in the end about pragmatism not dogma.
Kevin
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Thanks for sharing your views!
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I’ve been preaching ethics and social conscientiousness for years but unfortunately never quite adhered to my own advice – at least, not yet.
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Self-awareness helps. Thanks for reading and commenting.
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