Tag Archives: capitalism

#CAPITALISM by 1% Nick Hanauer: wake up, fellow plutocrats, the pitchforks will come for us!

This TED talk is about economics rather than money creation. But at least he does challenge ‘trickle down’ academic economics. Nick Hanauer has founded, co-founded and funded some 30 companies, i.e. he talks as an entrepreneur. At the end of the day, everybody can make some kind of difference. The difference the top 1% can make is just bigger!

“I am not making a moral argument. I am arguing that RISING economic inequality is STUPID. The model should be Henry Ford who intuited that

  • an economy needs to be understood as an ecosystem.

21st century understanding of economics is about

  • complex, adaptive, ecosystemic
  • not efficient and effective.

Capitalism does not work by effectively allocating resources.

His ideas of ‘new capitalism’ include

  • shrinking the size of government
  • investing in the middle class
  • balancing the power between ‘minimum wage’ and people like me.

Economics encode social and moral preferences, it’s not an exact science.

Fellow plutocrats, it is time to commit to a new kind of capitalism!

From an American in Paris: The Revolt against Modern Capitalism

This is an important article by an influential American with lots of international experience, also in Paris:

  • the economic role of speculative money and the crimes committed in its service
  • the fortunes possessed by defaulting money-men who have been rescued by unconsulted taxpayers
  • corporations, run from metropolitan centres, whose legal headquarters are havens which escape oversight and taxation.

The unregulated western economic system has demonstrated a moral abandonment and adhesion to greed that shows no sign of ending, whatever the timorous promises made by Barack Obama, and David Cameron – current leaders of the nations from which this disaster has sprung.