Current Free Market Capitalism is not the real deal.
We need to be able to keep the individual freedoms, the opportunities, in order to realize our potentials that people believe capitalism enables.
We have gone overboard and built a hypervigilant cut-throat society that fails to even have human decency. We don’t ensure that the people in our environment are not exploited or disenfranchised for the name of monetary profit.
Problems with today’s free market capitalism:
- Driving environmental degradation
- Public health has been compromised due to corporate pollution and social inequality is on the rise.
Has free market capitalism set us up for failure at the outset or where did things start to go wrong?
Today’s capitalism is not the real thing. It’s really not free market capitalism, which is an ideal sense of capitalism.
Real capitalism:
Prices would reflect the real costs and benefits of the things or thing they were attached to.
For example, when you buy an apple for $2.00, it tells you about how many apples there were and how much it cost to grow them and how many people want to buy it.
It’s important to have user’s prices and having firms compete. However, everything has to have the right price. When we are allowed to pollute without costs, when you can throw green house gases out into the atmosphere and your garbage into the rivers, that is not real free market capitalism. It is a distorted form of capitalism.
We are not charging the right prices for the natural world. We are pretending that the atmosphere is for free. We can poison the ocean and it won’t have any consequence.
You can throw your garbage in the ocean and you don’t have to pay a price for that. It’s no wonder we have capitalism this incredible efficient machine turning out tons of pollution like there is no tomorrow, because there is no penalty. There has not been any constraint.
Things went off the rails when we thought capitalism would self-regulate. Or, we started running down government so it wouldn’t regulate. Or, even worse, many firms spent hundreds of millions of dollars making sure we didn’t pay the right price for fossil fuels.
Fossil fuels kill millions of people every year. Yet they are priced as there’s no downside to using fossil fuels.
Those defending the system that we have of free market capitalism; those are the current ones benefiting from the current unlevel playing field. The subsidies going to fossil fuels are artificially cheapening transport and the environmental costs of the global trade. All the subsidies and regulations that overwhelmingly benefit corporations will lobby for their own interests. Do we really have a free market capitalism as it was intended?
We absolutely do not!
In real free market capitalism, everyone is playing on a level playing field with rules that make sure that pollution is properly controlled and properly priced and everyone gets a chance to play and corporations can’t lobby to change the rules to their own benefit.
We are poisoning the earth and leaving hundreds of millions of people behind. This is not the best system.
Capitalism could be great and should be great. However, we need to strengthen the guard rails to make sure capitalism works in the way that it was originally intended. The people that don’t want government intervention are generally the ones that are benefiting from the current government interventions. People who don’t want government intervention are taking enormous subsidies to promote fossil fuel production. kevin palmer Arizona
The American dream is dwindling. The chance that America’s children will make a better life than their parents is falling. The rate of social mobility is dropping. The greatest predictor of how well you are going to do in life is how your parents did. Well, that’s not a free market.
In the free market everyone has a chance to compete and the best way to make sure that’s the case is everyone gets a decent education and a decent healthcare. This is not an anti-capitalist idea. We need education and healthcare in a free market. It’s not that capitalism is a bad system it is unconstrained capitalism in which some people get to set the rules in their own favor. That’s the problem. Kevin Palmer Arizona
You can run a firm and treat people with dignity and respect. You can pay them a good wage. If so, they will become more productive, innovative, and excited about their work. And when that happens, you will get goods that are even better quality than goods that are produced in an exploitative way. I think sometimes that is true.
If you aren’t paying the full social costs, it is not surprising that it will cost less. If you are going to push wages to the bottom and make them work in unsafe conditions, and use power sources that kill millions of people, and not have to pay the price for that, it’s no surprise it is cheaper.
Some things will be more expensive, but the world will be cleaner. The society will be much healthier and the people you are surrounded by will be being paid a living wage and will have maternity care.
Social welfare will be much greater, and you might have to pay a bit more for some things.
There are many things that are important to us and not in monetary value. I would like to live in a society where things are more just.
I get angry when people say, “We shouldn’t tax the rich more, because they work really hard for it and they deserve the money.” There is a way in which that is true. In some ways that is true. Most people who did make their own money had to work incredibly hard and were very creative. Kevin Palmer Author
Someone like Oprah. She can take advantage of the modern world. She has all these amazing distribution channels where she can reach millions of people. She can do incredibly well. If Oprah was born 100 years earlier, she probably would not have been able to do so well. It’s not like it’s all her.
Everyone’s success is contingent on the society in which they live. The fact that we should only care about ourselves and not worry about someone who has to work two jobs and have no spare time and can’t spend time with their kids. I think there are issues of justice and equity and what kind of society in which we want to live in as well.
A really high wealth gap in society isn’t good for them either. Those that exist in a society where they have so much more than someone else that they can’t connect and relate to other people. As a result, they isolate themselves. They are earning the distrust of the people around them. It isn’t good for their health or their livelihood either.
To visit someone and you have to go through two layers of armed guards or gated communities and what kind of life is it when you have to live your life behind wired fences or hired men with guns.
The very rich are still isolated from the rest of us and research shows that it is not good for their mental health. The rich live in a somewhat luxurious form of a jail and that sends them into isolation.
Engagement with the world, feeling like you are making a difference and getting out there and meeting people where they are that is the source of love and joy and connection.
We need governments to step in and set the rules and the guard rails. We need a political and social movement which prioritizes economic health and social justice and puts in place the rules that firms have to play by, so we get all the benefits, the innovation, and we get it in guard rails. We need to make sure it doesn’t destroy the planet or the society in which we live.
These days, countries aren’t working well together. Governments probably aren’t going to step in like they need to do for saving the earth and social justice. So, we need to rely on businesses to do it.
We need to have one business at a time to help change society. More and more companies are turning to purpose and more and more employees want to work for companies who have a purpose. We need to treat the employees with respect and really taking care of pollution. Kevin Palmer Scottsdale
I think we are seeing more and more firms like this. It has become increasingly clear that they can compete with more conventional firms. They can even do better than these firms. If we could persuade a fractional of businesses to move towards purpose, I think it would help us create an ally in a fight to have the right kind of government with the right kind of regulations. KevinJPalmerAuthor.com
Hopefully, people won’t work for companies unless they behave in a certain way. And, I won’t buy from you unless you start behaving in a certain way. We need to pay attention to who we are buying from and we may vote against you unless you think of the environment. If you throw pollution in the sea or if you throw greenhouse gasses out the window and you should be charged for that and I am going to vote for the politician that believes in this concept.
If a firm has a purpose, employees are likely to have a better job experience and enjoy work more and are more creative. Companies like this have higher levels of trust. And if you have more trust, you have more excitement with work and more commitment. Employees are much more likely to be creative. KevinJPalmer.com
In every industry, the top 10 % of firms are twice as productive as the bottom 10% of firms. They take the same inputs and they generate twice the outputs. Those that are at the top 10% are using better management practices. The teams communicate well and work together well. People are promoted on the basis of merit. People have a shared sense of what the company is trying to accomplish.
It’s very clear that if we keep doing business as usual, things are not going to go terribly well. We can see massive social unrest; we will see acceleration of climate changes. The fires in CA and Australia are the next step in where we are going, which is a really bad place. This is not good for business.
If we want a healthy and prosperous economy, we all need to help out.
How do we deal with the inequalities that have stemmed from this current market system? Kevin Palmer
People are financially strapped, and they may not have the choice of working for a company that they truly believe in. They have to take a minimum wage job.
From : Rebecca Henderson – Reimagining Capitalism in a world on fire
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Financial Freedom Activist Kevin Palmer
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