Over the past century, Capitalism lifted billions of people out of poverty and created prosperity not just for a few, but for many. It led to technological innovation, which as a result increased the per capita income and the life expectancy of individuals. The world saw progress in medicine, biotechnology, disease prevention and agricultural production etc… Moreover, capitalism promoted human creativity and incentivized individuals to solve worldwide problems. Most importantly, it contributed to the expansion of democracy worldwide. Unfortunately, over the past decades, capitalism has evolved into crony capitalism, known as the belief that the only purpose of business is to maximize on profits. It is an economic way of doing and thinking that led to the exponential exploitation of workers, increased inequality and also destroyed the environment.
Business, small and large, became selfish, greedy, careless and exploitative. The obsession toward short term gains fastened global warming and created an unstable market place. In this new system, entrepreneurs and businessmen regarded individuals solely as a mean to an end. The economic system at the core of human progress evolved into lower level of consciousness where the survival of the fittest became a justification for immoral behaviors. Consequently, crony capitalism led to political and social nihilism. As such, capitalism needs a new ethical foundation rooted in the belief that in a socially conscious capitalist society, entrepreneurs and businessmen are not only driven by their desire to make profits or their self-interests, but also by their desire to care and serve others. This spirit is at the core of capitalism, human creativity and innovation.
This post was originally posted on my previous blog…
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