We've killed the notion that there is anything like a "socio-economic" system.
Our Social system is in great danger. Income differentials and the fear of being left further behind felt by so many have reached the critical stage. The patient is weak and in life-threatening condition. Why? Because capitalism and globalization have been allowed to rule the roost. I believe in capitalism, but not in the absence of corporate social responsibility. I believe in freer trade, but not without some loyalty to the home and new host countries. That companies can sue countries in which they chose to do business because the country evolves its social, environmental priorities and/or rules of engagement is anathema. I believe that companies should be encouraged and enabled to be efficient and profitable, but not at the expense of worker safety, worker growth and environmental enhancement. I believe in growth, but more specifically growth of society...growth in people's knowledge, experience, understanding, empathy and contribution. I do not believe that growth can or should be measured so predominantly by economic markers like GDP. Some have introduced new measures to try to reflect changes in the quality of life, but they are overwhelmed by the western world's dangerous emphasis on economic growth for the sake of it and the concomitant forsaking of societal growth. Making widgets at the lowest possible cost and giving corporations unfettered ability to do so doesn't make sense to me. We can continue to bow to the false gods of GDP and corporate profits (at our peril), or as William once said, rise up against a sea of troubles and fix things.
I read recently a call to "Civilize Capitalism" and although I can not recall the source, I agree wholeheartedly with the notion. And there is the recent report from Economist Joseph Stiglitz and Mark Pieth flowing from their study of the Panama Papers which calls for an end to the pervasive existence of tax haven jurisdictions. They make the point that in a globalized world...funds will flow to any pockets of secrecy that exist. And they said: "...(we must) show our citizens that Globalization can be tempered and that it can be tamed for the benefit of the vast majority...".
Civilizing capitalism and taming globalization...two great ideas. Let's get at it!
Jeremy Rifkin wrote in his book The End of Work about the three types of capital; market capital (corporate), public capital (governments) and social capital (people, NGOs, charities etc.). He spoke of the need to increase the clout and elevate the profile of civil society making it an equal partner with the marketplace and government. He suggested that the government and civil sectors : "...can exert tremendous political pressure on corporations, forcing some of their gains...into communities".
We certainly need a rebalancing of these three sectors. And there's no avoiding the fact that it's up to US, the world's good people, to do so. We elect the governments that make the rules, we finance the governments to allow them to serve us, our labour and intelligence make the products and food we need and want (or the machines that do), then we buy the products the (world) economy produces and in so doing, we make choices of which companies and products to support, so, if we don't like the way money and capital are flowing, let's re-direct the river and find better ways to finance the civil organizations that help make society better.
