It is early days yet of the twenty first century. And while we look forward with hope to human development and new fangled wonders that the future would bring, we also remain rooted to our pillar beliefs which have stood us in good stead. So what are these beliefs?
Pillar belief one: Capitalism remains the panacea for economic development. Capitalism fosters and aligns with Man’s inherent nature to create and innovate for his own benefit.It thus spawns and rewards entrepreneurs. As economic activity expands, so does work and jobs. We hold the belief that Capitalism leads to pulling up of the lower economic strata by the shoe laces. Through more employment and “trickle down” distribution of wealth.
Pillar belief two: Technology facilitates economic development through higher productivity and process efficiency. History has shown that while in the short term, technology may take over repetitive work and jobs, it ends up creating more jobs requiring different and higher competences.
Though mutually exclusive, both Capitalism and Technology collaborated towards job and wealth creations throughout human society. Until yesterday………..
So what has changed? For the first time in history, technology has evolved to a self sustaining state where it now is able to create wealth without creating jobs. At a subterranean level, technology is clicking and whirring away as it takes care of vast tracts of economic activity 24X7. So today, wealth creation may no longer be an issue but wealth distribution sure is.
Is this a malaise? If it is, symptoms of it are everywhere. As wealth gets created, it gets aggrandized by the CEOs and leaders who envision implementing of technology and cutting of jobs and costs. And so under the protective umbrella of capitalism, we are witness to those huge bonuses and golden parachutes for business honchos and top bankers while “We the 99%” need to make do with largely stagnant pay packets.
Do we realise that Capitalism, the Ayn Rand propagated 20th century pillar belief, possibly for the first time, is no longer “pulling up the lower economic strata by the shoe laces”? On the contrary, it is taking the refuge of technology to increase disparities between the Haves and Have-nots.
A clash of our long held beliefs?
So how do we ensure an equitable distribution of wealth? And how do we do this so that the intrinsic quality of life continues to improve, the initiative taking and creative abilities continue to flower? Frankly I do not profess to have an answer. But I can envision some broad directions and perspective shifts that may be needed.
Can we afford to be purists and let Capitalism and Technology be absolute? And what are these purist beliefs?
- That “Governments need to adopt a laissez faire stance in economics and commerce”.
- That “all subsidies need to be frowned upon”.
- That “cloning of technology in different parts of the world is the fastest route to development”.
But as we start thinking of these, do we not spot inherent contradictions within each of these that could self destruct the entire system?
With the turning screw of time, synergies can turn contrarian as we have witnessed above. And as we shift our perspective away from what we have been conditioned to believe, what could remain the bedrock for anchoring our purpose? Could we achieve this by fostering core values? Values such as Sharing, Caring, Truth, Service to others and Sustainability?
“Predatory capitalism created a complex industrial system and an advanced technology; it permitted a considerable extension of democratic practice and fostered certain liberal values, but within limits that are now being pressed and must be overcome. It is not a fit system for this century.”
In Learning…………….. Shakti Ghosal