The W.E.F Capitalism matters?
When capitalism became woke? For Whom?
The year 2020 was remarkable for the W E F, its 50th anniversary, but also because it marked the 'bursting forth' of woke capitalism. A kind of sudden maturity
To demonstrate the kind of thinking that they, the Industry, the CEOs, the celebrities,the influential gurus,the entertainment elite, the powerful and super-rich have exhibited at the Davos conference, please read this extract.
"Walking around that 2020 conference Columbia law professor Tim Wu observed that members were spruiking the message that 'the corporate world is cleaning up its act'. While Thatcher may have defended the virtues of enterprise and free market some 40 years earlier, Wu's observation of Davos wokeness was that he thought he had mistakenly stumbled into a business-casual Bernie Sanders rally: unrestrained capitalism has gone too far; corporate greed has endangered the planet; the time has come for radical change'." Capitalism was wearing the cloak of anti-capitalist socialism!"
(A kind of Klingon War- bird's invisibility cloak)
Awareness of the issues of social affairs,economic governance and political control has now become the domain of corporations where formerly that has been the realm of Government and Western civic societies for a few centuries.
Such a takeover of governance by a powerful private sector was not envisaged by the Govts of yesteryear but is motivating other non government organisations to do likewise. Charities once the Province of the ultra-wealthy and spending Government institutions now are more grass-roots sourced.
With the rise of a well- heeled Middle Class,much needed solutions are often provided by these socially aware classes and educated strata of society.
While this is true, the private sector has profitably attuned to the causes of the Middle Class world. In the return of Government enterprises to the prominence and profitably of the private sectors, the globalisation of resources by the digital and information and attention economies meant that the corporations held sway over other,less capitalised companies,public and civic sectors. Traditional elements were cannibalised and altered significantly.
Whereby current corporate 'socialism' achieves more corporate greed than ever before.
Economic disparity and insecurity developed massive inequality in which 10 Billionaires own more than 50% of global wealth.
Currently Western civilisation's consumer engines are re-engineered to pass on less of wage-income, wealth- sharing and distribution of prosperity aligned with the general growth of the economic world-pie.
While that is true, prosperity -shaped goals work better for the 1% than with the 99%. It appears even worse. Earthly paradise has become for the few, aligned with truth, fairness and the democratic way-- its not. Rewards for hard work, determination, innovation and risk-taking are paramount, of course. Individually and organisationally. But is it really shared?
During the current age of investment it is significant that Corporations buy up weaker competitors, shuffle wealth globally, flout tax laws and cause lesser Governments to anxiously fall in line with their corporate values and norms.
Its almost fashionable for corporate world leaders to ignore fairness, ambitiously manipulate world markets and national populations and signal virtue to replace a true social conscience. Which they claim to foster with their socially -aware campaigns promoting popular progressive policies with advertising dollar that they hope shall ensure their profitability both in the short and long-term future.
During the COVID pandemic, where were the multi-national corporations and what were they doing? The signs of corporate social awareness were most notably absent. The roaring silence of the multi national corporations in almost every country was evident. Tens of Millions were not spared economic disaster.Small and sole traders businesses were swollen with debt, lack of resources and hamstrung monetisation. Larger businesses survived the pandemic with reduced revenues. Governments played catch up and were less ably helpful. The pandemic was globally disastrous but there were no real precedents.
Circumstances then were not conducive to overall control but set the platform for such a stage.
Next replace fair wages with worker's economic despair, buy into product obsolescence when marketing the shiny next best- thing. Causing FOMO without relief staggers the real outcome.
Of course,times are even tougher when the current state of job losses exacerbated by robots,automation and now AI is acknowledged. But there is resistance and truth shall prevail.
Perhaps when you and I come face to face with the fundamental economic protocols. One of which is,if there is more growth, then there are more jobs,more taxes raised and therefore more wealth. The pie got bigger.
For whom?
With survey after survey and gloomy books, job losses world -wide shall probably increase by 40% or more. ( as estimated by some)
Retraining is fine,if the educated are still available. Structural inequity is unfortunately true.
So, what am I instead stating. When robots enter the picture,there are fewer jobs, less income,less taxes, less subsidies less welfare,less income.. you get the overall picture.
Robots,automation and AI mean only more revenue for the owners and those who hold the patents, processes and services in the economic world-pie. It;s not growth for all and the elites know it.
A half century ago,a dream degree meant life-time employment,today two degrees are just enough.
Retraining and re-education are the necessary for long-term employment. Jobs aren't lifetime anywhere and anytime. Pressures to conform are increasingly common in universities around the globe.
Trumpian economics are a gap measure for Americans. 'America first' offers a push back against economic starvation. Many people are questioning whether they can wait for inexpensive food and water and shelter while the world crashes and burns.
Living costs are sky-rocketing globally. Not just in the Western hemisphere.
The elites are thirsty and they know their own cacophony or noise amid the storm.
Its not a fight of tradition versus progress,its deception versus truth, evidence is mounting, the eagle has flapped its wings. The bear needs to hibernate, winter is approaching but will snow arrive in timely manner?
( Opinion initially (and extract) based on the book: Woke Capitalism. How Corporate Morality is Sabotaging Democracy. By Carl Rhodes.)
