Why can’t Capitalism change?

Image thanks to Huff Post

It’s a system that has served us well, so they say. It has undoubtedly driven up living standards for many across the world and allowed untold population growth. It has brought convenience to many and removed toil for millions. Yet all ideologies come to an end and capitalism is approaching its demise. 

Continued growth is unsustainable, green technologies are unlikely to overtake greed technologies. Poverty has not been resolved, there are still over 400 million people in abject poverty in Africa alone, a number that has tripled in the last decade. 

Capitalism has put the whip into the hands of a few people. I read that the ten richest people in America own more than 60% of its citizens. Such levels of inequality should not be celebrated. It is a system that doesn’t reward hard work but rather luck and fortune. In simple terms, those with money get more and those without don’t.

There are expectations to every rule.

Capitalism is ingrained in everything that we do and we can’t see a way out of it but why not? There have been a number of drastic shocks in the last few years that have made fundamental changes to the way that we live. The rise of COVID has changed the way we shop, with online purchase an everyday occurrence rather than a novelty. The way that we work for many has also changed with the commute to the office a thing of the past and the four day week is becoming more common. 

We are also seeing the rise of different types of companies. I am involved in three community interest companies that invest any profits back into their aims and objectives. The emerging B Corp movement recognises that we need an inclusive, equitable and regenerative economic system for all people and the planet. Their aim is to use business as a force for good by meeting high standards of social and environmental performance, transparency and accountability.

Not all is lost. Crises around the world will force a rethink into the way we treat our home planet. War, famine and climate will all take their toll and a new system will emerge, one that is more respectful of the Earth and its people. 

Greed is not good. Enough really is enough. I just hope it’s not too late.

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