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Proponents of socialism and social democracy would have you believe that capitalism is a purely Western construct that carries no deeper legitimacy in terms of our evolutionary development or our historical roots. They claim that the hierarchical nature of capitalism was imposed by the West, and without this system, humans wouldn’t arrange themselves hierarchically.
Imagine it is 2025. Years earlier, in the wake of the financial crisis of 2008, a global hi-tech uprising has birthed a post-capitalist world in which work, money, land, digital networks and politics have been truly democratised. In a thought-experiment of startling originality, world-famous economist Yanis Varoufakis offers a glimpse of this alternative reality.
As the business world feels the effects of the coronavirus (COVID-19) pandemic and takes steps to adapt, companies are asking how they should approach their executives’ remuneration during this difficult time. Why is it so important for Boards and Remuneration Committees to address this issue?
Oxfam is at it again. With their latest report we are back to the same old mantra: wealth inequality is on the rise and the only solution is to tax the hell out of the rich. Further reflection reveals that the solution isn’t that simple. But first, some relevant distinctions.
Ann Crotty, in the Financial Mail (The price we pay for Apple’s greed) paints Apple as a blight upon our civilization, an entity that only takes and gives nothing in return. Apart from the assumption that businesses must ‘give back’ (which goes unexamined in articles attacking capitalism and profit), the biggest problem with Mrs Crotty’s argument is that it rests on the idea that Apple held a gun to its customers’ heads and forced them to hand over their money.
To say that South Africa is a capitalist society is popular among journalists, politicians, and trade unionists. If capitalism is understood to mean a system of free and voluntary engagement without third-party interference, the notion that South Africa is capitalist is false.