Capitalism Has Turned Against Democracy
Today's capitalism prioritizes "The Profit Motive". But the Profit Motive has metastasized into “Profit At All Cost”. And this has inevitably come at a very high cost. Predatory practices designed to maximize profit without consequence have led to some of America’s most troubling trends, including but not limited to, abusive labor practices, environmental disasters, destructive consumption, exploitation of resources, population displacement, decimation of traditional cultures, corruption of governments, political polarization, and the fracturing of societies. So the Profit Motive, unhindered by any moral compass or legislative oversight, incentivizes bad behavior, and turns its profit-seeking artillery against people and planet. And by turning Profit against People and Planet, it has in effect turned Capitalism against Democracy. This is what I call "Bad Capitalism".
It Works Against the Common Good
"Bad Capitalism" encourages destructive business practices. It doesn't just prioritize The Profit Motive; it prioritizes The Profit Motive at all costs. It advances The Gospel of Greed with iconic 1980's rhetoric like "greed is good". It places corporate interests above public good, in the name of the almighty profit. It allows companies to repossess people's homes with predatory lending practices; bankrupt people when they get sick; suffocate generations with student loan debt; catapult CEO salaries while worker's wages stagnate; deny valid insurance claims to pocket higher profits; and cut corners on safety production just to inflate stock values to their shareholders. Bad Capitalism sacrifices virtually all virtue at the altar of Profit.
It Advances Socially Corrosive Behavior
"Bad Capitalism" advances a morally corrosive behavioral model. It claims that people are perfectly selfish, perfectly rational, and relentlessly self-maximizing. It pushes a value system of self-centered individualism that has fueled a culture of consumption, instant-gratification, and excessive indulgence. It has kept us overfed and undernourished; stuffed with material and starved for meaning; addicted to pleasure and depleted of purpose. It has isolated individuals, divided communities, and preyed on people for profit. And while this might be good for short-term bottom lines, it dangerous for the long-term success of any society.
It Leverages Resources to Undermine Democracy
"Bad Capitalism" leverages its resources to undermine democracy. Big corporations, Wall Street, and wealthy individuals began to use their money to quite literally purchase policies that tipped the game ever in their favor. And as politicians received big checks through lobbying and campaign dollars, they felt compelled to cater to their corporate constituents, forgetting or forgoing their fiduciary duty to the American people. Bad Capitalism elevates the greed of a few over the needs of the people.
It Distorts American Values
"Bad Capitalism" advances policies that prioritize profit over people; place the bottom line over the greater good; shift our culture from American ideals to American idols; and slowly distorted the definition of the American Dream from a call to morality to the pursuit of materialism. We have been groomed to consume, and fattened for slaughter. The American people simply became a means to an end. And the end was purely Profit.
The Powell Memo gave birth to Bad Capitalism; and Bad Capitalism is cannibalizing democracy.