The 250 people who control $30 billion, or a full one-third of the total investable wealth in the world, met in London this weekend to discuss “inclusive capitalism.”
Let’s say you are fortunate enough to be one of the attendees at this meeting. What, if anything, would you propose to make capitalism more palatable?
Provide a better social safety net. I’d prefer some form of universal health care, combined with a guaranteed minimum income.
Regulate the banks and traders properly. I think Canada has a pretty decent regulatory system, so I’d use that as a starting point.
Tax unearned income with at least the same rates as earned income (allowing for base adjustments according to inflation).
Regulate for negative externalities better (including either a carbon tax or cap-and-trade linked to appropriate tarriffs).
Start tying basic labor and environmental protections into free-trade agreements. I’m not saying that tomorrow Bangladesh has to start paying its workers $15/hr, but things like a variable minimum wage adjusted to per-capita GDP should be scheduled in.
End most types of corporate subsidies and tax breaks, unless there is a market problem (such as a natural monopoly problem or a coordination problem or positive externality problem) that needs to be solved.
Engage in counter-cyclical Keynesian spending during boom-bust cycles.
Re-instate bankruptcy protection for credit cards (or create 2 types of credit cards, one which get bankruptcy protection and ones which don’t).
Allow mortgage rewrites of a primary residence in personal bankruptcy.
Enforce regulations much better across the board, particular with regards to areas dependent on inspections (worker safety, environmental issues, food issues, etc.).
Use free-trade agreements as leverage to close off-shore tax-havens.
I think that’s it. Let’s see if I come up with more.
As long as money wields a disproportionate amount of power in politics the rest is just adjusting deck chairs on the Titanic. I really don’t see rich people ever agreeing on limiting their political influence so this OP is kinda silly.
It would help to have government funding of political campaigns. That is done in several democratic governments.
A problem the left faces is that any alternative to big business is a bigger government. I like big government. Unfortunately, trust in the government is much lower than it was in 1964 when Barry Goldwater suffered a well deserve defeat.
President Obama, whom I voted for in 2008 and 2012, has had over five years to demonstrate that the government can improve the lives of ordinary Americans. After FDR had been in office an equal amount of time he had demonstrated this. I cannot say that President Obama has done this.
Banking gets the hell regulated out of it. Corporate fraud and malfeasance are treated like major felonies when it comes to trials and sentences, so no more of this “pay a fine and all’s well” crap.
What do you say we find 248 other people and split $30B with them. I could handle that!
BTW, things like campaign finance and social safety nets have nothing to do with capitalism. Capitalism is an economic system, not a system of government.
Other than that, capitalism works. It’s simple and effective. I’m sure all the lefties here have a laundry list of other items they want addressed through expansive government intervention. Count me out on that.
Tie all executive bonuses to worker benefits, none of one, without the other. No one gets any bankruptcy protection if they have, within three years paid out executive bonuses over one million dollars.
All lay offs include executives in line with some fair ratio, not one to one, but you take my point.
User fees shall not be used as revenue streams, enforced through the tax code. If you want to charge $1 for every ATM transaction you better be able to demonstrate that’s what it costs you. If it only costs you a quarter and you’re charging people a dollar we will tax you eighty cents on that profit. This includes government fees.
Payday loans are gone today. I want a government smarter than crooks who call exploitive interest rates ‘special fees’ to circumvent the usury laws. Exploitation of the most vulnerable, making loans sharks look like guppies!
I want to see a really tight ethics code for all levels of politicians. I want them to have to attend a class and sign a document that they fully understand the rules. Brake the rules and you’re out of politics for life, no pension. Misuse of public finds should rank with treason as a crime against the state. I want their hand to tremble when they take that oath.
Any sexual hanky pinky with assistants, secretaries, lobbyists and you’re out. No diddling anyone on your/our payroll or you’re out, no pension.
If you move your factory or shift your production off shore you must repay all tax cuts and special deals you were given during its lifetime.
Start a think tank tasked with coming up with an economic option that is neither capitalism nor socialism but addresses the flaws in both, set up social “laboratories” to see which ones would work, and see if a better economic system can be devised for the use of the species.
There’s nothing wrong with capitalism. There’s a LOT wrong with politics. Fix the politics, and capitalism will be controlled appropriately.
Attempting to fix the capitalism without fixing the politics is pointless. things like “tying CEO salaries to this and that” is futile and silly since
How much CEOs make has very little to do with any significant social problem
Rich people will just find other ways to enrich themselves
You can just change the rules the instant your rich friends win an election
elbows is a smart person but every idea put forth in that post is terrible and would have unintended consequences of staggeringly disastrous proportions.
The problem the United States has with capitalism is that the political system is besieged with corporate cronyism.
Governments make it possible for people to be ridiculously rich or ridiculously poor, and a lot of poor people vote for those governments (or don’t vote for/support alternatives). The problem isn’t 250 horribly rich people, it’s the “normal” people who vote against their own interests because of some weird ideology. “Allowing” the richest people to come up with their own solutions is just more of the same “self-regulating” bullshit.