Monday, December 4, 2017
PENN LOH: Capitalism is not the only choice
Since the breakup of the Soviet bloc and China’s turn toward free markets, many economists have pronounced an “end of history,” where capitalism reigns supreme as the ultimate form of economy. Perhaps “there is no alternative” to a globalized neoliberal economy, as former British Prime Minister Margaret Thatcher often said. Indeed, free markets in which individuals compete to get what they can while they can are glorified in popular culture through reality shows such as Shark Tank.
But many of us in the 99 percent are not feeling so happy or secure about this economy’s results. Many are working harder and longer just to maintain housing and keep food on the table. Even the college-educated are mired in student debt, keeping the American Dream beyond their grasp. And then there are those who have never been served well by this economy. African Americans were liberated from enslavement only to be largely shut out of “free” market opportunities. Immigrants continue to work in the shadows. Women still earn only about three-quarters of what men make for the same work.
So, are we trapped in capitalism? While many of us may want a new economy where people and planet are prioritized over profit, we remain skeptical that another world is really possible. We make some progress locally but then feel powerless to affect national and global forces. Too often “the economy” is equated with markets where corporations compete to make profits for the wealthiest one percent and the rest work for a wage or salary (or don’t make money at all).
Work itself is seen as legitimate only if it legally generates income. Value is measured only in money terms, based on what people are willing to pay in the market. The capitalist mindset also separates economy from society and nature, as if it exists apart from people, communities, government, and our planet. Economy is its own machine, fueled by profit and competition. When everything that we label “economic” is assumed to be capitalist - transactional and market-driven - then it is no wonder that we run short on imagination.
Redefining economy beyond capitalism: To escape this “capitalocentrism,” we need to broaden the definition of economy beyond capitalism. What if, instead, economy is all the ways that we meet our material needs and care for each other? And what if it’s not a singular thing? Then we would see that beneath the official capitalist economy are all sorts of thriving non-capitalist economies, where there may not be a profit motive or market exchange. They include tasks that we do every day. We care for our children and elderly; we cook and clean for ourselves and each other; we grow food; we provide emotional support to friends. These are all ways of meeting our material needs and caring for each other… read more:
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