Our wealth, as a society, has been co-opted by a few hundred people, by and large. It needs to be re-distributed. This is necessary for capitalism to work properly. I have heard it said that each dollar in a well-functioning capitalist system must move about 16 times per year in order for the system to stay healthy. Since about half of the wealth is locked up in land, plant, equipment, buildings, etc., it might not be possible to move that half at all.Â
This leaves the other, liquid half, to move at 32 times per year to make up the difference. When it is mostly in the hands of a very few people it doesn't move like that. It gets locked up and eventually ends up in the hands of bankers. Bankers, necessary as they are, do not produce anything of value to society.Â
The off-shoring of jobs and the coming further advancements of automation & robotics in manufacturing and even in service occupations means that, although our society has wealth, the average person, not owning much of it, cannot spend enough of that wealth to keep the economy moving because when machines he doesn't own, or people in other countries, do the work, he doesn't have an income to spend.Â
Traditionally it was necessary to have a business or a job in order to earn the income. The necessity for goods that ensure survival and even comfort would ensure that the money kept moving as it should. Automaton and off-shoring are putting an end to the traditional ways of earning income. It is time to "think outside the box" as we hear people say.
LET'S RE-THINK CAPITALISM
It is not carved in stone that "work" MUST be tied to income. It is certainly not true for the rich who have inherited wealth; why should it be true for the rest of us?
It is also not carved in stone that anyone who has not, and is not, contributing in some way to our society is entitled to inherit any more than a fairly equal share of the wealth of our society.Â
Citizen Capitalism
1- It is time to disconnect labour from income.
2- It is time to eliminate direct -line inheritance
3- It is time to recognize that ALL of our ancestors, taken together, played an equally important role in developing the wealth of our nation.
4- It is time to adopt a system of equal inheritance by all, not just because it is the right thing to do but because it has been earned - by our ancestors. Not "jointly held" inheritance as in socialism and communism, but as private property. Spendable, sellable, add-to-able, private "birthright" inheritance. Roughly equal among all inheritors. And the inheritors will be every child born into our society. (If you thought that this Citizens Capitalism might somehow allow YOU to personally benefit, forget it.) This we set up for our children. For all future children. Â
This will have the effect of making capitalism once more a system of competition. Fair competition. All runners starting at the same line. Not a few so far ahead that catching up with them is nearly impossible. Not the majority left out of the competition. A fair and equitable "race" for any and all who care to join in. And suitable rewards are once again available. All the money would no longer be locked in bankers vaults - the wealth of our nation co-opted by a few. It would be in circulation. Available to be earned. So those who like that game, and I am one, can still, in fair competition match wits against the rest.Â
Those who have other talents to offer, such as the arts, the sciences, education, medicine, etc., need not suffer hardship since their birthright inheritance will allow a decent, though not luxurious, standard of living and they'd have plenty of opportunity to earn more. Perhaps of greater importance, their birthright inheritance would allow them to gain the education and training necessary for them to follow their particular muse.
Those who amass great fortunes will be applauded and honoured; why not? Their wealth will, upon their death, be circulated back into the society in the form of a birthright inheritance for children yet to be born. A person getting rich will be good for his society. As it should be in a proper "Citizens Capitalism" society.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
2
