Values vs Capitalism
The conflict of the future
Underlying every economic system is a social contract setting people’s norms, values and beliefs and how the economy is to be run. But capitalism has rendered this social contract materialistic in nature due to which it is increasingly failing to address basic needs of the citizens. This materialistic social contract rests on philosopher and economist Adam Smith’s principle of the invisible hand, whereby people pursuing their own self-interest in free markets are led to make everyone in society as well off as possible. In many countries, however, this economic model has generated rising inequality in one or more of various dimensions—income, wealth, education, health, skills, and social esteem. The approach has also generated falling social mobility, rising social fragmentation, a widespread sense of disempowerment in response to the vagaries of globalization and automation, and resentment among many people that their hopes for a good life are being ignored.
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