SynopsisIn a democratic society founded on the truth that all persons are created equal, we have permitted an economic system based on the contrary principle that wealthy persons matter more than others. It's no accident the wealthy have privileged access to politics, the justice system, corporate governance, and more. That's why Marjorie Kelly says we need a new system-beyond capitalism and socialism. Kelly exposes seven myths that perpetuate wealth supremacy-such as the myth that no amount of wealth is ever enough. She reveals how wealth grows by extracting from the rest of us and how this relentless extraction is the root of many crises we face. Highlighting alternative economic models already in place that can form the foundations of a new, more democratic economy, Kelly offers pathways we can take to get there., A powerful analysis of how the bias towards wealth that is woven into the very fabric of American capitalism is damaging people, the economy, and the planet, and what the foundations of a new economy could be. This bold manifesto exposes seven myths underlying wealth supremacy, the bias that institutionalizes infinite extraction of wealth by and for the wealthy, and is the hidden force behind economic injustice, the climate crisis, and so many other problems of our day- The Myth of Maximizing- No amount of wealth is ever enough. The Myth of Fiduciary Duty- Corporate managers' most sacred duty is to expand capital. The Myth of Corporate Governance- Corporate membership must be reserved for capital alone. The Myth of the Income Statement- Income to capital must always be increased, while income to labor must always be decreased. The Myth of Materiality- Profit-material gain-alone is real, while social and environmental damages are not. The Myth of Takings- The first duty of government must be the protection of private property. The Myth of the Free Market- There should be no limits on the field of action of corporations and capital. Kelly argues instead for the democratization of ownership- public ownership of vital services, worker-owned businesses, and more. And she sketches the outlines of a non-extractive capitalism that would be subordinate to the public interest. This is an ambitious reimagining of the very foundations of our economy and society.
LC Classification NumberHB251.K45 2023