TED Circles #4 - Money matters (Dec 16)
Neoliberalists believe in the efficient, self-adjusting mechanism of the free market. They argue that free market and trade will create economic growth, increase the size of the pie that society as a whole can consume, thus generate more for all even when there is some inequality.
It’s high time we questioned whether this “more-for-all” assumption held true. Traditional economy was bound by national territory, thus supply matched demand locally at equilibrium price level. However, in the age of globalization, capital is global while labor is local. Multinational corporations with tremendous transnational bargaining power can always keep price of labor (wage) low by shifting production to places of cheap labor or automation.
Consequently, in developed countries, job loss to foreign market and automation results in extreme social insecurity and tyranny of the majority which undermine democracy. In developing nation, the poor suffer with subsistence wage, terrible working conditions and environmental degradation. When any disruption, either climate change or automation, hits hard, the working poor are always at the forefront of damage and society is prone to chaos.
- Is "every-man-for-himself" - the idea that individuals acting rationally in pursuit of their own interests - the driver of our economic prosperity or a selfish, morally corrosive notion based on pseudoscience?
- What are the cascading impacts that inequality have on our society?
- Why money matters? How does it affect our human psychology and behaviors?
- Can we make cooperation competitive?
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