Hypercapitalism? When the wealthy make the rules #hypercapitalism #plutocracy #actionaid

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We are living in an age of hyper-capitalism: we have gone beyond industrialisation and value-addition to a point where the rules are written by the financiers, and the finance industry, rather than a sector that actually makes something, has become arguably the most politically powerful industry in history.

A brief period of relative equality in the richer countries after World War II gave way from the late 1970s to a powerful ideology of competition, unending growth, and unhindered profit. This ideology was charted deliberately by institutes lavishly funded by aspiring plutocrats.images1

We see the evidence of peak plutocracy in: -the so far largely successful efforts of business interests to prevent meaningful action on climate change;

  • the push for high-input, high-tech, restricted-ownership agriculture that excludes smallholder farmers – a great portion of them women — who feed most of the world’s people;
  • the collusion of governments and companies in taking control of land and natural resources from communities in order to generate profits for privileged outsiders;
  • the “race to the bottom” among governments to sacrifice revenues through blanket “tax holidays” in order to lure foreign investment, even when the benefits are unclear or negligible;
  • the failure of governments to establish laws that protect workers from abuses ranging from trafficking to unlivable wages to unacceptably risky working conditions, with women workers in the most precarious, low-paid and inhumane jobs;
  • the failure to recognise the systematic abuse of women’s rights in many areas – but in particular the deep uncompensated subsidies women provide to all economies with their unpaid and low-paid care work that keep families and societies functioning;
  • the pressure put on countries – and more recently the collusion between governments and companies – to change commercial and consumer-protection laws so that foreign companies can dominate markets;
  • the use of coercion, including violence, by powerful elites in private enterprises, fundamentalist movements, and repressive regimes to control women’s bodies and sexual and reproductive choices, their labour, mobility and political voice;
  • the pressure to privatize schools at the expense of decent public education, despite the complete absence of evidence that the results will be beneficial to anyone beside the owners;
  • the unwarranted scorn directed at the public sector, and the pervasive recourse to the notion of “private sector led development” by most donor countries and inter-governmental institutions, even in the absence of positive models
  • the fetishization of foreign direct investment in low-income countries despite compelling evidence that no country has achieved sustainable development with foreign capital;
  • the increasing congruence of interests among governments, corporations, and elites in limiting the freedom of action of social movements and public interest groups, constricting political space in all parts of the world;
  • the increasing domination of wealthy corporations and individuals in United Nations debates and processes.
  • the brazen ideological defense of inequality and massive concentration of power and resources by wealthy individuals and the institutes they fund;
  • the increasing number of disasters and emergencies are turned into profit opportunities, as affected areas are remade according to the plutocrats’ rules.
  • the refusal of governments to combat the global youth unemployment crisis with public jobs programs to address the widely-acknowledged looming crisis of deteriorating infrastructure;
  • the fallacy of scarcity revealed by the capacity of governments to find massive public financial resources for war and bank bailouts, but seldom for programs that would employ people, combat hunger and disease, and foster renewable energy.

An opinion piece by Soren Ambrose, Head of Policy at ActionAid International. http://www.ipsnews.net/2015/04/opinion-has-the-world-reached-peak-plutocracy/

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