4
May

(Un) willingness for change

Written on May 4, 2007 by Max Oliva in Development

J.Pozuelo-Monfort, MSc candidate in economic development at LSE
Jaime PM.jpg
Democracy can learn from capitalism. Capitalism can learn from democracy. Both are necessarily benefitial and desired. However whereas the former follows naturally, the latter encounters fierce opposition. Fierce opposition coming from large shareholders, who do not wish to give up their control on public firms. Fierce opposition from hedge funds and private equity players, that refuse to give up secrecy in exchange for some sort of regulation. Fierce opposition from the current international financial architecture, that refuses to eliminate unfair jurisdictions such as tax havens and the like. Fierce opposition from high net worth individuals, who flee to low-tax regimes and refuse to be fairly taxed based on the principle of redistribtioin. Fierce opposition from multinational firms, that refuse to be transparent and report their environmental and social damage. Fierce opposition from governments, that refuse to eliminate tariffs on agricultural produce afraid of losing support of the farmers.
Democracy is willing to become more efficient and adopts financing mechanisms from capitalism. Democracy is willing to become more efficient and adopts private public partnerships as a way to build infrastructure. Democracy incorporates the economic activity into its own operation. Capitalism is not willing to become more efficient. Capitalism is not willing to become more sustainable, more ethical, more fair and more social. Capitalism is not willing, in the end, to become more democratic.
Here is the crucial difference between democracy and capitalism. And the same actors that encourage democracy to spread out across the developing world, are refusing to turn capitalism more intrinsically fair. And the same actors that encourage democracy to prevail, are refusing to make capitalism more sustainable. Here is the crucial difference between democracy and capitalism.
Willingness versus unwillingness defined as the inability to realize a necessary change. Willingness versus unwillingness defined as the refusal to wake up from an unreal truth.

Comments

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