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Capitalism, Market, Technology and globalization, A small band of…
Capitalism
Inclusive Capitalism
Inclusive capitalism is fundamentally about delivering a basic social contract comprised of relative equality of outcomes, equality of opportunity, and fairness across generations
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modern corporation
enforce oppressive new rules and protocols for employees, contractors and recipients of sponsorships, rules that are inimical to the exercise of personal freedom, of freedom of speech and of conscience.
seeking to drive social change and this is constraining individual lives and transforming our culture: eg. In a lot of ways Facebook is more like a government than a traditional company …
Silicon Valley, and the woke corporation more broadly, represent power without authority. but they are merely an instrument of soft(ish) despotism
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Market
market economy: we now call economic freedom—the individual’s freedom to produce and consume, and to use his property rights, as he sees fit.
It simply produces more goods, more services, more jobs and more wealth, than can any other economic system
We depend upon entrepreneurs and businesses vigorously competing with each other and seeking out the very best deal for themselves and their companies.
it is the most practical hope of the world’s poor: no magic wand, but the best hope
pursuit of profit
leads to
dirty air and rivers, child labour, and other unthinkable abominations, like human trafficking and the sale by Planned Parenthood in the US of aborted-baby body parts.
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guide
resources to where they can be used most productively; free markets guide the process of creating and distributing wealth.
triggers
discoveries, inventions, innovations and investments.
give the opportunity for many to lift themselves out of poverty and off welfare dependency. but does not rid the world of poverty.
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Balanced conclusion
we need governments to encourage and nurture (ethical) capitalism in order to make the best use of resources, grow economies and provide employment opportunities.
the best a government can do is set general rules for a market order; the game itself should be left to the players—individuals and firms—who use their local knowledge to discover their way to an inevitably uncertain future.
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negative example
China’s hukou system of household registration restricts labour movement to its cities; it deprives rural migrants of rights to urban housing, schooling and social welfare. Capital markets are rudimentary, often dominated by state-owned banks and insurers. China’s financial system is a command-economy Forbidden City, walled off, with a protective moat separating it from the surrounding market economy.
governments must provide measured assistance to those who fall by the wayside and also provide a supportive environment for charities to flourish at both national and community levels
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A small band of entrepreneurs drive it; the most successful reap super-profits. But capitalism is also the greatest engine of progress for the world’s poor and middle class.
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