A notorious critic of the current capitalist model, the street painter Banksy, known as the “faceless artist” has his works stamped on walls all over London. Even with his origin, name and profession hidden from the public, his powerful work impacts generations beyond European borders and raises the debate about the also invisible hand of the market. With the world altered by an ongoing pandemic that has already claimed the lives of nearly 4 million people, bringing light to capitalism gained urgent contours and for this economists, businessmen and politicians proposed to be at the forefront of this change that involves, in in short, putting human capital ahead of finance.
There are many examples of giants who are willing to open a dialogue about contemporary capitalism. Apple, Amazon, E-Bay, Facebook, Pepsi, Tesla and Wal-Mart are some of the examples of conglomerates willing to rethink capitalism. To condense this thought, economists Michael Jacobs and Mariana Mazzucato wrote Rethinking Capitalism. In-depth study of the advances that the economic model has brought to society and the cost of this growth. “The performance of Western capitalism in recent decades has been deeply problematic in relation to inequality and environmental damage.” Proof of this are Oxfam numbers. According to the organization, last year, the richest 2,100 people in the world concentrated the wealth of 60% of the world’s population. In the 1980s, the proportion was 45%.
And this is not a communist discussion. Proof of this is that one of the main supporters of the revision of capitalism is Paul Tudor Jones, an American billionaire and manager of one of the biggest hedge funds in the world. According to him, American society needs to understand that there is a problem with the way capitalism has evolved. “It’s like a person who has drug problems. First you have to accept that something is not right,” he said at TED Talk California. Days later, on his social networks, he stated that the problem was the idea that profit must be immediate. Christina Garlin, an economist and researcher at the US Center for Economic Development, is moving in the same direction. “The rampant use of fossil fuels and deforestation in Europe are proof of this,” he told DINHEIRO.
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BANKSY AND THE STREETS In London, the stencil hop Until You Drop, made in 2011, reveals the paths of capitalism. On the streets, protesters question how the economy reflects on their lives.
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Photo: Disclosure
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Photo: Disclosure
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Photo: SEBASTIAN D’SOUZA/AFP
FUTURE But not everything is lost. According to Mazzucato, there are viable solutions for a renewal of capitalism without taking its essence from it. And that’s where big companies and civil society come in. Before the pandemic there was a social upheaval erupting protests America, Africa, Asia and Europe and despite appearing in different political spectrums, all were asking, in essence, the same thing. A review of how the market treats the individual. Whether in the search for rights, jobs, or political demands, the focus of the discussion was the economic liberalism of supply designed in the post-war period with the creation of the Mont Pèlerin Society.