As Tom Friedman recently wrote in the NYT, “There’s Something Happening Here”. There sure is. The market system that has delivered so much to the world over the last century – brought great technology, alleviated so much poverty, produced a better life for billions – is now destroying itself.
Some say this process is now inevitable. That like an empire in decline, the system is deluded by its grandeur and historical power and thus fails to see its weaknesses – so is unable to respond. I disagree. The crisis is certainly inevitable, indeed that is well underway. The ecosystem is breaking down, and the economy is in hot pursuit in the collapse stakes. But the path into and through this crisis is a choice we get to make. The future doesn’t just happen, we create it.
But who gets to make these choices? Some argue it’s “the 1%” and that the victims of their decisions are “the 99%” – that the rich beneficiaries of the current system control it, and do so in their own interests. This analysis says that’s why we have low taxes, bailouts of wealthy investment banks, lack of action against those who caused the financial crisis and a failure to deal with climate change – because the rich 1% want it that way. But is that correct? And if so, are they making the right decision even for themselves?