capitalist aren't greedy, they just have closed minds

Edward Conard, Mitt Romney's ex-partner in Bain Capital, is not merely a member of the 1 percent but member of the 0.1 percent, justifies his wealth and proudly defends Wall St. He presents the capitalist case that it was the poor people, and not the finance industry, who were responsible for the financial crisis and subsequent recession. That the ultra-wealthy are wealthy because they are smarter and work harder than everybody else, and that they are resented for their success. That the ultra-wealthy are being victimised by prejudice by the envious and jealous who want to impose more regulation and  higher taxes upon the hard-done-by capitalist.

Some capitalists try to argue that an individual's greed turns free-market capitalism into prosperity for all. The successful businessman is the hero, while the rest of us lesser mortals are deadbeat leeches, living parasitically from their superior drive, brains and skills and talents that lead to innovation. Profits are the reward for risk-taking. (hmmm...and follow the herd investment mentality is taking a risk). In fact we should all be very grateful to the mega-wealthy

But they are wrong. The rich are not more hardworking than the masses. They are not any smarter. Nor do people whose  business of extracting royalties and copyright fees or interest by moving rich people’s money around are in any way “job creators.”

When  Facebook goes public, Mark Zuckerberg he will be worth more than $17 billion. If Zuckerberg had never been born, would no one else have come up with the idea of Facebook? (oh, somone else did and thats why he had to pay compensation, wasn't it?)

Why do people try to maximise their incomes? The poor person wants more money in order to eat, a better house or a new washing machine. Even a comfortably well-off person may want an even better house or a servant to cook and clean . But what more does a really, really rich person — worth hundreds of millions — want that money can buy? What motivates him or her to go to work every morning - simply trying to accumulate even more. But, to be sure, it is not personal greed. It is simply the rationale of accepting an economic system that demands such a constant process of reproduction of capital and being unwilling to break with it.

sermon from the mount

Britain's richest men and women must curb their greed and begin sharing their wealth to save their souls, one of the Church of England’s senior bishops has warned.

Dr Michael Nazir-Ali, the Bishop of Rochester, singled out high-earning City traders such as hedge fund managers as the kind of people who must swap their desire to “make a quick buck” for a commitment to “share their wealth generously”.

He said the crisis gripping the world’s money markets was “almost certainly” due to amoral forces pursuing their own wealth-creating agenda and warned that without action the less wealthy might suffer disproportionately from the fallout.

“From possessiveness we need to move to gratitude for what we have, from ‘cutting corners’ to make a quick buck to that integrity for which business in this country was celebrated, and from mere accumulation of wealth to a generosity of spirit. When that happens, hedge fund managers and directors of companies can, indeed, go into the kingdom of heaven ahead of the chief priests and elders.”

He expressed fears that the gulf between the rich and poor, which he describes as already “one of the great disparities of our age”, could be widened further by the recent plunge in stock market prices and the collapse of two banks.

“Even in a market of amoral forces, we should never forget that we are moral agents and responsible for our actions . The current turmoil in the markets is almost certainly the result of such forces but those with power need to ensure that the poor are not disproportionately affected.”

"What is required is a change of heart, of disposition, of attitude,” the Bishop of Rochester writes in his Easter message .

Nope . What is required is a political and social revolution , not pious words of a sky-pilot

Oliver James and Capitalism

I won't go down the road of saying that there are two types of capitalism , selfish and unselfish , but Oliver James does have some interesting points to make as a clinical psychologist about mental health .

He says


Selfish Capitalism stokes up relative materialism: unrealistic aspirations and the expectation that they can be fulfilled. It does so to stimulate consumerism in order to increase profits and promote short-term economic growth. Indeed, I maintain that high levels of mental illness are essential to Selfish Capitalism, because needy, miserable people make greedy consumers and can be more easily suckered into perfectionist, competitive workaholism.

The real wage of the average English-speaking person has remained the same - or, in the case of the US, decreased - since the 1970s.The top 1% of British earners have doubled their share of the national income since 1982, from 6.5% to 13%, FTSE 100 chief executives now earning 133 times more than the average wage (against 20 times in 1980); and under Brown's chancellorship the richest 0.3% nobbled over half of all liquid assets (cash, instantly accessible income), increasing their share by 79% during the last five years.
Mental illness in both children and adults since the 1970s as reported by World Health Organisation and nationally representative studies in the United States, Britain and Australia, reveal that it almost doubled between the early 80s and the turn of the century.

What does the damage is the combination of inequality with the widespread relative materialism of Affluenza - placing a high value on money, possessions, appearances and fame when you already have enough income to meet your fundamental psychological needs. With overstimulated aspirations and expectations, the entrepreneurial fantasy society fosters the delusion that anyone can be Alan Sugar or Bill Gates, never mind that the actual likelihood of this occurring has diminished since the 1970s.
A Briton turning 20 in 1978 was more likely than one doing so in 1990 to achieve upward mobility through education. Nonetheless, in the Big Brother/ It Could Be You society, great swaths of the population believe they can become rich and famous, and that it is highly desirable. This is most damaging of all - the ideology that material affluence is the key to fulfilment and open to anyone willing to work hard enough. If you don't succeed, there is only one person to blame - never mind that it couldn't be clearer that it's the system's fault, not yours.

Depressed or anxious, you work ever harder. Or maybe you collapse and join the sickness benefit queue, leaving it to people shipped in to do the low-paid jobs that society has taught you are too demeaning - let alone the unpaid ones, like looking after children or elderly parents, which are beneath contempt in the Nouveau Labour liturgy.

Unfortunately , Oliver James doesn't quite grasp that it is Capitalism per se that is at fault and his comparisons between "selfish" and "unselfish" capitalism is just a debate about degree and perhaps particular historic social developments of capitalism in various parts of the world .

His hope of " a passionate, charismatic, probably female leader who advocates the Unselfish Capitalism " that will reduce consumerism and inequality and create a sustainable ecologically sound world is a forlorn doomed hope . He still has a lot to learn about Capitalism . There is no nice or bad capitalism .

The basic theme of Fromm’s The Sane Society is that capitalism, because it encourages competition between individuals, pitting them against each other in a rat race for power, privilege and prestige, is a society that is incompatible with human nature. It is an “insane society”, a “sick society”. Only a society based on co-operation and community is a sane society as one which properly meets the psychological needs of human beings for a sense of belonging; not just a sense of belonging but a state of actually belonging to a real community. Only socialism can offer that . Although capitalism continually seeks to reduce us to isolated social atoms who only collide in the marketplace as buyers and sellers, the basic human need for community still expresses itself even if in distorted and perverted forms - racism, nationalism and religion. Capitalism can try to suppress the human need for co-operation and community but will never be able to succeed.