In today's fast-paced and interconnected world, the flaws of capitalism have become increasingly apparent. As a wealth coach, I've spent years navigating the complexities of money, power, and privilege. Yet, despite capitalism’s promises of economic freedom and prosperity, it has instead has failed to deliver on its most fundamental premise: ensuring that everyone's basic needs are met.

The past couple days, i’ve been getting MAJOR signs from the universe to finally talk about this and share my honest thoughts about a system I once hated, to loved, and now feel a mix of feelings for.

One sign was from the popular pop astrologer Chani Nicholas. I’ve had her app for over a year now and every monday she drops a new episode regarding the planetary influences and movement for that week ahead. This week (April 15, 2024) she reminded us of the urgent need to rethink our approach to abundance. In a world plagued by inequality and division, she said we must ask ourselves: How can we envision a future where wealth is not just reserved for the few, but accessible to all?

Robin Sharma (who dropped one of my fav podcast episodes ever) just wrote a book on wealth and how it goes beyond just money. Money is a topic I've always been so interested in because it determines the rich from the poor and the powerful from the powerless. It makes the world go round. It's the reason why I switched from wanting to go into medicine back in University to have a Bachelor's degree in International Development.

Sitting in a Grade 12 international politics class, I was struck by a profound sense of anger and disillusionment. How could we allow such rampant inequality to persist? Why did we prioritize profit over people's well-being?

It was this inner fire and anger that ultimately led me to pursue a career as a wealth coach. While I may not have all the answers, I believe that by empowering individuals to build their own versions of wealth, we can collectively pave the way for a more equitable society.

That is why today, I dive deep into the pros and cons of capitalism, exploring its roots in competition and division. But more importantly, I envision a better future—one where wealth is not a privilege, but a universal right.

Is it possible to create a world where everyone's basic needs are met, regardless of their socioeconomic status? Can we move beyond capitalism while still preserving its core principles of economic freedom and liberty?

My ideas are formed based on my own experiences, knowledge around economics and basic financial literacy as well as doing research on the founding father of economics, Adam Smith, who wrote the Wealth of Nations and which arguably is one of the greatest books to have influenced capitalism as we know it today.

The Disconnection

At the heart of the issue, I believe lies a fundamental disconnection between corporations and individuals. While corporations amass wealth and power, many individuals struggle to meet their basic needs. It's a stark contrast that highlights the failure of capitalism to ensure the well-being of all members of society. Why are corporations reaping the benefits while individuals suffer? This question underscores the urgent need for change.

There has always been a debate about whether humans are naturally good or evil. Why can’t we approach this instead from a holistic perspective of the laws of duality? Nothing is inherently only good or evil. We are made up of all parts good and evil along a spectrum. This is why no one economic or political system is either good or bad. Like each individual, we will all have our flaws.

When it comes to capitalism, we forget that despite its benefits of wanting economic freedoms and liberties for all, this has seldom become the case. It is only awarded to a few, and I think a big reason behind this is that capitalism is fueled by competition and growth at the expense of everything else. It is rooted in divisiveness and disconnection to ourselves, our communities, and the planet. When we are told to grow at all costs no matter the repercussions, severe damage will be made. We are seeing this now as the scale continues to dangerously tip over to just one side.

Now, I don’t want to sound all doomsday but something in spirit feels something coming. A global shift away from what capitalism has become. And I don’t know if it will be done peacefully or with rage - but a shift is coming. I may not live to see it, but from a spiritual point of view, there is the law of balance and reciprocity. At some point, the scale will have to tip back into balance. Nature will always correct itself, and we humans thinking we’re greater than nature will be a humbling mistake.

Systemic Barriers

Elon Musk and others have perpetuated the narrative that poverty is the result of individuals not working hard enough. But this simplistic explanation ignores the systemic barriers that prevent many people, especially those from marginalized communities, from achieving economic success. Factors like race, gender, and socioeconomic status play significant roles in determining an individual's opportunities and outcomes. It's time to acknowledge these disparities and address the root causes of inequality.

Also, what led to these inequalities that affect primarily black and indigenous communities? Slavery.

To understand the roots of modern capitalism, we must confront the legacy of slavery. Black people were enslaved to build the wealth of nations, laying the foundation for the economic systems we see today. Even Adam Smith, often hailed as the father of economics, recognized the moral repugnance of slavery and advocated for economic liberty and freedom for all individuals. However, Smith's vision of capitalism was flawed, as he underestimated the role of government in regulating markets and protecting workers' rights.

He thought that governments would do good at regulating large corporations like Tesla, Amazon, and Google to pay their fair share in taxes and redistribute wealth. Unfortunately, this does not happen. Rich people find loopholes all the time on how to not pay their fair share in taxes. And I’m not talking about people making six figures. Even those people are struggling as the middle class weakens and pushes more of us into the lower to lower-middle classes. We’re talking about the UBER-RICH. People making more money than they would ever need for thousands of lifetimes. MILLIONS and BILLIONS of dollars each year to their name.

These are people who live in McMansions with tens of empty rooms, that are there to only look aesthetically pleasing while people in their cities sleep homeless on the streets. Does it not enrage you to think that someone needs to have that much money at the expense of others not having any at all? I’m not saying you can’t have a mansion or fly private jets or sail on fancy yachts but make sure your employees are well-fed and have a roof over their heads first.

These are the same corporations that hate when employees band together and form unions and go on strike - demanding more pay. The only reason you would hate that is because you don’t see your employees as kin but as modern-day slaves. You see yourself as better, more worthy, and more deserving of the same people who help keep your company standing. This is why I say capitalism is rooted in disconnection because, in the pursuit of wealth and happiness, we forget what it means to bring other people up with us along the way.

Instead, we become competitive and want more for ourselves, because more for others means less for ourselves when in reality it isn’t true. This is the illusion a corrupt capitalism gives. Scarcity in its lowest vibrational form.

Some people hate when politicians who lean more toward the left perspective scream “TAX THE RICH”, but in essence that is the only way. That is the principle on which capitalism was built and would work perfectly in theory but doesn't. We realize today that most corporations rather pay their employees as little as possible while maximizing growth and profit to continue growing their business and keeping that extra money in their pockets and to their shareholders (which by the way, all employees should be automatically shareholders of the companies they work for if on a public stock exchange).

The Role of Government

Now we can’t blame just the filthy rich corporations either. Today, capitalism is characterized by rampant greed and inequality, fueled by governments that prioritize the interests of the wealthy over the needs of the general population. Bernie Sanders talks about this heavily in his recent book “ It’s OK to Be Angry About Capitalism”, where he talks about how wealthy people fund political campaigns and fund politicians to serve their interests and not the average people’s.

It is uber-rich people deciding that they know what’s best for the majority of the world not having any inclination what it is to be an average low or middle-class citizen. These people live sheltered in their McMansions and on private islands and don’t interact with people who are not a part of their socioeconomic bubble. They are sheltered and probably rightfully so for privacy and security reasons, but that doesn’t limit them from finding ways to form connections with people who don’t live like them but aspire to have even a quarter of what they have.

The solution to this lies in needing governments that work for the people, not just the privileged few. Governments that aren’t funded based on how much money a rich person gives them and pandering to their interests only. We need a fair and non-monetary democratic political system in which elections are fair and our leaders are elected based on policy only, not funding. This is why politicians like Donald Trump and Bernie Sanders were heavily sought after in previous elections and trusted by everyday people - their campaigns were grassroots-funded. They didn’t pander or seek money from corporate rich elites. Trump has his own money from running his businesses, and Sanders rallied up a movement amongst the youth that were willing to donate the little they had to create real change.

Think about this, the next time you choose your future leader. Who are they connected to? Are these people going to serve in your interests or to further fatten up their pockets while disregarding the pockets of the poorest of their nation?

Solutions for Change

Ok, enough venting Morgan. Do you want to know what can we do to create a more equitable society? I think the biggest discussion we should be having is how can we bridge the freedoms and economic liberties of capitalism
by ensuring everyone’s basic needs are met.

This can only be done once governments force wealthy individuals and corporations to pay their fair share in taxes that go to funding universally agreed-upon basic human rights. Which is for universal food, healthcare, education, housing, etc. Anything else is a plus, but nobody can argue that they wouldn’t want their taxes to go toward awarding everyone those basic rights within a capitalist framework.

I also asked ChatGPT what they thought about this, based on what i’ve written above and further explained ideas and here is what it generously got back to me with:

[Creating a system that prioritizes the well-being of all individuals requires a comprehensive approach that integrates economic, social, and political elements. Some characteristics of such a system might include:

1. Universal Basic Income (UBI): Providing every citizen with a guaranteed income to cover basic needs such as food, housing, and healthcare.

2. Universal Healthcare: Ensuring access to healthcare services for all individuals regardless of their financial status.

3. Education Reform: Implementing free or affordable education at all levels to promote equal opportunities for personal and professional development.

4. Progressive Taxation: Establishing a tax system that redistributes wealth from the wealthy to fund social welfare programs and reduce inequality.

5. Worker Protections: Enforcing labor laws to ensure fair wages, safe working conditions, and job security for all workers.

6. Sustainable Economic Growth: Fostering an economy that prioritizes environmental sustainability and social equity over unlimited growth.

7. Social Safety Nets: Establishing robust social safety nets, including unemployment benefits, disability support, and assistance for vulnerable populations.

8. Democratic Governance: Promoting participatory democracy and transparent decision-making processes to ensure that policies align with the needs and values of the population.

Ultimately, creating a system that prioritizes the well-being of all requires a collective effort and a commitment to values such as empathy, equity, and solidarity. It involves reimagining the purpose of economic systems beyond mere wealth accumulation and focusing on promoting human flourishing and societal harmony.]

Wow, look at that. The beauty of capitalism is that it encourages humans to collectively gather to create and innovate wonderful technologies like ChatGPT here today! These are the benefits and the power that lies in our current political system which wouldn’t otherwise be seen in more restrictive forms of governing like communism.

So as we reflect on the flaws of capitalism and envision a better future, it's essential to remember that change is possible. By working together and advocating for positive reforms, we can build a society where everyone has the opportunity to live a fulfilling and dignified life.

It's time to reimagine capitalism and prioritize the well-being of all members of society. Let's strive for a world where equity, empathy, and solidarity guide our economic systems and ensure a brighter future for generations to come.

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