Chapter 23 – Conclusion – The Case for a New Economic System

Imagine that we have a group of one million people living in a city, and we want all of them to have a great standard of living. We want to create a new economic system that lets everyone in the city have access to everything they need: great food, great housing, great healthcare, safe and healthy surroundings, and so on. How would we accomplish this goal?

  1. We would recognize that it takes a certain number of human hours each day to grow, harvest, cook and serve all of the food for these one million people.
  2. We would recognize that it takes a certain number of human hours to build and maintain all of the housing for these one million people.
  3. We would recognize that it takes a certain number of human hours to provide all of the healthcare services for these one million people.
  4. And so on…

The city can make a list everything it needs to get done today so that everyone has a great standard of living, and then divvy all of these tasks up amongst the one million residents. All of the tasks get completed, and everyone gets to share in the bounty that they produce. As a result, all one million people can live fantastic lives of abundance in a modern, vibrant city. This is a simple, easy-to-understand economic system that delivers abundance to everyone.

Compare this to the incredible dysfunction that most human beings on planet Earth experience because of the capitalistic economic systems in use today. Most human beings on Earth make less than $1 per hour [ref], and live in incredible poverty because of it. Meanwhile, a tiny slice of the population hordes trillions of dollars, leading to perverse and absurd headlines like these:

  • “The top 0.1% of American households hold the same amount of wealth as the bottom 90%” [ref]
  • “World’s 8 Richest Have as Much Wealth as Bottom Half, Oxfam Says” [ref]

If you watch the video on this page, it contains this fantastically absurd quote from Darrell Issa:

We compete with the rest of the world. If we are going to have people produce automobiles, they have to compete with the rest of the world.

His meaning is that the wages of workers should be driven as close to $0 as possible, while he and his billionaire friends get to keep all of the wealth that these workers create. The fact is that there is no need for anyone to “compete” for wages and see their wages driven toward zero. And there is no need for billionaires. In this new economic system described in this book, the one million people in a city can all have a great standard of living. Everyone can contribute, and everyone can participate in the abundance.

Capitalism is a ridiculous system

By any rational measure, the outcomes of capitalism are ridiculous. The gigantic amount of human suffering caused by capitalism is repulsive, especially when there is such a simple and easy-to-understand alternative available in the form of this new economic system.

The core of this new economic system is so simple, and in fact is happening all over the world already. Any major corporation on Earth today has a certain number of tasks that it needs to accomplish on any given day. These tasks require a certain number of human hours to complete. The corporation divvies up all of these tasks amongst all of its employees. What we are doing in this new economic system is taking this simple, reliable concept and applying it to the whole economy.

In return, we get rid of the gigantic edifice of absurdity that defines capitalism. We completely eliminate:

  • Unemployment
  • Ridiculously low wages
  • Poverty
  • Slums
  • The gigantic concentration of wealth
  • Billionaires
  • Asset capture
  • Arbitrary pricing
  • Profit
  • Dividends
  • Advertising
  • Recessions
  • Depressions
  • Inflation

Imagine eliminating all of this perversity, and replacing it instead with a great society where everyone has a great standard of living.

This is what we can accomplish by switching to the new economic system described in this book. If you would like to learn more see:

The Absurdities of Capitalism

A New Economic System that works for the benefit of EVERYONE