DeepSummary
The episode features an interview with Marjorie Kelly, author of the book 'Wealth Supremacy' and a Senior Fellow at the Democracy Collaborative. Kelly discusses how the current extractive capitalist system is driven by an inherent bias towards maximizing wealth for a select few, at the expense of communities, workers, and the environment. She argues that this 'capital bias' is a root cause of many crises, including climate change, economic inequality, and the erosion of democracy.
Kelly explains that the myths and rules underpinning the system, such as the notion that maximizing shareholder value is the supreme obligation, have become deeply entrenched and accepted as legitimate. However, she believes that challenging and delegitimizing these biased myths can lead to systemic change. She cites examples of alternative models like worker-owned cooperatives, community wealth building, and public ownership of essential resources, which prioritize broader public good over profit maximization.
The conversation explores solutions and strategies for transitioning towards a 'democratic economy' designed to serve the interests of all members of society and the planet. Kelly emphasizes the importance of shifting cultural narratives, ownership models, and legal structures to facilitate this transformation. Overall, the episode presents a thought-provoking critique of extractive capitalism and offers potential pathways towards a more equitable and sustainable economic system.
Key Episodes Takeaways
- The current extractive capitalist system is driven by an inherent 'capital bias' that prioritizes wealth accumulation for a few over the well-being of communities, workers, and the environment.
- This capital bias is a root cause of many crises, including climate change, economic inequality, and the erosion of democracy.
- Challenging and delegitimizing the myths and rules that underpin this biased system, such as the supremacy of shareholder value, can pave the way for systemic change.
- Alternative models like worker-owned cooperatives, community wealth building, and public ownership of essential resources prioritize broader public good over profit maximization.
- Transitioning towards a 'democratic economy' designed to serve the interests of all members of society and the planet requires shifting cultural narratives, ownership models, and legal structures.
- While the feasibility of achieving systemic change quickly enough to address pressing crises like climate change remains a challenge, alternative economic models are seen as superior and necessary.
- Empowering communities and workers through ownership and control of assets and resources is a key strategy advocated by Kelly for creating a more equitable and sustainable economic system.
- Challenging the legitimacy of the current system and presenting viable alternatives is crucial for building momentum towards transformative change.
Top Episodes Quotes
- “If it impacts capital, it matters. If it destroys the earth, if it damages community or harms worker, it's not material unless it impacts capital.“ by Marjorie Kelly
- “We need to own and control things and not have big capital owning control at all.“ by Marjorie Kelly
- “If the criterion of success is something besides a rising share price in the hands of the few?“ by Marjorie Kelly
- “When we see that, then maybe we would go for something like Elizabeth Warren has floated legislation saying any company over a billion dollars needs a new federal charter with an obligation legally to serve the public good, and 40% of board seats reserved for workers. Now, that'd be a very different kind of company.“ by Marjorie Kelly
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Episode Information
The Climate Pod
The Climate Pod
10/4/23
The perpetual extraction by those striving for limitless wealth has set our planet on a trajectory that could make living here impossible for billions of humans by the end of this century. Marjorie Kelly, founder of Business Ethics Magazine and currently a Senior Fellow at the Democracy Collaborative, argues that in order to overcome the capital bias that has been so destructive to our society, we must first identify the root cause, delegitimize the myths upon which extractive capitalism relies upon today, and start laying the groundwork for real transformative change. She joins The Climate Pod this week to talk about her new book, "Wealth Supremacy: How the Extractive Economy and the Biased Rules of Capitalism Drive Today's Crises", and to offer solutions, some of which are already having great impacts around the world today.
Learn more about The Democracy Collaborative
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