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Jawaharlal Nehru India previous prime minister wrote in his book "Glimpse of the World History" about the financial crisis and its dynamics. He mentioned that during 1931-1933, the total amount of coffee destroyed in Brazil was 14 million bags; 132 pound each, the total amount was over 1.848.000.000 pounds which more than enough to provide coffee at a discounted price to the whole of the world population. The plantation owners rather destroy the coffee than sell it at a discounted price regardless of the Great Depression.
The coffee was one commodity among many others that destroyed in large quantities in order to keep the price high. We witness in our current time how retailers like Walmart destroy their excess food products with still valid expiry date instead of donating the items to charities or homeless shelters. The problem of Capitalism neither the distribution as Jawaharlal Nehru wrote in his book nor the production as others may think, but ethics and morals. The principles that Adam Smith established, (laissez-faire) and (The Invisible Hand) were misinterpreted and abused causing damage for the moral principles of a system supposed to secure a balanced world economy.
We can view many examples of how Capitalism was misused to create a world of misery and pain for 99% of the world population. First, the production of Ethanol-85 known as E85 is one striking example of ignorance and selfishness. The process of producing the E85 isn’t cost-effective, and the return is below zero, it will consume too much fossil fuel energy to produce one unit of the Ethanol-85. It occupies acres that needed desperately to feed the increasing world population. Second, Meat industry using large sectors of the agricultural land to grow corn and Soybean to feed the cattle and poultry. Moreover, to free up needed space, they destroy forests and natural habitats for many endangered animal species and plants. Third, the phenomenon of political money, funding election campaign by corporations, financial institutions and wealthy businessmen lead to a less transparent system designed to guarantee the interest of the few on the expense of the many, the wealthy pay less or no taxes while the poor pair most of the tax burden.
CBC(Canadian Broadcasting Corporation published headlines story about Tim’s Hortons franchise owner in the province of Ontario send a letter to employees containing termination of the paid work breaks among many other details. The letter signed by Ron Joyce Jr. and Jeri-Lynn Horton-Joyce, the son and daughter of the chain's co-founders, Ron Joyce and the late Tim Horton. The letter issued in response to the Ontario government decision to raise the minimum wages to $14.00 minimum wage on January 1, 2018, then $15.00 per hour on January 1, 2019. The franchise owner wealth estimated 1.4 billion Dollar only. Macdonald, a fast food franchise is planning to raise their prices in response to the 15 CAD minimum wage plans in Ontario province and even in some American states. What many didn't know is that15-17 cents rise in the price of double Mac, one of the most popular meals, or 30-cent rise in average for fast food restaurant visit will be enough to cover the rise in the minimum wage with increasing the price of the meals.
Many writers and intellectuals talked about the problem of Capitalism and the origin of the financial crisis, hundreds of thousands of articles in the newspapers, websites, interviews or T.V programs. However, none touches even the tip of the iceberg or provides a practical solution to deal with the mega-crises that hit the global economy more frequently with the passing time. The real answer for Capitalism problems could be found in practice more ethics and believe in self-consciousness to do the right thing at the right time.
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The coffee was one commodity among many others that destroyed in large quantities in order to keep the price high. We witness in our current time how retailers like Walmart destroy their excess food products with still valid expiry date instead of donating the items to charities or homeless shelters. The problem of Capitalism neither the distribution as Jawaharlal Nehru wrote in his book nor the production as others may think, but ethics and morals. The principles that Adam Smith established, (laissez-faire) and (The Invisible Hand) were misinterpreted and abused causing damage for the moral principles of a system supposed to secure a balanced world economy.
We can view many examples of how Capitalism was misused to create a world of misery and pain for 99% of the world population. First, the production of Ethanol-85 known as E85 is one striking example of ignorance and selfishness. The process of producing the E85 isn’t cost-effective, and the return is below zero, it will consume too much fossil fuel energy to produce one unit of the Ethanol-85. It occupies acres that needed desperately to feed the increasing world population. Second, Meat industry using large sectors of the agricultural land to grow corn and Soybean to feed the cattle and poultry. Moreover, to free up needed space, they destroy forests and natural habitats for many endangered animal species and plants. Third, the phenomenon of political money, funding election campaign by corporations, financial institutions and wealthy businessmen lead to a less transparent system designed to guarantee the interest of the few on the expense of the many, the wealthy pay less or no taxes while the poor pair most of the tax burden.
CBC(Canadian Broadcasting Corporation published headlines story about Tim’s Hortons franchise owner in the province of Ontario send a letter to employees containing termination of the paid work breaks among many other details. The letter signed by Ron Joyce Jr. and Jeri-Lynn Horton-Joyce, the son and daughter of the chain's co-founders, Ron Joyce and the late Tim Horton. The letter issued in response to the Ontario government decision to raise the minimum wages to $14.00 minimum wage on January 1, 2018, then $15.00 per hour on January 1, 2019. The franchise owner wealth estimated 1.4 billion Dollar only. Macdonald, a fast food franchise is planning to raise their prices in response to the 15 CAD minimum wage plans in Ontario province and even in some American states. What many didn't know is that15-17 cents rise in the price of double Mac, one of the most popular meals, or 30-cent rise in average for fast food restaurant visit will be enough to cover the rise in the minimum wage with increasing the price of the meals.
Many writers and intellectuals talked about the problem of Capitalism and the origin of the financial crisis, hundreds of thousands of articles in the newspapers, websites, interviews or T.V programs. However, none touches even the tip of the iceberg or provides a practical solution to deal with the mega-crises that hit the global economy more frequently with the passing time. The real answer for Capitalism problems could be found in practice more ethics and believe in self-consciousness to do the right thing at the right time.
End
