We cannot continue to have unfettered capitalism that promotes growth of stocks and shares above all else. Doing so just inhibits the wellbeing of both the environment and the world’s population. The current over-arching ‘market knows best’ philosophy has created a society based around the idea that the more we consume the more advanced we are.
Imagine a world in which companies realised they don’t have to keep growing to always produce increased profits for the pension-funds by increasing productivity. This eventually requires getting rid of some of their workers to make the business look leaner and more effective. What if, instead, the board of directors decided to invest the money that would have gone to the shareholders into the workers? This could be by means of a bonus, an pay increase, enhanced pensions, training, investment in equipment, extra holiday, more flexible working patterns, better benefits – health insurance, dental insurance, occupational health, gym membership.
What’s might happen?
The workers spend their extra bonus/salary – good, it goes into the economy, supporting other businesses and improving productivity.
Their increased pension contributions are invested into more stocks and shares helping other companies grow and improving productivity.
The training and new equipment improves their ability to do their jobs, so improving productivity.
An extra day’s holiday and flexible working means they can spend more time with family and/or their friends/local community so improving their work/life balance making them feel more contented, which then means when they get to work they’re more motivated, so improving productivity.
The better benefits impact the workers health so they take less sick days, whether from bad backs, stress or other illnesses associated with an unhealthy lifestyle, so improving productivity.
Is that such a bad outcome?
I do not have a problem with ‘old-fashioned’ socialism (as the right-wing press likes to call it) if it has the needs of the environment at its core.