2011: The Moral Economy
You know when people say, “The more things change, the more they stay the same”. There is some truth in that, but I much prefer Andy Warhol’s “They always say time changes things, but you actually have to change them yourself”. 2011 is about change. 2010 was a year of thinking, recalibrating, reflection, regrouping, and a return to balance of heart, mind and wallets. After the “economic crisis” kicked people in the ass, people started to reconsider their values, what the future meant to them and who they trusted to help them build a future. We were operating in a system we believed was unflawed. Work, save money, live and at the end of the day our nest egg will grow and maybe that boat we’ve lusted after for years will be ours. Oh, wait a second, most of the people managing the world’s finances took too many risks and didn’t really think long term. Oh, they were just thinking about immediate profits and how to “flex” the system enough to make fast cash. They were living in a silo of their own greed and arrogance. A silo that opened up and swallowed the world whole for years. There was no morality left in the act of making money. People lost their souls and it’s taken years to get them back.
I was curious about the EXACT seed planted that set everything in motion. I poured over articles, news segments and government reports. Of all the articles I’ve read on the crisis, this excerpt by Jill Drew from the Washington Post from Tuesday, December 16th, 2008 explains one major seed of the problem well.
“Wall Street firms thought they had a surefire way to profit from the booming real estate market without much risk to their companies. They engaged in a kind of financial alchemy, creating a trillion-dollar chain of securities on the back of subprime mortgages and other loans, which were sold to investors in private offerings that no government regulator scrutinized.
With these deals, known as collateralized debt obligations, the world glimpsed the raw power of unchecked financial markets operating full-throttle to the point of self-destruction. The cascading losses on CDO bonds have undermined the solvency of several large banks and obliterated the trust that is the bedrock of all functioning markets. The debacle also has called into question the competence of Wall Street, the independence of bond-rating firms, the prudence of insurers and the foresight of regulators”.
Fortunately, I didn’t have any money to invest when all this was taking place and was no worse off than before it happened. Unfortunately, millions of other people were and lost their shirts, shoes, hats and anything not physically attached to their bodies. People trusted the men and women of the financial world to respect the laws of their business and make morally just decisions that were in their best interest. They didn’t.
Years later, there is a new Government in place in the US, the job market is starting to stabilize and half of Europe is broke. So money doesn’t rule all. Money is important and provides a means for food, shelter, entertainment, etc, but I think the emotions and connectivity that goes along with the things money is supposed to buy has become more important.
So why have I gone over all this. Context. Context. Context. Context as to why we are now at the prime stage for real action. Our actions as collective society will affect change for the good and our future. People have spent 2010 talking about what we should be doing. They have blogged and Skyped and texted and in some cases, justified some really bad art in the name of asking questions about the current state of society. After all the bitching and Kvetching it’s time to do something. Let’s establish some facts before making a hard plan; We need money, We love the planet, We thrive on growth, The worlds population will continue to rise, Globalization is here FOREVER, People like shiny things and we are the makers of our own destiny. With that information I will set my intention for the New Year.
My intention for 2011 and onwards is to live within a new moral economy. Define the moral Economy you say. But of course!
“ Moral economy, in one interpretation, is an economy that is based on goodness, fairness, and justice”.
Most people have been conditioned to accept the operation of the market driven economy as an independent function we don’t have control over. “Unlimited growth and wealth accumulation are seen as the "natural law" of the economy and nothing can be done to alter this fact -- even if it means the integrity of Earth's ecological and social systems are severely damaged in the process. We are faced with a choice: bring the economy into right relationship with the planet and its inhabitants, or suffer the consequences We must now bring our economy, our ethics, and our environment into alignment to achieve the new definition of a Moral Economy for generations to come.
In closing, I like money. I like buying overpriced chocolate. I like traveling and going on adventures. I also like the idea of making purchasing choices that have a positive affect on not just myself, but society and our planet. I think we are at the perfect point in life where people, planet and economy can marry to create a true balance for our hearts, minds and wallets.
How to apply the moral economy in your life:
- When investing, ask your bank to inform you about “Ethical Funds”
- When purchasing ANYTHING, ask the retailer or manufacturer about things that matter to you such as; is this recyclable? Is this a fair trade product? Does it come from renewable or sustainable resources?
- In your day-to-day work life ask yourself; Does what I do add value to society. Do you make a difference? It could be making the best Croissant in the world or helping third world country refugees get acclimatized to North American Culture. Whatever your daily work is, ensure it has purpose to you. This positive energy coming from your work will be infectious.
- Give back. From youth shelters to arts camps, find a cause close to your heart. You could teach a quiet kid how to negotiate or an special needs adult how to paint.