The Ledger of Annabella O’Neil

‘The need for a bank is both obvious and paramount. For the time being, one bank with a single branch suffices. What we need to discuss is whether we should provide loans and credit cards, or just cash cards are enough. We must try to avoid the uncontrolled capitalism that caused economic and financial havoc during the twentieth and twenty first century.’ Dr Saar commented. ‘Are you now telling us that we should have an alternative system to capitalism?’ Dr. Naderi asked. ‘Most certainly. Capitalism is a form of religion, a religion that worships a very profound and compelling god. This formidable god is money. The disciples of this new god believe in him with such fervor that they are willing to sacrifice their morality, ethics, consciousness and even the future of their children. They have taken over every race and religion, white, black and Orientals. Christian, Muslim, Jews and Buddhist. Their aim is to become one of the selected few, one of the high priests whose wealth will enable them to buy anything they desire, fame, comfort and power. There is an inherent and fundamental defect in our capitalism and system of economic ideology, regardless of our faith or beliefs. With very few exceptions, throughout the human history, almost every individual has been focusing his entire energy to maximize his social status by increasing his wealth within the society. During the last three centuries, this unrestrained lust for money reached its pinnacle. Material wealth became the sole yardstick in measuring respect, social standing and prestige in our previous society. In city states, countries and empires, the same principle has been applied. Expanding one’s territory meant more land, more people, more levies, more wealth, more armies. With the advent of industrial revolution, the same principle, yet more pure and refined emerged. Appearance of multinational industrial corporations whose sole objective was to increase profits, regardless of how it was obtained. The history of industrialization on earth is the story of slavery, pollution, misuse of resources, maltreatment of native population and destruction of our environment. This is where the defect lies, each individual, community, company, state and country were in a quest to maximize short term profits, whatever the means and regardless of long-term effects. In economic terms this state of affair is contained in what has become known as The Nash Equilibrium. When each entity, whether individuals, corporations, states or empires only think of maximizing their own profits, then the society as a whole suffers, or rather does not attain its true potential. The ultimate outcome of this defective ideology was destruction of environment, depletion of our scared natural resources and creation of a society where only few super rich and masses of poor were left. This was the basic reason for the disintegration of our world. Mass migration from poor undeveloped countries to more developed countries tipped the world’s balance. The natives of poor countries whose mineral wealth was plundered by corporations to enrich their owners rebelled, demanding a share of the wealth. Their mass migration caused havoc in the industrial countries. We must, from this very humble beginning think of our society as one that is purely secular. Capitalism is a very dangerous religion without morality, ethics or scruples, which unfortunately is in harmony with natural human impulses. That is why our fragile community must be guided most diligently. We can summarize the commandments of Capitalism as follows: 1-Thou shall worship money, and no other gods 2-Wealth is thy only gauge or yardstick by which success is measured. 3-Thou shall gather wealth and become rich by any means. 4-The goal is paramount, any means to reach it is accepted, provided you don’t get caught. 5-Over production, consumption and wastage of our limited mineral wealth is allowed, what is known as consumerism. 6-Destructive competition (labor, capital and resources), instead of co-operation to maximize overall wealth. 7-Creation of an ever- increasing class gap between the super- rich and poor. Disappearance of middle class. Now ladies and gentlemen, I love to hear your comments and suggestions.’ Dr. Saar said and sat down. ‘Although I do agree with most of what you said, but I still believe capitalism, if controlled, is the best form of economic policy. The other known alternative is socialism by which we penalize the successful to subsidize the unsuccessful.’ Professor Gonzales remarked. ‘But how can we control capitalism?’ General Fergusson asked. ‘That is the million Dollar question.’ Dr. Saar said with a smile. ‘I too believe that the principal essence of capitalism, namely healthy competition for the improvement or betterment of individual life, is one of the fundamental instincts for us humans. It is the dishonest, corrupt competition that must be avoided, and unfortunately that too is a basic instinct of human beings.’ Professor Gonzales said. ‘So, what is the solution? Capitalism is bad, but it is also good.’ Professor Montera said with a smile. ‘Capitalism is beginning to sound like a woman, you can’t live with them, you can’t live without them.’ Dr. Saar said with a smile, and the continued, ‘Having spoken against capitalism as a religion, to be fair I must add a few points that effects the way in which capitalism operates, but is not directly part of a capitalist system. To begin with, history has shown that based on culture, capitalism can be a positive and growth-oriented system without the negative greed element. As an example, Japan during the second half of twentieth century adopted a liberal economic policy on par with United States of America. But because of Japanese culture, work ethics and loyalty to organization, it never exhibited the unrestrained and destructive craving for amassing wealth that became prevalent in the United States during the same era. Secondly, some of the problem with capitalism lies in political ideology that promotes free economic activity, namely Liberal Democracy. Liberal democracies have no high goals for individuals. No way of life is superior or preferable to another, the system only ensures and protects whatever the individual choses, whether it is to attain high public office or a mean and selfish life of carnal pleasure. In the absence of positive higher goals, the vacuum is filled with open ended pursuit of wealth. In relatively new societies that tradition, history and culture do not yet play a decisive role, this rampant craving for wealth will lead only to an unbalanced economic and social order. In liberal democracies men have perfect rights but no perfect duties to their community. Communities exist only to protect those rights, and nothing else.'