2 Matching Annotations
- Jan 2024
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docdrop.org docdrop.org
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Which is exactly what you do in the book. And what did you find? - So what I do, I take apart the operating system of capitalism, which is, and I look at seven myths, really that drive it.
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for: book - wealth supremacy - 7 myths, 7 myths of Capitalism, capital bias, definition - capital bias
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DESCRIPTION: 7 MYTHS of CAPITALISM
- The Myth of Maximization
- example of absurdity of maximization
- Bill Gates had $10 billion. Then he invested it and got $300 billion. There's no limit to how much wealth an individual can accumulate. It is absurd.
- example of absurdity of maximization
- Myth of the Income Statement
- Gains to capital called profit is always to be increased and
- Gains of labor is called an expense, is always to be decreased
- Myth of Materiality (also called capital bias)
- definition: capital bias
- If something impacts capital, it matters
- If something impacts society or ecology, it doesn't matter
- With the capital bias, only accumulating more capital matters. NOTHING ELSE MATTERS. This is how most accountants and CFO's view the world.
- The Myth of Maximization
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quote: Laura Flanders
- The capital is what matters. We're aiming for more capital and nothing else really matters. That's the operating system of the economy. So the real world is immaterial to this world of wealth as held in stocks and shares and financial instruments.
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Are there things that happened that allowed those investors to keep so much of this money just for themselves rather than to reinvest it back in? 00:07:33 - This is where I bring in the concept of wealth supremacy because the whole system is designed to maximize financial income for those who have financial wealth, which is the wealthy, also institutional investors.
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for: definition - wealth supremacy
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definition: wealth supremacy
- is the condition of an economic system that is purposely designed so that those already in possession of a great deal of wealth can at the minimum maintain their share, but more proactively to grow it
- by definition, wealth supremacy is designed to maintain inequality
- since carbon inequality tracks wealth inequality, this system is designed to maintain climate injustice
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