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Topic: The Dirty Secret of Capitalism – And a New Way Forward: Nick Hanauer Summary: Rising inequality and growing political instability are the direct result of decades of bad economic theory, says entrepreneur Nick Hanauer. In a visionary talk, he dismantles the mantra that “greed is good” — an idea he describes as not only morally harmful, but also scientifically wrong — and lays out a new theory of economics powered by reciprocity and cooperation. The new economics suggests just five rules of thumb. First is that markets must be tended, but unconstrained by social norms or democratic regulation, markets inevitably create more problems than they solve. Second rule is that inclusion creates economic growth. Third principle is that the purpose of the corporation is to improve the welfare of all stakeholders: customers, workers, community and shareholders alike. Rule four: greed is not good. Lastly, the laws of economics are a choice. Reflection: What may be effective for the past years may not be as efficient now. Our world is continuously evolving in all aspect especially when it comes to trading. People creates millions of products and consumes almost the same volume every day. Our current system was made as a solution that they came up in 1944 to resolve the war issues and the great depression. But the circumstances have been different and a lot has changed since. Due to this, it may require a new system that will be more applicable for the current situation. The international regulators may do the best they can but it still won’t be enough. There will always be a country that will be treated unfairly and experience sufferings due to unfavorable regulations. It will stay like this because the system made it like this. This relates to what Haley Edwards was saying on her TedX Talk that we previously watched, about how we created the world we live in today, that we play by the rules that we, ourselves made and constituted. Basically, the fact that many of us are suffering is because we made them suffer. Hanauer’s answer to this concern, is a new economic system that will benefit those not included in the top 1% of the biggest earners around the globe. He said that this new economic system has been around for some time now, being studied and continuously developing by the students in the universities. The answer is always there and that we just have to choose it according to Hanauer. But changing what we were accustomed to eagerly is not easy and may not be a that good of a decision, in my opinion. A lot of factors should be considered before applying the new economic system and it will undergo a heap of processes and could take longer than expected. Choosing is only for the rich, it is only for those who have the ability to do so, while the rest must simply comply. But I don’t think that continuing the use of our current system will also be better. Hanauer’s talk made me rethink of the benefits that the current system, do for our economy. It is as he said, that it only makes the rich richer and the poor poorer. It has been proven over and over, that big government, big agencies, big regulations, go against prosperity. The new economic system that he is suggesting is like the concept of free market wherein prices are determined by unrestricted competition between privately owned businesses. I remember on my previous learning paper that this free market system is what I support and want for all countries to apply but there are barriers that isn’t quick to destroy. All those included in the top 1% must choose this and accept this new system so that all those under them will follow. But I know for a fact that

it is near to impossible for the wealthy people to choose a system that will undermine them. They need to realize that being able to make profit isn’t the ultimate goal but instead, it is to achieve equality and stability for everyone. Especially now that the economy seems to be put on a halt, because of the corona virus. Lockdowns and being quarantined was felt throughout the rest of the world because of this some people have already called last year to be the great reset. If only all those with power will come as one and think of those who are below them, then maybe, just maybe there’s still a chance. Platon, Jannelle M. BSA - III Link of the video: https://www.ted.com/talks/nick_hanauer_the_dirty_secret_of_capitalism_and_a_new_way_fo rward#t-222460...