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Capitalism 3.0 Ch. 4: The Limits of Privatization

Capitalism 3.0 Ch. 4: The Limits of Privatization. January 2008 Susan Skalka. Slave to the Algorithm of Capitalism 3.0 . 1. Maximize return to capital 2. Distribute property on a per share basis 3. The price of nature = 0 Starting Condition: Top 5% own more ppty shares

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Capitalism 3.0 Ch. 4: The Limits of Privatization

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  1. Capitalism 3.0 Ch. 4: The Limits of Privatization January 2008 Susan Skalka

  2. Slave to the Algorithm of Capitalism 3.0 • 1. Maximize return to capital • 2. Distribute property on a per share basis • 3. The price of nature = 0 • Starting Condition: Top 5% own more ppty shares than the remaining 95%

  3. What about… • Socially Responsible Corporations • Enlightened Managers? • Socially Responsible Shareholders? • Mandatory Responsibility? • While nice thoughts, none of these would really work, Barnes argues, since we are still slave to the algorithm under each of these.

  4. An Alternative… • Change price of nature to > 0  Managers immediately try to cut what now costs money, polluting, being wasteful, etc. • Free Market Environmentalism: • Assign private ppty rights, e.g. right not to be polluted • No rationale for assigning these rights • Giving rights for free to corporations is not good, is like giving out free leases to a building that go on forever and allow corp to earn rent. • A bunch of individuals aren’t well organized to fight corps.

  5. A Better Alternative… • ‘Propertize’ but don’t Privatize • Turn pieces of the Commons into common ppty, not corporate ppty.  Allows us to charge corporations higher price for using commons  Allows us share benefits of higher prices broadly  Allows us to ensure quantity of usage rights sold is set with interest of future generations in mind.

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