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So, market capitalism is an evolutionary system in which prosperity emerges through a positive feedback loop between increasing amounts of innovation… - Nick Hanauer
" "So, market capitalism is an evolutionary system in which prosperity emerges through a positive feedback loop between increasing amounts of innovation and increasing amounts of consumer demand. Innovation is the process by which we solve human problems, consumer demand is the mechanism through which the market selects for useful innovations, and as we solve more problems, we become more prosperous. But as we become more prosperous, our problems and solutions become more complex, and this increasing technical complexity requires ever higher levels of social and economic cooperation in order to produce the more highly specialized products that define a modern economy. Now, the old economics is correct, of course, that competition plays a crucial role in how markets work, but what it fails to see is that it is largely a competition between highly cooperative groups -- competition between firms, competition between networks of firms, competition between nations -- and anyone who has ever run a successful business knows that building a cooperative team by including the talents of everyone is almost always a better strategy than just a bunch of selfish jerks.
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About Nick Hanauer
Nick Hanauer (born 1959) is an American entrepreneur
Also Known As
Alternative Names:
Nicolas Joseph Hanauer
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Additional quotes by Nick Hanauer
So how do we leave neoliberalism behind and build a more sustainable, more prosperous and more equitable society? The new economics suggests just five rules of thumb.
First is that successful economies are not jungles, they're gardens, which is to say that markets, like gardens, must be tended, that the market is the greatest social technology ever invented for solving human problems, but unconstrained by social norms or democratic regulation, markets inevitably create more problems than they solve. Climate change, the great financial crisis of 2008 are two easy examples.
You get that a lot. "If you care so much about taxes, why don't you pay more, and if you care so much about wages, why don't you pay more?" And I could do that. The problem is, it doesn't make that much difference, and I have discovered a strategy that works literally a hundred thousand times better...which is to use my money to build narratives and to pass laws that will require all the other rich people to pay taxes and pay their workers better. And so, for example, the 15-dollar minimum wage that we cooked up [in Seattle) has now affected 30 million workers. So that works better.
I am a capitalist, and after a 30-year career in capitalism...I'm not just in the top one percent, I'm in the top .01 percent of all earners. Today, I have come to share the secrets of our success, because rich capitalists like me have never been richer.... here's the dirty secret. There was a time in which the economics profession worked in the public interest, but in the neoliberal era, today, they work only for big corporations and billionaires... over the last 30 years, in the USA alone, the top one percent has grown 21 trillion dollars richer while the bottom 50 percent have grown 900 billion dollars poorer, a pattern of widening inequality that has largely repeated itself across the world. And yet, as middle class families struggle to get by on wages that have not budged in about 40 years, neoliberal economists continue to warn that the only reasonable response to the painful dislocations of austerity and globalization is even more austerity and globalization.
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