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No Turning Back Now

In a nutshell: the last forty years (since Reagan) has been an exploration of the neo-conservative proposition that the only legitimate way to negotiate the distribution of power is the free market. It led initially to deregulation and then “trickle-down economics.” As the evidence mounted that those strategies were failing, the ideologues used their control of government to rig the system so that the subscribers to the ideology enjoyed financial success — a “tinkle-down” economics that undermined the operation of the free market.

What we are witnessing in 2020 is demonstration after demonstration that the profit motive, left unchecked, creates fragile systems that cannot survive disruption. To survive in this era, the public at large will move to make the economic elite irrelevant. That is evident in political exercises that insist “we will take care of those threatened by economic and political disenfranchisement.” Examples include the CARES and HEROES acts, lining up to vote during a pandemic, giving away food and drink to BLM protesters. The elite can attempt to pull the financial rug out from under these efforts, but what they will discover is that it is far easier to nationalize assets than it is to buy them. People without a stake in the system, looking into a future with no opportunity, will construct a parallel economy built around value, rather than profit.

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