Marjorie Kelly tells Truthout a democratic economy is the antidote to ‘wealth supremacy’
Adapted from pch.vector via Freepik
The extraction of wealth is a pathology of late capitalism and is defined by the cultural and political processes by which the rich establish themselves as the dominant class. The Democracy Collaborative's distinguished senior fellow and author Marjorie Kelly labels this phenomenon “wealth supremacy,” which is also the title of her latest book. But as she points out in this exclusive interview for Truthout, wealth supremacy, which has institutionalized greed, defines a system that is not only biased but rigged against the great bulk of the population and thus detrimental to the economy, the citizens and the planet. She argues, in turn, that a movement to build a democratic economy is our only way out.
Key quotes from her interview with C.J. Polychroniou:
"We can’t fix a problem that we can’t name. We point to ‘corporate power,’ ‘inequality’ and ‘greed’ as the problem. But these don’t get to the root of the system’s dysfunction. I call it wealth supremacy — the bias that institutionalizes infinite extraction of wealth for the wealthy, even as it means stagnation or losses for the rest of us. Personal greed is certainly operating. But the system problem is how greed is mandated, rewarded, normalized and institutionalized in the practices and institutions of the system."
"The real problem is excess wealth — like the eight billionaires who own half the world’s wealth. But the culture of our economy in general supports, in fact mandates, maximum wealth extraction. When investors look at their/our portfolio returns, we step into the dreamworld of wealth, the fiction that financial gains somehow fall from the sky, pristine and unblemished. The system is so focused on benefit to wealth that it ignores the impact on others. Wealth has an underside we rarely talk about."
"What helped remake U.S. politics was financialization. This led to runaway inequality — creating the expanding pool of the disaffected working class — while also creating the wealth that shifted policy toward corporations and the rich. The post-1980 neoliberal era marked the rise of the plutocracy — what [Sen. Sheldon] Whitehouse calls “the unseen ruling class.” Destroying democracy is part of its game plan to keep the wealth extraction machine going."
"So now we’re talking about system change. Not regulating capitalism, but shifting to a next system, where capital is no longer at the center. It starts by recognizing that ownership and control of our political economy by a wealthy elite is the core problem. Then the solution becomes clear. We need to preserve political democracy and bring its spirit into the economy itself — creating a democratic economy, where wealth and power are held broadly, where economic institutions and practices are designed to allow all of us to prosper on a flourishing Earth."
