Jungle Economics
I began reading The Wealth of Nations by Adam Smith. Twice. As the classic economic theory that probably laid the foundations of capitalism as we know it today, it remains one of the most influential books on economics. However, I couldn’t bring myself to go beyond the first chapter. Not because it isn’t well written or because Adam’s arguments aren’t sound. I’m sure it would make interesting reading if I could convince myself to go through it. But I can’t.
I keep wondering and asking myself whether I really need to read such a thick volume on economics when it’s obvious to any modern observer how the market operates. I think most of us over the past decade or two have been given, quite unwillingly, a practical lesson in economics and market forces. And the results do not look good.
But my question is this? Are we so helpless before market forces that we allow ourselves to be shaped by them? Aren’t we the species that modified deserts into grasslands, climbed mountains, dived into the deep ocean, landed on the moon, harvested the energy of the earth to power our lives, and diverted rivers to create reservoirs to suit our needs? All these ideas were thought of initially by someone in the process of trying to make life a little easier and less harsh for ourselves and those around us. So why do we let the market dictate how we live then? Why are we so helpless in the face of economics? Does the law of the jungle serve a species that has moved out of it?
We’re certainly not angels, as selfishness still governs a significant part of our behavior. But I also see the harshness of it all, and that part of me that is human wants to stop and break free from this mess. Could it be that the market itself breeds this behavior in us all? Is market efficiency the sole criterion of whether a system is functioning properly? Or is the fact that some of us must beg for food or trade our time for our freedom, only to be able to buy it back in some measure, tell us that it’s not?
Why can we not, like everything else we do, shape the market to suit our needs as well, to serve the needs of all? I’m not referring to market manipulation, whether by governments or unseen forces. We all know how that’s working out. I’m talking about something much easier. A more humanistic, caring element needs to be added to our economics. That little element that will not force us to have to sell our freedom for money so that we can buy back our time again. Yes, my head is spinning just writing that, but we live in this reality every day. And if you think I’m speaking in favor of the poor and desperate, I’d invite you to think again. We’re all slaves of the economy. The rich and powerful, too. Slaves to a system that has taken on a life of its own. Only because we have given it that power.
I confess, I have held back my hands more times than I care to remember to a man on the street reaching out for alms or a bite to eat. Many more times than I have reached out to help. That’s because I’m a man conditioned by the market too. Afraid that the market will diminish my returns. Or punish me for my generosity. I wonder where this fear originates from. I also realize it’s not natural. This is what an efficient system does. It turns us against ourselves. Against our humanity. It makes us afraid to reach out. Nature is efficient, no doubt. And effectively, we are a part of nature too; however, nature has given us the power and the wisdom to make things better for our species. And we have. Maybe she’s waiting for us to apply it to economics.
I have no answer to this quandary. I do know that an improvement is in order now. An upgrade to a system that drives us rather than puts us in the driver’s seat. For many centuries, man looked up at the skies to the birds and wished he could fly. Today, we have machines that can fly higher and faster than any bird ever has. Maybe it’s time now for a system that, instead of binding us, will set us all free. Not just to pursue our ambitions, but also to allow us to serve each other as well