In Isaac Asimov Me, robotWe encounter a profound moral framework: the three laws of robotics. These laws ensure that robots protect humans and obey orders while maintaining themselves. They represent an excellent moral compass designed to prevent harm and maximize goodness. But what if we apply a similar moral framework to an economic system? What if we ask capitalism (such as Asimov’s robot) to be programmed to serve humans rather than exploit it?
Recalibrate our ethical compass with wide eyes
Philosopher John Rawls proposed a provocative thought experiment called “The Veil of Ignorance“This can help us better understand the moral issues of Asimov’s provocativeness. Imagine leaving the world temporarily and returning only without knowing your social position. You might return as a business executive or a minimum wage worker, as a man or woman, white or black. What kind of economic system would you design behind this veil of unknowns?
Do you not advocate labor protection at least with the commercial interests advocated in Powell’s memorandum? Would you reject modern American capitalism, which makes the wealthy company Titans hugely rich and the remaining giants?
These issues are the core of our national character. They show that selfishness and tribal preference psychology is deeper than the cold calculations in economics. Just like Asimov in the novel BaseHe understands that human psychology ultimately determines historical outcomes, and we must realize that our psychological framework affects our economic reality more powerfully than any market force, especially our addiction to zero-sum zero-thinking.
Get rid of the dilemma of zero-sum thinking
Zero-sum mentality, or believe that your gains must come at my expense, poison the well of American capitalism. It has turned Adam Smith’s capitalist moral vision into a weird comic that Smith himself barely recognizes. Smith never advocates unrestricted market and moral considerations. His vision includes high ethical standards, gradual taxation, proper regulation and government as a thriving partner rather than a defeated enemy.
Even Milton Friedman is often portrayed as the supreme prophet of shareholders, believing that companies should treat workers and communities well. He advocates universal basic income to care for those who cannot fully participate in capitalism or remain behind by the creative destruction of capitalism. These nuances have been removed from our economic discourse, those who benefit from our economic discourse.
The evidence is overwhelming: mining, exclusive economic institutions inevitably lead to a national decline. Daron Acemoglu and James Robinson’s landmark book, Why the country fails? Ultimately, society thrives when it creates inclusive economic institutions that widely disperse opportunities. The state stagnates when the small elites occupy economic and political power and extract wealth instead of creating it. Employee disconnection caused by extractive corporate culture leads to an estimated U.S. business $483 to $605 billion each year. This represents a potential market capitalization of nearly $13 trillion – if businesses adopt inclusive practices, they can be created. The cost of exclusion is not only moral; it is economically disastrous.
Shared prosperity, opportunities are real, and our economic institutions reflect our highest value rather than our most basic instincts, are not out of reach. But this requires us to reject zero-sum thinking and embrace a positive mindset, we recognize that when all of us win we all win.
Imagine a company that treats workers as investments rather than costs, which broadly distribute ownership through stock options or employee stock ownership plans, measuring success not only through quarterly profits but also through contributions to the well-being of the community. Imagine investors who demand competitive returns and positive social impacts recognize that these goals are complementary, not contradictory. Imagine that government is a strategic partner for inclusive prosperity, investing in common growth, while ensuring that the market serves many rather than few.
This is not a utopian fantasy. It represents the best tradition of American pragmatism – building something that works, throwing away what doesn’t do and constantly expanding the circle of opportunity. As Martin Wolf wrote The crisis of democratic capitalism“The world in the mid-twentieth century is both good and bad, and is gone forever. We need to build better’.”
Bend the arc of economy to fairness
The arc of the moral universe is long, but it bends toward justice. I believe that if we have the courage to reshape it, the arc of our economic universe can bend toward fairness. This will not be achieved by passive hope or by waiting for the elite to voluntarily surrender their advantage. It calls for positive, determined citizens to work to change our economic institutions. “Fair opportunity” does not mean an equal outcome. The results depend on energy, effort, durability, relationships and luck.
Investors, business leaders, policy makers and citizens: A moral revolution that joins economic thinking. Ask for proof of excluding reasonable zero-sum myths. Requiring transparency around the impact of business decisions. Support companies and policies that expand opportunities rather than limit them. Put your time, talent and resources into the fair economy we need.
Someone once said, “If you think the pursuit of equality is impossible, or the economic problems we face are fundamentally unsolvable, then you won’t read so far.” If we have the courage to face them honestly and resolve their root causes, we can solve these problems. Let us move forward, understanding is behind the veil of ignorance, that we all choose a system that protects the most vulnerable, that can be widely allocated opportunities and measured success by its way of serving all citizens, not just the privilege of a few. Let us build an economy worthy of our highest aspirations – a value that embodies our deepest values of justice, opportunity and common prosperity.
It is always right to do the right thing. Today, now, we must be committed to bringing the arc of the economy fair. Our future as a country depends on it.
