Visualise this. A 27-story, two billion dollar mansion for a family of four, occupies 400,000 square feet of living space. In the same city, about 10 million slum dwellers on average, get around 260-300 square feet for a family of 5-6 each. That’s one thousandth of business mogul, Mukesh Ambani’s Antilia. Ironically, the city in question, is the country’s economic capital. This is merely the result of a capitalistic approach in growing our economy. A system in which trade is dominantly controlled by private ownerships and industries in power, profit will almost always, be of utmost priority. A perfect free market economy promises a dream life of sorts, it creates the illusion of utopia. Keyword: utopia.
Capitalism envisions a world of economic progress through employment, a booming growth in GDP, and a generally higher standard of living. It’s questionable, however, whether everyone is given the opportunity to procure such a life style. A sharp focus and aim to consistently and exponentially increase profits, will no doubt give fire to the already fuming rapacity in major businessmen/women. By manipulating the correct tools to work in their favour, they’re essentially creating an even bigger gap in the disparity of incomes across different classes. A regressive effect; causing the rich to get richer, and the less fortunate, to get poorer. We are well aware that reducing costs is a means of profit maximisation. In a competitive economy like such, reducing the quality of goods and services would only help businesses lose sight of their main goal; Profit. And so, workers are haggled, and efficiency is wrung out of them, for the least possible wages they can be offered. In other words, labor is exploited. The greed for wealth and materialism on the rise, in only those who can enjoy the benefits of it, initiates a loss of human morals and value.
Empathy, in its truest form, would influence the execution of a myriad of innovative practices, that if combined with the principles of capitalism, could generate the better world it initially guaranteed. It’s a skill that is imperative to any idea, thought, and action. Business magnates who lack empathy, will eventually burn out. If they are unable to identify the struggles of their customers, employees, and any other third party, they’ll be unable to run the business as efficiently as they can, And make living situations worse off for everyone else. If they only keep themselves, and earning Their money in mind, it’s understandable that they wouldn’t pay attention to the crisis that they’re creating. But that should not be the norm, and it shouldn’t be “understandable.” The wealthy have a social responsibility as citizens of this country, and as moral human beings, to enable equal opportunity and equitable distribution of income, at the least. The government can administrate as many schemes, regulations, policies and laws, but those with a self-centred and apathetical mindset, can, and will always find a way around it. There’s a reason they’re in and succeeding in the corporate world in the first place.
The “progressive” taxation system in India is a solid example. While it is true in terms of direct taxation, indirect taxes seem to be the bane. They are basically implemented and structured in a way that they can easily be shifted onto the consumer, and create an excess burden on them. That increase in price, especially on necessities would help producers gain even more money, without bearing the burden and the consumers spend a greater proportion of their income for things they don't and shouldn’t need to spend that much for. In a country in which the economy should be and is a priority, too much regulation and intervention from the government, would limit potential and achievable growth, which is why, those that run the private sector need to commit to their roles as conscious humans, as beautifully as they do to their jobs as entrepreneurs.
30 years ago, times were different, but they’re changing now. With a surge of education and discoveries and good, there also comes the hunger, the poverty, and the impending doom we’ve set for ourselves through global warming. If those that have the privilege of reaping the benefits of the last few tiny pots of gold left, how can they not feel the urgency to create more rainbows, with more pots of gold at the end, for everyone else to gain that privilege too? What good will the good do, if it isn’t used to transform the bad into good too?
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