There is no doubt that Capitalism is the most successful system of all time, however, it needs an upgrade.
We live in a time where technology and the economy are highly interconnected, although it just started, we already see the need of upgrading our system.
Technology is dramatically reducing the need of human labor in the economy in many business sectors, this is resulting to massive unemployment and makes it harder for small businesses and start ups to survive.
Old VS New Capitalism
Currently, people are economic inputs for a system that uses GDP and corporate profitability as its measurement of success, in an upgraded system, people are the centers of the economy, and human well-being indicators (health, education rates, engagement with one’s job) are measures of success.
Universal Basic Income
If we continue without giving our economy an upgrade, technology and automation will replace human labor soon, but with a universal basic income, technology will free us to to devote energy to things we value.
In the old Capitalism, healthcare is only available to those with the resources or a job that provides it, in the new Capitalism, every citizen have access and the right to quality healthcare.
As wealth is increasing, we have to make sure that we raise the standard of living, and that can be done by providing everyone access to healthcare.
Education was re-designed in the industrial age to produce effective laborers, since then, everything in society has changed, except the education system.
In an educational system upgraded in order to adopt to the current economic reality, education is designed to produce effective citizens and humans.
Instead of businesses consolidate and capital flows to fewer and fewer people, in a new Capitalism money is reinvested in individuals and communities to allow all economies to thrive from the ground up.
Despite the challenges coming from authoritarian regimes and dictators, the majority world is changing rapidly for the better, as liberty is spreading, and instead of being stuck in old mindsets, we can improve our societies by raising the living conditions and giving everyone more freedom.