The end of capitalism?

Courtesy of Mr Curiosity

By David A Tizzard

Even the most cursory glance around South Korea today will show you a great chasm appearing, one exacerbated by the continuing effects of the pandemic.

The millionaires and billionaires become richer and richer while the self-employed, the laborers, those who deliver our goods, and those who cook our food face harder and harder times with little in the way of respite or relief. Newspapers gleefully report of the Korean stock market making great gains and huge conglomerates tabling record profits, yet those around us face uncertainty in their day-to-day lives.

The material conditions of life have never changed in South Korea as quickly as they have done during the past few decades with paddy fields giving way to iPhones and Porsches. Cities are now connected by 5G buses and trains with aircon and calming videos of puppy dogs.

The miracle on the Han River brought with it a liberal belief in the equality of opportunity; as ever, this then brought its own problems.

Those less gifted, less ruthless, and less lucky received no protection and then consequently became the exploited and the abused. We applaud the success stories in life and those who struggle against adversity, but for every one of those successes achieved through hard work there are just as many that are the result of nepotism or greed.

The 'paradox of freedom' is thus here revealed. Unlimited freedom means that the economically strong may bully those who are economically weak and rob them of their freedom.

Unrestrained capitalism results in situations where more and more are less and less free to live their lives in a way that we might reasonably find humane and worthy of dignity.

Unlimited economic freedom creates unaffordable housing, inhumane working conditions, and zero-hour contracts. It creates the deaths of courier drivers and people freezing to death in greenhouses. It can force people into 'freely' accepting such terms of servitude without the need for physical violence.

Can a young family find a reasonably sized house in the city? Can a career woman find suitable accommodation in a well-lit and safe area? Can the elderly afford to remain in the neighborhood they know so well rather than selling up? Can the owners of cafes, shops, studios, and bars stay where they are without landlords constantly ratcheting up the price? The answer to these questions is becoming clearer.

There is no reason to believe that of every social system that has ever existed, capitalism will be the one that lasts forever. More likely is that, like everyone before it, it will eventually give birth to the forces that come to signal its demise and ultimate transformation.

There is no denying the many wonders that capitalism has achieved up to this point, but aren't we now seeing that what we were once told was impossible is now actually possible? Governments around the world are handing out billions in bailouts and funding where previously they spoke of spending cuts and increased taxes. Even here in South Korea, citizens and families have suddenly been receiving payouts from the government to assist with living. The very story of capitalism is changing before our eyes.

But it is not economic freedom that people require; it is 'material' freedom. Freedom from drudgery and worsening working conditions. Freedom from the situation that sees a growing number of workers forced to serve in order to satiate other's shopping habits.

How can we obtain material freedom? It will certainly not be brought by a small Georgian with a moustache. The weight of history bears this out.

Democracy remains paramount, for democracy allows people to judge and dismiss their governments. Despite its many flaws, this seems one of the few means available to people to protect themselves from despots intent on staying in power for life―something all too easily seen in the countries that neighbor South Korea.

Democracy is the one way in which the ruled can dictate terms to the rulers. It prevents the monopoly of political power.

But what comes next?

Large-scale social planning does not work. That much is evident. We cannot create a theoretical utopia, classless or otherwise. What we do require, however, is piecemeal change. The type of change that can be observed and remedied as needed.

Such change should not be in the hands of individuals with grandiose plans for it appears that those people are, unsurprisingly, not always as noble and benevolent as they seem.

Too many politicians promise stability. They conjure up images of a return to a glorious past. They chant transparent election pledges that conveniently become forgotten once power is granted.

It's fine for some people to enjoy a life of cafes, restaurants, hotels, cars, hobbies, and art. But for everyone else is it really the case that working from 8am to 6pm to then return to your parents' home and stress about the car you can't afford, the marriage you don't want, and the iPhone with no headphone jack is the best we can manage?

We don't need to get all Marxist on each other. But it would at least seem appropriate to devise a way in which we can increase the material freedom of citizens rather than simply hiding behind platitudes of economic freedom.

And why not seriously talk about a better 'now' and a better 'tomorrow'? One in which the changes are enacted democratically.

If someone wanted to run on such a platform, maybe in a democracy the people might vote for them. Maybe.

Dr. David A Tizzard (datizzard@swu.ac.kr) has a Ph.D. in Korean Studies. He is a social/cultural commentator and musician who has lived in Korea for nearly two decades. The views expressed in the article are the author's own and do not reflect the editorial direction of The Korea Times.