Redesigning The Economy In Spite Of Class Immobility

Redesigning The Economy In Spite Of Class Immobility

The economic structure in a capitalist society encourages class mobility. In other words, the idea of the American dream suggests that anyone can go from rags to riches as long as they work hard enough. The idea of class consciousness, which outlined the difference of status between the assembly line worker and the owner of the factory, was the assurance that it was possible to climb the corporate ladder and get to the top no matter where you started. Over the past 60 years, the economy has been redesigned and the conclusion is a concentration of wealth and power among the top 1%. How did this happen?

Financialization of the economy; the idea of making money by moving money in complicated ways that cannot be defined or explained by the public. In the 1950’s the US economy was mainly based on manufacturing. Financial institutions ie. banks were created for the purpose of holding onto assets and providing small returns, loaning money to those wanting to expand their business or pay employees during off-season shortfalls. It was about stimulating the consumption not exploiting the consumer. in the 1970’s financial institutions are regulated and their purpose is redirected towards personal profit. Lending criteria demands higher qualified consumers, riskier investments are declined, and money is manipulated for personal gain.

Shortly after comes the offshoring of production, in which labor is outsourced to cheaper parts of the world in order to capitalize gains. As a result, jobs are cut, people in third world countries are exploited and manual workers all over the world are pitted against each other in desperation for job security. In addition, compensation is designed to create insecurity. Workers are less likely to demand fair pay, raises, or rally for unions when they know how easily they can be replaced. The wealthy remain protected by their position at the top of the corporate chain. The top 1% have total control, and continue to make decisions based on the interest of their sectors survival and prosperity.

How can we regain class mobility and ensure that the top 1% are not manipulating the economy for the preservation of power? Financialization and offshoring are only fractions of the numerous tactics used to contribute to concentration of wealth and power amongst and the top earners in the world.

As a lending institution, why is Fast Access Financial different than a corporate self-serving manipulative entity? As a private lender in the financial industry our purpose is to provide loans to people who have been turned away by the banks because of past mistakes. Whether they recently filed for bankruptcy, have poor credit scores, missed a few bill payments resulting in judgements/liens and don’t meet the requirements of higher criteria based lending institutions. We lend you the money you need now at affordable rates, and help repair your credit simultaneously so that you can get back into the bank of your choice. It is not our goal to trap you in an endless cycle of debt to maximize profit, we are not a payday loan company. Visit us at www.fastaccess.ca to find out how we can help redesign the economy one step at a time.

Sources: Requiem for the American Dream (2015)