The primacy of finance
The weight of finance has increased in the rich economies over the last 20 years. Bank, insurance and investment fundsservices, as well as transactions on capital markets, contributes substantially to the gross domestic product of the developed countries. Stock Exchanges are thus the lifeblood of this form of economy. As a corollary, they affect country health. This extensive rôle of finance, and that it is completely free, are overshadowed problems unfortunately.
Finance has changed international relations. Every action has henceforth a financial perequisite. The sacrosanct profitability kills the industrial sector in West for the benefit of services and the ratio of investment. Economy is not supported by the manufacture of the products anymore, but by financial return of the needs. So from a global real economy countries have moved into a financialization scheme higher than themselves. It follows a change of the concept of power and of the value system. Thus financial takes precedence over creativity which is controlled by it.
In any case, the hegemony of money fosters individualism and selfish behaviors ; given self-interest takes precedence from now on. This context results in rising intolerance and a denigration of the spirit of solidarity. Because of the dominance of the financial interests, we are witnessing a relocation of businesses or manufacturing outsourcing towards low-wage countries. Thus, they fail to mention the quality of materials and other products. This has serious consequences on human health. As for consumers, they do not have a reliable information most of the time. These industrial choices affect ecology as well.
The financialization of companies leads the primacy of shareholding over the wage bill. Profit then becomes an end in itself. The indecent amount of bonuses that the leaders of major groups get, could make at least five generations live. Banks, for their part, make huge profits or loss through sophisticated schemes of hich they control only partially the mechanism. Concerning industry it is concerned, in particular, about profit maximization and not about the search of products capable of moving forward humankind. An uncontrolled production causes obviously irresponsile over-consumption and aberrations, even environmental degradation.
Within a society dominated by finance, the employees are regarded as ressources just like equipment, products and other assets. They are a variable which can be adjusted at any time. So they are objectified and then not treated as full human beings. The real economy was developed, in the past, on the tangible and the global currency (the dollar) was convertible into gold. Banks supported therefore industry which created goods able to take the world forward. Everyone got a sense of utility from their work and a feeling of participating in the advancement of society. The continuous phenomenon of employees depreciation has led a transformation of the value of work. The primacy given to the financialization explains this context.
Man has come to represent a monetary or market value under capitalism. He is thus assessed from a ratio, namely the ratio between the lowest possible cost and the maximum benefit. It is important to point out that profit optimisation occurs at the expense of the human dimension. Systematization and objectification lead to the undervaluing of the individual. In the light of those standards, people in poor countries have a lower value than those in rich countries. Yet these are human beings with an inherent potential that ought to be highlighted. Furthermore, while considerable sums of money are devoted to space projects, we see still people who live in conditions hardly better than the medieval hoi polloi. This is the scandalous irony caused by financialization and profit.
Mention should also be made about financialization of ecosystem services. Environmental econometrics leads to creation of intelligent financial instruments. Speculation is on its way in this field and which raises investors' appetite. Because ecobusiness will represent a medium terme new source of enrichment and will result in the formation of a tremendous financial bubble. Those bloody opportunists will make them look the saviours of the planet.
The Triunicie would allow the end of these unhealthy financialization process thanks to an economy at the service of man, that is based on real activity and therefore on work and creativity. According to me, society is neither healthy nor harmonious when a minority gets overly richer and takes advantage of workforce of a majority. This create a profoundly unjust situation. From a human progress perspective, we can only regret unfairness and obsolescence of capitalism. We are also led to condemn the immorality of value for money. Since it encourages enrichment without effort.
Progress of finance makes no sense. A part of the world is an assembly of cardboard buildings laid over sand. The wind blows brought down regularly some of them, then one day the system will sink following the ripple effect. Poor people, the mass of hardworkers above all will suffer obviously for this economic chaos caused by the caste of upstarts, of the cunning individuals, of those involved in mercantilist shenanigans. In this world corrupted by vanity and self-interest, few people know the content of true values now. Many find that a united world, where economy fosters human advancement, seem too idealistic and utopian.