With borderless capital, the zeitgeist prevails
In my previous post about transnational capital and its discontents, I wanted to make the point that our jobs and housing prices are no longer governed by local economic forces. They haven’t been for a while, but with hot money flowing in from stimulus programs around the world, it’s just become undeniable. And more importantly, when things only become real if YOU can feel it, it’s become real.
But just as the remote investor has the power to make life more expensive and at times take away your livelihood, this transnational capital also wields transformation in society. Local systems, local governments, local power can become entrenched until its a crusty mass that can never be moved. Or so it seems. Enter the power of money once again.
Transnational money has its own zeitgeist. For the better, it can require more corporate transparency and increased demands for trust. For why would investors want to park money into governments and companies that confiscate capital without impunity or lie about their profits without anyone to check them. In this case, capital bends the world towards justice.
Even more so social values can improve
Money alters existing political regimes and those who control the public narrative. If money flows to new industries with new leaders at the helm, old ways of thinking can alter. The trickle down effect towards social justice and change can become amplified. For even though ‘stability’ may appear to be present, tradition and the status quo turns into the emperor without clothing when oppression and resentment builds. Just shy of a revolution, the pent up desire for justice and revision of the social contract floods forward when the hands that feed the populace well, change hands.
So you may lose your job and you may not be able to afford a house because of transnational capital sloshing around the world. But if you’re lucky to be in a crusty old regime where new money finds its way into the hands of those who bend the world towards progress, it may be a welcome sign to hop aboard the new train and see where it takes you.