Tycoons in the New Economy—The Shift from Financial Tycoons to Social Tycoons
First, it is important to note that in a mutual guarantee-based system in the global and connected world, tycoons have their rightful place. The equality required in a harmonious society is not absolute equality, but is relative and idiosyncratic, where each receives according to one’s needs and contribution to society. If a businessperson frequently travels abroad and needs a private jet to be more mobile and efficient, thus providing his or her many employees with work, than that person should have a jet. In such a case, it is not a luxury but a necessary tool from which the entire society benefits.
In that sense, the tycoon will not sense that financial benefits have been taken away. Quite the contrary, these benefits now have social legitimacy. Even in a society where equality is the highest value, some will excel and earn more. The question is, “What they will earn? Will it be billions in the bank?” We have yet to see that such billions help anyone in the current crisis. Billions in the bank have also not proven to be a guarantee for happiness, but the contrary.
Instead of money, a new motivation will give people a reason to keep active and working, even in a society of relative equality—the appreciation and approval of fellow citizens for the benefits that the tycoons produce for society. Tycoons will be able to realize their personal and business potentials since the majority of them enjoy not only the profits, but view themselves primarily as entrepreneurs, enjoying the action and not just the profit that it yields. In the new society, there will be mechanisms for advertising people’s contribution to society and expressing due gratitude, which will guarantee that the entrepreneurs are well rewarded.
Equal distribution of income is not a just act because not all people are the same, with the same needs. If equal distribution were to be implemented, its harm would be greater than its benefit. Equality must remain relative, addressing not only the most fundamental needs of people, but also expressing their unique contributions to society and their efforts to benefit others. People have a natural need to be rewarded for their work—both socially and materially. An equal income will hamper people’s motivation to contribute and will cause a drastic rise in depression.
The mutual guarantee economy will bring about a drastic, though voluntary reduction of socioeconomic inequality. Society need not and cannot make everyone equal by arbitrarily dividing up income, services, or material resources. Instead, the solution, as mentioned above, is based on relative equality, where one receives according to one’s needs.
There will be a minimum standard of living set by the state. That minimum will secure basic provisions and allow for reasonable and dignified living according to one’s particular needs or the needs of one’s family, and in relation to one’s social environment. It will, however, always be a standard of living that is above the poverty line, which will be defined in a joint round-table type discussion. The equality will manifest in fairness of resource distribution and transparency of the system.
When we all live in a society that has made mutual guarantee its prime value, the values of tycoons will change as well, from wanting to control others and maximize their personal gain at the expense of others into prosocial values by contributing to society. The magnates and moguls of society will be appreciated not because of their lavish lifestyles, but because of their contributions to society and to the environment.
Utilizing the skills and abilities of tycoons for society’s benefit are what will turn the “social” tycoons into fulfilled and satisfied individuals, just as in a family, where the prime provider enjoys his or her contribution to the sustenance and well-being of the entire family.