Economics of Revolt
In his honest work, “Economics Peace and Laughter,” John Kenneth Galbraith recounts a gripping tale he studied together with John…
In his honest work, “Economics Peace and Laughter,” John Kenneth Galbraith recounts a gripping tale he studied together with John Steinbeck, from 1733 Caneel Bay where an enslaved indigenous population chose a tragic end over continuing an existence of severe oppression. This bold revolt led to the plantation system’s collapse and the rewilding of the island.
As Galbraith recalls, Steinbeck viewed this choice as a rational rejection of an intolerable system and predicted a similar refusal of capitalism in places like Manhattan and Miami Beach. These observations serve as stark reminders of the need for economic systems that prioritize fairness and equality.
In the animal kingdom, principles like reciprocal altruism and inequity aversion exemplify such fairness. Reciprocal altruism, where an individual aids another expecting future help, mirrors mutual credit’s essence. This system facilitates trust-based, reciprocal exchange of goods and services, nourishing socio-economic balance.
Inequity aversion, seen when primates refuse unequal rewards for similar tasks, is analogous to rotational mutual aid’s ethos advocating equal recognition of work. Interestingly, this aversion to inequality also aligns with the concept of demurrage in economic systems — a practice that discourages hoarding by imposing a carrying cost or ‘hoarding tax’ on currency held over time. This measure ensures the fair circulation of wealth, mitigating economic disparity.
Modern technologies offer the tools to strengthen these community-centric practices. Decentralized digital platforms (as mutual services) can establish transparent, equitable mutual credit systems. AI-powered coordination can optimize the pooling of community efforts and commitments under rotational mutual aid, promoting efficient resource and skill matching.
We stand at the exciting junction where we can couple ancestral and natural wisdom with non-dominating technological innovation. Inspired by indigenous defiance against unjust systems, we too can choose to construct equitable community economies that resonate with the harmony found in nature.
Grassroots economics is about nurturing communities that value each member’s contribution, guaranteeing that everyone’s needs are met. Here’s to creating a future where economics and equity walk hand in hand.
“ The slaves had seized the island and penned their slavers into a small enclave. Eventually a commando of soldiers righteously representing the several ‘civilized’ powers with interests in the area was sent to restore law and order. It was a fine example of international cooperation.
The former slaves, however, had the last word. They went to a cliff at the end of the island and dashed like lemmings into the sea. They could not be replaced and the island went back to the wilderness. Stienbeck thought, on any rational calculation of their personal future, that their decision was sound. He predicted that, within a measurable time similar calculations would be made by the inhabitants of Manhattan, and certainly of Miami Beach, with similar results.” — “Economics Peace and Laughter,” John Kenneth Galbraith