This Thursday, from 12:10 P.M. to 1:50 P.M., I attended the Activism, Social Movements, and Change in Pandemic Times event on the Twin Pandemics forum. In this event I learned quite a bit about the present social issues and movements to address these problems. Out of all the topics discussed in the forum, the issue with capitalism spoke to me the most.
At Santa Clara University, I'm a student within the Leavey School of Business. As a result, I spend much of my time reading about businesses and the benefits of its system to the economy and the faults limiting it. Since I'm still a freshman however, I have yet to take the latter courses that indulge in business ethics and equality for workers.
From watching this forum, I started to learn about the economic issues plaguing California. When Sreela Sarkar, the lady running the economic inequality panel, brought forth the point that “twenty percent of all net worth in the state is located within only 30 zip codes, these thirty being the wealthiest zip codes”, I was in awe. These thirty zip codes only represent two percent of the state of California. I was in disbelief that so much money flew through such a limited amount of cities in the state. There are many districts and people in the state that are in dire need of funding. If even a percentage of that wealth got distributed to those in need, there'd be less issues within the state.
Sreela proposed a rising solution to this problem, “new capitalism”. This form of capitalism focused on social equity, focusing on creativity, community, and emotions rather than raw numbers. By reinventing the way wealth is handled, many more people could live a happier life rather than just a limited amount. I'm interested to further my knowledge in the issue within my upcoming business classes.
I was also very intrigued by the fact that twenty percent of all net worth is located within 30 zip codes. The tech giants of Silicon Valley have made the Bay Area a corporate powerhouse and extremely valuable place to live, but at the cost of income and housing inequality. It was interesting to see Sreela's proposed solution as well, as it is focused more on community and helping others.
ReplyDeleteThe wealth discrepancy in the Bay Area is such a large issue and I am glad there are people like Sreela who analyze/ study social patterns and come up with solutions. I also was able to learn a lot from her talk and was shocked at the statistics describing the economic inequality of the Bay.
ReplyDeleteI like how you were able to connect the presentation on capitalism to yourself as a business major. I think it is unfortunate that so much money is concentrated in the hands of a few individuals. The coronavirus pandemic is only worsening this income inequality which is really unfortunate.
ReplyDeleteI really appreciate the connection you drew between your own experience as a business student and the negative effects of capitalism. It's interesting to see a student interested in business (i am as well) emphasizing the importance of wealth redistribution and social equity even in capitalism!
ReplyDeleteHer description of California's renovation (is that the right word?) of capitalism also caught my attention and put into words what sets California apart in terms of economic trends. It's still appalling, however, to know that economic inequality remains rampant across the state with significant amounts of wealth all conglomerating in small communities when a huge percentage of the 40 million CA residents struggle to get by. I hope Dr. Sarkar's research is taken seriously and leads to real change!
ReplyDeleteDr. Sarkar's presentation really caught my attention too! I'm not a resident of California, but the same income disparities is evident in Seattle as well. Towards the end of her presentation, she talked about eviction maps during the pandemic, and I would be most interested in how those maps would compare to redlining maps of the 20th century.
ReplyDeleteIt's good to know that you are looking forward to taking ethics in the context of business studies--this seems a crucial component.
ReplyDeleteThis talk resonated with me also, as the rent and housing costs have given families in San Francisco and the Bay Area hard times finding homes. This issue is only helping those on the other end of the wealth gap in addition to this group getting smaller and smaller.
ReplyDelete