Blockchain Versus Vulture Capitalism

The notion of survival of the fittest, coined by English philosopher Herbert Spencer to describe his economic theory promoted a view of man as not much more than claws and teeth. This became a prevailing ideology behind the rise of social Darwinism and was used to justify European colonialism and modern predatory capitalism.

In current civilization, the tendency toward personal gain and competitive drive continues. The evolution of the species in modern times has turned into a game of survival of the crudest and most rapacious corporations and bankers. Russian novelist Ayn Rand, who became an iconic guru for libertarians, put forward the virtue of self-interest as a pure moral force. Her philosophy of objectivism emphasizes reason as the ultimate arbiter of truth and she condemned feelings of sympathy as inferior. This was used to rationalize poverty and weakness as an outcome of natural selection and support the free market idea of radical deregulation and tax cuts for the rich.

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by Nozomi Hayase

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