The philanthropic firm of Ebay founder Pierre Omidyar calls for a new kind of capitalism


Pierre appears during the final session of the annual Clinton Global Initiative meeting in Omidyar, New York.

Ramin Frying | Corbis Historical | Getty Images

The philanthropic investment group created by eBay’s founder hopes to convince business leaders and policy makers that it is time to redefine capitalism.

The Omidyar Network, founded by Pierre Omidyar, is releasing a blueprint that allows investors to take a new and seemingly more progressive approach to understanding capitalism.

Omidyar’s group is encouraging leaders across the country to “look at the economic system to ensure that it is equally” historically and systematically marginalized by structural racism, colonialism, patriarchy, and apathy. Is seen as opportunity, power and self-determination. The report states that economic prosperity comes from a vibrant, fair and accountable democracy. It is also argued that capitalism should still be about rewarding individual success.

According to Forbes, Omidier has total assets of more than $ 17 billion. He recently retired from the board of eBay. Omidyar’s wife, Pam, co-founded Omidyar Network.

The network aims to be a voice in the larger debate about capitalism, using experience in corporate, philanthropic and policy venues to convince leaders that they should follow their proposal for the American economic system. The organization has previously announced that it intends to spend $ 35 million over three years in 2021 on philanthropic initiatives.

The move comes due to the Coronovirus epidemic and losing their jobs during times of civil unrest. The proposal appears to move beyond what has been defined as stakeholder capitalism, which is the notion that businesses should help beyond their shareholders and also focus on local communities.

This outline is being published, at least in part, with the hope that essential workers, including health care workers, will gain collective bargaining power after their fight on the front lines of Kovid-19.

“We think it (coronovirus) increases the need for this blueprint even more,” the institution’s CEO Mike Kubjanski said Sunday. He said, “We think it is absolutely important that it be focused on, and people take advantage of that moment, which focuses on those doing the needful and try to increase their bargaining power.” ”

The proposal of the Omidyar group is organized through five pillars.

The network argues, “The pillars are not specific policy proposals, but rather key elements that take into account any new economic settlement.”

The operation describes the pillars as basing the economy in new ideas, shared values, and inalienable rights; Building an explicitly anti-racist and inclusive economy; Creation of forms of counterweight for economic power; Re-imbalance of relationships between markets and communities; And building a flexible economy.

Omidyar’s group suggests that the economy should “reject any historical justification for slavery or racism, as well as bigotry in all its forms.” The group also believes that the economy should address racial barriers that it believes are inherent in American society.

His third column calls for contradictions of economic power, calling against monopoly and strengthening grassroots organizations and labor unions.

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