Can Capitalism Buy Happiness? [2]

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We’ve been looking at the zero-sum economy’s winners and losers — the new “meritocracy” vs. the “precariat” and the Millennials.

We’ve also seen that winners and losers find common ground in higher education, where students of all stripes are increasingly stressed to the point of mental ill-health  — not by the demands of higher learning, but by the enveloping culture of hyper-competitive capitalism.

One predictable response has been for the established, older, prosperous, and powerful to wag the shame finger and tell the kids to quit whining and buck up:

“Student protests and demands for better mental health services are frequently dismissed in the press. ‘We just can’t cope with essay deadlines, and tests stress us out, moan snowflake students,’ read a headline in the Daily Mail in November 2017. In September 2018, the Times described today’s students as ‘Generation Snowflake’ and suggested that ‘helicopter parents’ had ‘coddled the minds’ of young people.”

The way universities are run is making us ill: inside the student mental health crisis. The Guardian (Sept. 27, 2019).

Truth is, we just don’t like to talk about mental illness, and if we regard it at all, tend to shoo it away as a personal problem or character flaw. Plus, there are enduring cultural myths that capitalism and its marketplace are “free,” and that anyone can make it with enough gumption. Together, these attitudes foster the “snowflake” judgment.

Mental illness is ultimately about a clash between the “reality” of the individual deemed to be mentally ill and the “reality” of the prevailing culture.[i] Conventional thinking sides with the culture, and uses pharmaceutical and other therapeutic interventions to realign the individual. As a result, the list of economic stressors is accepted as part of the culture’s normal life to which individuals are expected to conform,

Meanwhile, viewed on its own terms — outside of its cultural context — the list itself is long and dismaying. For example:

  • There has been a forty-year drought in middle class real income growth, with most households drifting downward while an economic elite soars at the top.
  • The percentage of Americans who are considered to be poor by Federal standards is approaching 50% — meaning they have no or limited access to what were historically considered “public goods” such as shelter and sustenance, education and healthcare, etc.
  • Public support safety nets have been replaced by the privatization of essential services. The social services that remain are expensive for the government to administer and are demeaning and counter-productive for recipients;
  • Soaring educational costs mean soaring and strangling student loans.
  • Runaway housing costs have made conventional home ownership unaffordable for the lower economic classes.
  • Due to the rise of the “rentier” economy, the general public must increasingly pay capital holders for the use and enjoyment of essential resources and intellectual property.
  • Upward mobility for the lower 90% is now a thing of the past (the “glass ceiling”). Meanwhile the top 10% is protected against drifting downward (the “glass floor”).
  • Touted “job creation” is mostly “gig economy” contract work, with no assurances of sustainability and no benefits such as healthcare, retirement, etc.
  • Prospects for sustainable income are bleak, and the new job market requires the “hustle” and the “grind” and the monetization of everything in a state of “total work.”
  • Meanwhile, GDP “growth” is largely due to production increasingly shifted not just off-shore, but to intelligent machines. Benefits accrue to capital holders, not wage-earners.
  • These job trends have increasingly resulted in social isolation and an unfulfilled struggle to find meaning and purpose at work.
  • Meanwhile a new generation of huge and powerful “corporate nation-states” now challenge conventional notions of national sovereignty, democracy, and policy-making.
  • The same is true of “philanthrocapitalism” and “social entrepreneurship.”

And there’s more.

While “snowflake” judgments turn a blind eye, for the past several years there has been a counter commentary that looks at the list systemically:  it examines how the capitalistic over-culture creates social mental ill health which is then transmitted to the individual. I.e., it asks if the culture’s assimilation of contemporary capitalistic belief and practice has become toxic to the point that it is making both society and its individual members sick. This is a huge shift in perspective, which we’ll explore further.

[1] For more on how cultural beliefs create collective reality, you might take a look at this article, which evaluates mental health diagnosis and treatment in light of the Cartesian worldview that still dominates the western world:  i.e.,the dualistic thinking that separates the natural world, which can be known scientifically, from the realm of soul or spirit, which can’t. I have talked about how cultural beliefs created social reality in prior blog series in this forum. I also address it in my other blog.