BuzzFeed blew my mind with this article. The site I once thought famous for listicals, funny GIFs and other clickbait, put out a multi-part investigative journalism expose on a little-known part of capitalism through which, according to the article, people are making millions, while financially ruining countries.
In short, BuzzFeed looked at something called “investor-state dispute settlement” or (ISDS). I’m not sure I’m up on all the details, but ISDS is essentially a kind of binding arbitration originally designed to balance power between corporations and state entities (countries) when trade disputes arise.
Unfortunately, due to the amoral nature of both capitalism and the medium of exchange used within capitalism, this process is now being used to intimidate, bully, and rip off countries; exonerate criminals; and clear large corporations of wrong doing while lawyers involved in the process get rich.
I’ve read the first of four installments. There was so much detail, I had to skip some of it because it was heart-breaking to read. You can read the series yourself, or, if you’re too busy and just want the Cliff’s Notes, you can watch the video at the bottom of this post.
When I first read this piece, I thought OMG, these people operating in this process are the ones who could do in Copiosis. The system they’ve corrupted to fleece governments, communities, etc., seemed above the law, ultra powerful. For a moment I was scared.
But then I realized something. The people operating in this process are all doing it because they can. This process is being corrupted, used for other than the original purpose, because lawyers, like everyone else in capitalism, are out to make money. The fact that capitalism and the money used in it is amoral guarantees this kind of thing will happen over and over.
So what was once fear, transformed into corruption and exploitation. ISDS shows how capitalism creates opportunity for amoral profiteering.
Whether it’s false claims from antibacterial soap makers or a legal process being used to intimidate entire countries, I must remember people are central in such situations. People’s intentions are always good – from their point of view. Everyone always tries to do their best in a flawed system.
And this is yet another reason why Copiosis is better. None of this happens in Copiosis for a lot of reasons, but mainly because Copiosis neuters money’s amoral nature.
Thank you BuzzFeed
Buzzfeed? Of ALL people??? I’m as shocked as you are! XD I knew there were fishy things happening behind the curtains, but this…is eye opening. This was a good short read, I’ll check Buzzfeed out.