Capitalists, unite!

Opinion piece by Robert Weil published in the Swedish daily Dagens Nyheter on 20 February 2008. Translation from Swedish.

Almost 10 years ago at the opinion pages of the Swedish daily Dagens Nyheter I urged capitalists to unite in thanking the wage-earners, who had refrained from so much so that we capitalists might have even more. Never before had the distribution of wealth been so favourable to capitalists, but I believed then that the party would soon be over.

Now, 10 years later, I can say that it was not. We capitalists have had an even better time of it. We have been given tax relieves we could never have dreamt of 10 years ago. For example, we no longer need to pay tax on gifts if we wish to be generous towards our nearest and dearest or if we wish to provide our financial support for something. Our estates do not need to pay inheritance tax when we die, furthermore this year, for the first time in a very long time, we do not need to pay any wealth tax.

So now we capitalists have acquired resources allowing us to choose for ourselves in what way we wish to contribute in strengthening society – if we consider we have that obligation, that is. This is far from obvious as regards most Swedish capitalists.

My view is that capital brings with it a long-term responsibility for democracy. Institutions like, for instance, Magasin 3 and the Jewish Theatre have for more than 20 years provided me with an experience of the arts and its experimental processes. Glasshouse Forum, a new arena for a critical elucidation of capitalism, forces me to reflect both as an entrepreneur and as a citizen. Research and the arts have in common the fact that they experiment, question and cross the boundaries of conventional thinking, something that is necessary for a well-functioning democratic society.

There are many capitalists who take their social responsibility seriously, but all too many clearly think that it has nothing to do with them. This is a disastrous case of shortsightedness. Money brings power, and with power always comes responsibility. It is politically speaking untenable if the elite live in prosperity, while society in general meets with deep problems, and many of those institutions which should be supporting society are falling into decay. In the long term this undermines the market economy, which is dependent on a well-functioning society. It is, therefore, a question of enlightened self-interest to resist this.

It also undermines capitalism, whose legitimacy rests on the fact that it can both create and in a reasonably fair way distribute wealth. Huge gaps between rich and poor are a breeding ground for movements that would militate against democracy and the values of an open society. It is time for us capitalists to unite to find forms for greater social responsibility.

Robert Weil

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Read the original article in Swedish on Dagens Nyheter's website