Pierre Omidyar, observes during the final session of the Clinton Global Initiative’s annual meeting in New York.
Ramin Talaie | Corbis Historical | Getty Images
The philanthropic investment group created by the eBay founder hopes to convince business leaders and policymakers that it̵
The Omidyar Network, founded by Pierre Omidyar, is issuing a project that invites investors to start taking 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 as a way to “equally ensure that people who have historically and systematically been marginalized by structural racism, colonialism, paternalism and indifference will have opportunities, power and self-determination that it stems from economic prosperity and a lively, equitable and responsive democracy, “the report states. He also argues that capitalism should still aim to reward individual success.
Omidyar has a net worth of just over $ 17 billion, according to Forbes. He recently retired from the eBay board of directors. Omidyar’s wife, Pam, co-founded the Omidyar network.
The network aims to be a voice in the wider debate on capitalism, using experience in corporate, philanthropic, and political spaces to convince leaders that they should follow their proposal for the US economic system. The organization previously announced that it intends to spend $ 35 million over the course of three years in 2021 on philanthropic efforts.
The move comes in the wake of millions of people who lost their jobs during the coronavirus pandemic and a period of civil unrest. The proposal appears to go beyond what has been termed as stakeholder capitalism, which is the idea that businesses should help those who go beyond their shareholders and also focus on local communities.
This scheme has been published, at least in part, with the hope that essential workers, including health care workers, will gain greater collective bargaining power as a result of their frontline fight of Covid-19.
“We think that if anything (the coronavirus) illustrates the need for this project even more,” Mike Kubzansky, the organization’s CEO, told CNBC on Sunday. “We believe it is absolutely essential to focus and take advantage of the moment when people, essential workers, are concentrated and try to increase their bargaining power,” he added.
The Omidyar group proposal is organized through five pillars.
“The pillars are not specific political proposals, but rather fundamental elements that every new economic structure must take into account”, says the network.
The operation describes the pillars as the foundation of the economy on new ideas, shared values and inalienable rights; build an explicitly anti-racist and inclusive economy; create forms of counterweight to economic power; rebalancing the relationship between markets and communities; and build a resilient economy.
Omidyar’s group suggests that the economy should reject “any historical justification for slavery or racism, as well as fanaticism in all its forms”. The group also thinks the economy should address the racial barriers it believes are embedded in American society.
Their third pillar, on the counterweights to economic power, calls for a push back against the monopolies and the strengthening of grassroots organizations and trade unions.