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Ebay founder Philanthropic firm Pierre Omidyar calls for new kind of capitalism

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

Ramin Talaye | Corbis Historically Getty Images

The philanthropic investment group, founded by the founder of eBay, hopes to convince business leaders and politicians that it is time to redefine capitalism.

The Omidyar network, founded by Pierre Omidyar, is issuing a plan urging investors to start adopting a new and seemingly more progressive approach to understanding capitalism.

The Omidyar Group encourages leaders across the country to view the economic system as a way to “ensure equally that people who have been historically and systematically marginalized by structural racism, colonialism, paternalism and indifference have the opportunity, strength and self-determination that comes from economic prosperity and a vibrant, just and responsive democracy, “the report said. He also argued that capitalism should still be the reward of individual success.

According to Forbes, Omidyar has a net worth of just over $ 1

7 billion. He recently retired from the board of eBay. Omidyar’s wife, Pam, is a co-founder of the Omidyar network.

The network seeks to engage in the larger debate on capitalism, using experience in the corporate, philanthropic and political realms to persuade leaders to follow their proposal for the US economic system. Earlier, the organization announced that it intends to spend $ 35 million over three years until 2021 on charitable initiatives.

The move comes after millions lost their jobs during the coronavirus pandemic and the time of civil unrest. The proposal seems to go beyond what is defined as stakeholder capitalism, which is the idea that businesses should help those who are not only their shareholders, but also focus on local communities.

This outline is being published, at least in part, in the hope that key workers, including health workers, will gain more collective bargaining power after their battle on the Covid-19 front lines.

“We think something (the coronavirus) illustrates the need for this plan even more,” Mike Kubzanski, the organization’s chief executive, told CNBC on Sunday. “We believe it is extremely important to focus and take advantage of the moment when people are focused, key workers and trying to increase their bargaining power,” he added.

The Omidyar group’s proposal is organized through five pillars.

“The pillars are not concrete policy proposals, but rather key elements that any new economic agreement must take into account,” the network said.

The operation describes the pillars as the basis of the economy of new ideas, shared values ​​and inalienable rights; building an explicitly anti-racist and inclusive economy; creating forms of counterbalance to economic power; rebalancing relations between markets and communities; and building a sustainable economy.

Omidyar’s group proposes that the economy reject “any historical justification for slavery or racism, as well as bigotry in all its forms.” The group also believes that the economy must deal with the racial barriers that it believes are embedded in American society.

Their third pillar, dealing with the counterweights of economic power, calls for repulsion against monopolies and the strengthening of mass organizations and trade unions.

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