Anti-Capitalism and Financial Planning appear, on the surface to be at odds. Isn’t financial planning all about hoarding wealth and thinking with a capitalist mindset? Shouldn’t anti-capitalist individuals eschew money?
The topic of the harm done by capitalism has become prevalent in the past several years. Or maybe it is the Baader-Meinhof phenomenon; now that it is on my mind I am seeing it everywhere. Either way, I have become much more attuned to to incompatibility of feminism and capitalism.
In a perfect (according to me) world we would all have access to the resources we need so we would not need to devote time and energy to planning for our personal financial futures. But we don’t live in a perfect world.
Feminism and Anti-Capitalism
My definition of feminism is one which seeks an end to sexism, racism, ageism, ableism, and all ‘other-ing’ characterizations. Under feminism there is equity, community, and interdependence that allows for universal prosperity.
Capitalism is an economic system in which the means of production are owned by private individuals and corporations. Private property, self interest, and competition are pillars of capitalism.
Under feminism everyone flourishes. Under capitalism a few thrive while the multitude do not. Capitalism is a system rooted in a struggle for dominance. Only a limited number of privileged individuals rise too the top. Feminism is communal while capitalism is hierarchical.
The Reality of Our Circumstances
Based upon that alone, it is easy to proclaim “I am anti-capitalist.” And, I do very much support the ideal.
The problem is that we live in a capitalist economy.
Living within capitalism our survival, along with much of our access to growth and pleasure, depends upon adhering to capitalism. We do not have the ability to opt out of the current financial and legal systems.
We are required to pay taxes. We are required to abide by existing property laws. Our access to necessities such as food, shelter, clothing, and medical care all occurs within the existing monetary system.
Change From Within
I know there are anti-capitalist individuals who choose not to own property or participate in the stock or bond markets because of their objection to capitalism. I do respect this decision enacted by people very committed to upholding their beliefs.
We live in a society in which money provides power. I able able to both morally object to this while still recognizing it as a current truth. My fear, therefore, is that when we voluntarily give up our access to money we are also relinquishing our power. For women, people of color, and members of other oppressed groups, relinquishing power can be very dangerous.
Sometimes we need to operate within the system that exists while also working to change the system.
For me this means continuing to invest my money in the stock market, real estate, and other capitalist systems while also speaking out against the harm. It also means helping women and others with non-dominant identities to do the same.
As I discussed in a former blog post, Marginalized People Were Never Meant to Have Access to Money. By increasing our wealth, we are breaking from traditional norms and challenging the existing structures.
It is important to stress that operating within the system with a desire to change the system is very different from buying into the system. Women using money and power for change is very different from women using money and power to strengthen the existing hierarchies, something we unfortunately see a lot of in the world of white feminism.
Anti-Capitalism in Practice
What does this mean for the possibility of an anti-capitalist financial planner? How about an anti-capitalist investor? consumer? employee?
In our instant gratification society we tend to feel like we need to make a choice and immediately commit 100%. This can be a problem when our ideals are in conflict with our human need for safety. If we do not save or invest then how will we survive retirement in a society with limited social safety nets? How will we pay for our medical care? How will we care for our children?
I argue that there is room to work toward improvements while still maintaining a level of security. “Anti” means against. Being against something is very different from being entirely divested from it. Is this hypocritical or practical? That is a question each person must answer for themselves.
We can take steps within our businesses and within our personal finances to improve the system while also protecting ourselves. Some examples including:
- Investing in socially and environmentally conscious investments.
- Spending our money to support small, local, and minority owned businesses.
- Supporting our communities through mutual aid.
- Advocating for practices in our workplaces that support equitable hiring, pay, and the humane treatment of employees.
- Creating legal documents (power of attorneys, health care proxies) to protect non-traditional family structures.
- Executing legal documents (wills, trusts, beneficiary designations) to ensure your property will be inherited by those working to further your ideals.
As for me, I will continue to champion the principles of anti-capitalism and feminism. Simultaneously I will help women and others with marginalized identities to take control of their finances and increase their wealth as a means of growing both their security and their power.