A major task is to get people to rally around a new vision of capitalism that

serves the people rather than the elites. A paradigm shift is required in the
nature of capitalism. The reason why old capitalism is so difficult to replace is
that no one has defined a new version of capitalism around which a consensus can
develop. The task is to clearly articulate �social capitalism� and to directly
contrast it with it predatory free-market capitalism (Mammonism). How can we
transition from capitalism designed by and for rich elites to capitalism designed
by and for the people?

Here are several key features define social capitalism:

1) We need public banking instead of private banking. Wall Street must be closed
down. The power of Goldman Sachs in government must be ended. �I sincerely believe
that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a money aristocracy that has set the government at
defiance. The issuing power should be taken from the banks and restored to the
people to whom it properly belongs.� � Thomas Jefferson

2) We need a �small is beautiful economy� based on a proliferation of small

businesses, and designed around small businesses, rather than �too-big-too-fail�
capitalism where leviathan transnational corporations are so big they can dictate
to governments and use the differences in national tax policies to reduce their tax
liabilities to zero.

3) We need to stop vast amounts of wealth being inherited. The �Buffet Doctrine� is
relevant: �Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of
opportunity has been on the decline. A progressive and meaningful estate tax is
needed to curb the movement of a democracy toward plutocracy.� � Warren Buffett

The Carnegie Doctrine is also relevant here: �By taxing estates heavily at death
the state marks its condemnation of the selfish millionaire�s unworthy life.� �
Andrew Carnegie

The ultimate expression of equal opportunities and meritocracy is 100% inheritance

tax where no one can benefit from wealth earned by someone else: everyone makes
their own way in life.

4) This accords with the �Jefferson Doctrine� that the world is for the living, not
for the dead: �The earth belongs to the living, not to the dead.� � Thomas
Jefferson

�The dead? But the dead have no rights. They are nothing; and nothing cannot own
something. Where there is no substance, there can be no accident. This corporeal
globe, and everything upon it, belong to its present corporeal inhabitants, during
their generation. They alone have a right to direct what is the concern of
themselves alone, and to declare the law of that direction; and this declaration
can only be made by their majority. That majority, then, has a right to depute
representatives to a convention, and to make the constitution what they think will
be the best for themselves.� � Thomas Jefferson

�I say, the earth belongs to each of these generations during its course, fully and
in its own right. The second generation receives it clear of the debts and
incumbrances of the first, the third of the second, and so on. For if the first
could charge it with a debt, then the earth would belong to the dead and not to the
living generation. Then, no generation can contract debts greater than may be paid
during the course of its own existence.� � Thomas Jefferson

�The dead should not rule the living.� � Thomas Jefferson

If Jefferson�s logic were fully implemented, 100% inheritance tax would be the
upshot. This makes it impossible for the dead to pass on post mortem advantages to
the living, and means that property can no longer be held in private hands in
perpetuity. Everyone loses any legal rights over property at death, hence the
property can then be reallocated by the State, according to social justice and
equal opportunities, the bedrock of meritocracy, and the opposite of the right wing
Privilege Society.

5) The �Paine Doctrine� is relevant. Thomas Paine proposed that those who possess
cultivated land owe the community a ground rent.

6) The Economy should be treated on the same basis as the military. No one would
allow private armies to exist in America that could dictate to the government and
the people. So why would anyone allow private economic �armies� � giant banks and
corporations � to exist, which can dictate to governments? Just as military
officers are trained at specialist academies and are always public servants, who
can be dismissed for misconduct, so should economic officers be trained to run the
economy. They should be public servants too, who can be dismissed.

7) The tax system should be made automatic. It would be easy to tax all payments
going into all accounts so that no one could avoid or evade paying their taxes.
This would make all offshore tax havens irrelevant.

8) Credit should be extremely tightly controlled to prevent people getting into

excessive debt.

9) Private power must be curbed once and for all. The people must be in charge of
capitalism and be the clear beneficiaries of capitalism.

10) Social capitalism could be highly localist, working in conjunction with city-
states, city banks, and so on, so that people feel completely empowered by
capitalism. Public banking needs to be at the center of a whole new way of
conducting capitalism. And public banks must be run by �Generals of the Economy�
who, like their military counterparts, are public servants, and can be fired by the
government.