Wealthy want oligarchy; people need economic democracy

The rich want to extend their one dollar one vote capitalist principles throughout society. But rather than simply defend “democracy” from Tobi Lutke, we need a vision that eliminates capitalism’s threat to democracy by extending one person one vote principles to the economy.

Over the weekend TD Bank executive Eric Thor and Shopify CEO Tobi Lutke suggested the poor and retired should be disenfranchised. On X Lutke endorsed Thor’s proposal for voting to be tied to the level of income tax paid and suggested pensioners should lose their voting rights.

Thor wrote, “What about weighted voting proportional to the level of income tax you pay? (no income tax paid – 0 vote, $1-100k – 1 vote, $100-200k 2 votes and so on… cap it at 5 votes for $500k+. For those that constantly complain about the wealthy not paying tax/fair share they’d have nothing to worry about right? Why not reward representation of taxation and build a democracy around those that foot the bill?”. In response Lutke posted, “Good system” and subsequently added, “reward productive people with leverage.”

The thread on X began with Lutke writing that individuals on pensions are “dependents” without a stake in the future and shouldn’t be allowed to vote. Sharing a photo of a community meeting dominated by older people opposed to housing towers, the Shopify head wrote, “New deal: when you get your pension deal it’s locked in and guaranteed. But now you are a dependent and that means no voting, just like dependents under age. Enjoy the deal, let people with a stake in the future decide.”

While most capitalists are careful not to openly attack enfranchisement, a not insignificant share of them oppose the limited democracy socialists and leftists have won over the decades. On X Maverix Private Equity Founder John Ruffolo, Shopify president Harley Finkelstein and Build Canada CEO Lucy Hargreaves defended Lutke’s call to return to voting rights based on wealth. For his part, the world’s first trillionaire Elon Musk posted, “Tobi is a national treasure of Canada!”

Capitalists’ disparaging one person one vote enfranchisement should not surprise. Capitalism is a system of minority rule based on one dollar one vote. As my father Gary Engler and I write in the forthcoming book Economic Democracy or No Democracy:

“The rich have never allowed democracy within the economic empires they ‘own’. Capitalism’s ‘property rights’ give billionaires the power of dictators. Top down, unquestioned obedience is the power they are familiar with and seek. Neoliberalism was always about using their muscle to weaken (or eliminate) the sway of electoral democracy.

“Capitalism is not a friend to democracy but ultimately its enemy. When pushed, capitalists choose capitalism over democracy. When democracy weakens the power of capitalists they turn to fascism to keep their privileges.

“Supporters of the system claim capitalism is integral to liberal democracy, but that is absurd. Everywhere fascism took power or grew quickly it was because the wealthy and powerful threw their support behind it and against democracy. When forced to choose between their ‘property rights’ and democracy, capitalists choose self-interest, which is maintaining their wealth and power. All over the world rich people are abandoning conservative parties in favour of the extreme right or are pushing the traditional parties of wealth to the extreme right.”

As we resist capitalists’ bid to eliminate hard fought democratic gains, we should not respond by simply defending a “democratic society” system far too shaped by capitalism’s one dollar one vote principles. We need to offer a vision that eliminates the power capitalists have over the economy — and by extension political and cultural affairs — by pushing for democracy in the economic sphere. We need an alternative to ecocidal, wealth concentrating capitalism that gives everybody an approximately equal say in all the collective decisions that affect them. Wherever significant social labour occurs — people working in coordination with others — must be governed by democratic principles. As my father and I write in Economic Democracy or No Democracy:

“Economic democracy means giving everyone the right to a voice and an equal vote in their communities’ economic decisions. When everyone has an equal right in social decision-making, economies will be motivated by general wellbeing, not private profit. Economic democracy means eliminating the divide between workers and owners by making everyone an owner. Economic democracy means multiple owning communities — local, regional, national, international — so that power does not become concentrated in the hands of a central state. It means that wherever social labour occurs a system of democracy manages the enterprise.”

 

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