Ethical Wealth Creation in the Age of Technology
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Chapter 1: The Role of Technology in Wealth Ethics
In today's world, the integration of technology is essential for achieving ethical wealth. The introduction of human resources often invites the temptation to exploit them.
Where are the compassionate employers? It seems that the comfortable 9-to-5 positions could benefit from hiring more individuals. However, many companies have had to let staff go due to economic downturns, which is disheartening. Interestingly, the wealthiest leaders are often those criticized for mistreating their employees. It's a hard truth to accept: ethical wealth cannot exist without the support of technology.
Section 1.1: Transitioning from Fiverr
It's time to move away from the era of $5 gigs and explore new avenues.
Even with new platforms emerging, there are still concerns. Consider the wealth generated by various online communities—most of which have only been harmful when their marketing tactics were questionable. Platforms like Canva and Figma exemplify how technology can foster communities that attract investors (in Canva's case) or buyers (as seen with Figma), leading to substantial financial successes.
While job creation is vital, there is no justification for exploitative practices just to increase profits. When human elements are included, wealth can easily become unethical.
Section 1.2: The Irony of Automation
A humorous yet troubling question surfaced online recently: Can we actually collect W2 forms for the self-checkout kiosks at Walmart? It's ironic, given that cashiers often earn minimum wage.
Many argue that this is acceptable since the tasks can be performed by high school students and are easily replaceable by technology. However, the investments in these machines amount to billions, not to mention the ongoing costs for electricity and maintenance. Yet, management seems unfazed.
If wages increase by even a dollar, it's perceived as outrageous; however, if technology costs rise, it's seen as necessary innovation. Management is quick to compensate tech firms fairly, while employees receive the bare minimum. If they can't find a cheaper replacement, they might negotiate for better benefits—but once you're no longer essential, you're out the door.
Chapter 2: The Problem with Volunteer Jobs
In an unfortunate turn, a Chick-fil-A franchise faced criticism for advertising volunteer positions, offering only five free meals per hour worked. The company distanced itself from the controversy, stating that this was the decision of an independently owned location.
Many franchises operate in a manner that would make Scrooge McDuck proud, and despite being among the most profitable fast-food chains in the U.S., the parent company made $11.3 billion in sales in 2019.
The first video, "Tech Ethics: Putting People Ahead of Technology," explores the importance of prioritizing human welfare in the tech industry, highlighting the ethical implications of technology on wealth.
Section 2.1: The Case of the Wealthy Dentist
Have you ever encountered a dentist who became wealthy solely through their practice? Outside of plastic surgeons, it's rare to find such examples. For instance, Icelander Heimir Hallgrimsson transitioned from dentistry to coaching his country's national football team.
Meanwhile, Ali Abdaal, a former doctor, built his wealth through platforms like YouTube, as well as courses and podcasts. However, one exceptional case emerged—a wealthy French dentist, Lionel Guedj, along with his father, was arrested for intentionally harming patients from low-income communities to inflate their earnings through unnecessary procedures.
This unfortunate situation demonstrates how unethical practices can lead to financial gain at the expense of others. Ideally, we would see better compensation for traditional 9-to-5 jobs, but until then, tech-based wealth creation stands as the most ethical option.
The second video, "Blockchain Ethics #7: Funding Public Goods and Wealth Inequality," delves into the ethical considerations surrounding wealth distribution in the tech landscape.
Thank you for taking the time to read this article. I'm Annie, a writer focused on relationships and side hustles. For just $5 a month or $50 a year, you can access exclusive articles designed to help you reach your financial and personal goals. Your support will help me continue to create valuable content. Join me on this journey through my affiliate link. (© Annie Wegner 2022-Present.)