Are Themis Ecosystem and OIX Better Answers to Shareholder Capitalism Than President Biden’s Suggestion?

In 1970, Nobel laureate Milton Friedman announced his remarkable essay. The headline in the New York Times Magazine article read: “The social responsibility of business is to increase its profits.” Said another way, money is the most – if not only – important indicator.

The thesis widely popularized so-called shareholder capitalism. The corporate CEOs work for owners of the business. They have a direct responsibility to their employers, that is, shareholders. In short, the task of the CEO is to make owners rich.

No space for other improvements. From a workable perspective, the proposition even suggests that demanding business leaders to make society better is “beyond their competence and ability.”

So, they are neither capable nor competent to increase employees’ wages, care about the environment, improve working conditions, etc. Much less they care about customers.

Often, this is not the CEO’s choice at all. They got guidelines they must follow. It is the game of: “Cut expenses, make a profit, fire some people. Or you will be fired and replaced.”

Ethical approaches? Carbon emissions reduction? Workers’ satisfaction at work? Not priority.

President Biden, among others, doesn’t support shareholder capitalism

But not everyone agrees. Not anymore, at least. In a speech in July 2020, president Joe Biden said: “(And) the days of Amazon paying nothing in federal income tax will be over. Let’s make sure their workers have power and a voice; it’s way past time we put an end to the era of shareholder capitalism.”

He continues that the idea that the only responsibility a corporation has is with shareholders is “an absolute farce.” The leaders have a responsibility to employees, the community, and the country. These are, he says, basic values and principles.

Is this a rise of democratic capitalism?

Another subject that retreated from shareholder capitalism is The Business Roundtable (BR), an association of CEOs of many of America’s leading companies. As per their description, they “lead companies that support 37 million American jobs, generate $10 trillion in sales activity, and account for 24% of US GDP.”

In august 2019, the BR released a Statement on the Purpose of a Corporation. One hundred eighty-one members signed it. The premise was to “commit to lead their companies for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders.”

A month ago, an annual World Economic Forum (WEF) was held in Davos. It is known for advocating the rise of democratic capitalism, where profit is made with a purpose. The goal of the members is to improve the world.

The idea goes hand in hand with the United Nations’ environmental, social, and corporate governance (ESG) criteria and Sustainable Development. It departs from current capitalism, where only a few enjoy success.

The plan is to take control of the corporations and put the businesses under external control. This includes greater involvement of governments and non-governmental organizations. Thus, private interest would increasingly turn into public interest.

But this is only the plan. The possibility, not even probability. A lot of talking with very little progress. “The dogs bark, but the caravan goes on,” intelligent people comment, observing the situation from the side.

Conflict of interests for small investors

On the other hand, employees work hard to make their wages. When they save some money, where should they invest it? In stocks, of course. But which ones?

Unfortunately, they don’t have much choice. Because every dollar counts, they invest in the most profitable companies. A lot of times, they don’t even choose them. Their broker does all the work. “Just buy something that will go up,” they define their conditions when the broker asks them what to buy.

A few of them add: “… but choose only the ethical companies that treat employees well, fight climate change, and overly care about people and the planet.”

Many people genuinely care for others, animals, and the Earth. But when it comes to investing, they don’t have the privilege of choosing a moral, ethical company that generates less profit than others.

Like it or not, these people end up supporting companies they don’t sympathize with. Furthermore, they strengthen these companies to the detriment of ethical ones. The biggest ones get bigger, and the good ones get smaller.

Themis Ecosystem and Online Industrial Exchange to rescue

Fortunately, the answer might already be here. There is one project going on in Europe called the Themis Ecosystem. It is, indeed, an all-in-one solution for the problems mentioned above.

The project consists of many parts. The most important are the “drivers,” the e-voucher named Industrial Token or iTo, and the commodity exchange OIX (Online Industrial Exchange). It is not a crypto or similar project, as somebody might think at first glance.

It is a highly sophisticated, tangible, all-in-one industrial-environmental-assets ecosystem. It is economically proven and enables a new green deal for all.

“Drivers” are selected green and high-tech technologies that solve the most pressing global problems. They come from IT, medicine, waste management, energy, housing, food and nutrients, etc. They must meet very demanding conditions, function ethically and already make profits. They must operate green-way and help reduce CO2. They must uniquely solve a big problem so their solution will be in demand for at least a few decades. They also must have scaling potential, and owners must be willing to issue e-vouchers (iTos), offering them directly to supporters.

E-voucher represents the technology’s final product – green electricity, for example – and a portion of overall CO2 reduction. So when supporters buy one Industrial Token, they get a tiny part of a final product and a part of carbon emissions reduction.

That way, supporters participate in innovative but proven projects, help reduce CO2, and – if the price of iTo goes up and they decided to sell iTos – make money.

The third part is commodity exchange or OIX. It works as raw material exchange, except it operates with a new “measurement unit,” an e-voucher called Industrial Tokens.

One of the significant advantages of OIX is direct contact between technologies, the environment, and supporters. Everyone can participate in the growth and expansion of the “drivers” without middlemen and commissions and help reduce CO2 gas on the way.

“This is the way the modern economy should work,” explained Roberto Hroval, the founder of Themis Ecosystem. “Everyone should have a chance to support green, ethical, and profit-making technologies of the future. Our job is to select them, put them to the test, and prepare an environment.”

The latter confirms the price of the first iTo they issued a few years ago, the PP8 iTo. From US $0,20 went up to US $10,02. It is huge growth – in times when many even good projects struggle.

Unfortunately, the gigantic, multi-billion project Themis Ecosystem is not available in the US yet. They are in the middle of building the first factory that will produce green electricity in the EU. “But we have plans to expand to the US,” promised Roberto Hroval.