Most people understand the importance of the ballot box and the Liberty Bell, as the two go hand-in-hand. Perhaps it’s time someone develops a computer driven Dollar Bell, so consumers can also vote with their wallets. Purchasing activism would help the common person hold companies and politicians accountable by rewarding or penalizing them based on principle. Consequently, they would either hear the ding, ding, ding of incoming dollars or suffer silent disapproval.
One person voting with their wallet is barely significant when the wealthy can easily offset individual purchases. To be effective, voting with your wallet MUST resonate with the masses. A grassroots consumer boycott can be extremely powerful, and regardless of one’s political posture, we’ve all witnessed the recent impact on Budweiser, Starbucks and Coca Cola.
Historically, there are many examples of successful boycotts. In 1791, after the English Parliament refused to abolish slavery in sugar plantations, thousands of pamphlets were distributed and sugar sales dropped by up to 50%. Just the threat of a boycott against Apartheid in South Africa persuaded the diamond industry to tackle human rights abuses. Imagine the possibilities available to us in the information age we live in. Everyone walks around with a smartphone and can make immediate and informed decisions daily.
“A recent survey from LendingTree states that a quarter of Americans are already boycotting a product or company they had spent money on in the past. Whether because of political differences, or stances on social issues, or concerns about environmental impact, people are expressing themselves not only with their voices, but with their wallets.” A savvy investor could connect the dots and take this process to a pivotal conclusion.
Politicians can’t get elected without financial support. Less money for companies and institutions that are not in step with voter preferences means less money for the politicians they keep in their pockets. Someone is going to eventually make a voting with your wallet website happen in a big way. It would behoove some group or individual to be the first out of the gate. Just ask Burger King.
Utilizing political action committees, profit-minded shareholders work tirelessly to dominate the marketplace and the consumer by any means possible. Financial coercion has already been demonstrated at the very top, as Blackrock, the world’s largest institutional investor, said it would no longer do business with companies that won’t articulate their social position. But undeniably, there are millions upon millions more consumers than there are shareholders. An easy-to-use, nonpartisan and centralized website could become a profoundly influential tool for conscientious voters. Who is going to raise this standard?
By Marjan, Author of 600 Devils and Fasting Firepower. Additional articles and videos can be found at www.marjanbooks.com.
