Saw an interesting documentary on China social credit system. It gives citizens points for good things and deducts points for bad things. Not unlike our finance score, except it is not purely finance related.
In the doco people check potential partners for their social credit score if they could be a suitable match and a good citizen etc. By volunteering time to help others you can gain more points, or untidy garden lose points. This is tied to pensions and government benefits. Lower points less money etc.
If you go bankrupt and owe money, you cant travel like flying etc until its repaid etc.
I am noticing now that the trend is if someone does something bad, that people will distance themselves. The latest is Wisetech and as Ceo is accused of things, so super funds are now wondering if ethical to invest in that company. So not on financial merits but moral , a pseudo social credit system.
About wise techAustralia’s largest superannuation funds are facing scrutiny over their investments in WiseTech Global following emerging allegations against founding chief executive Richard White.
Some of Wisetech’s largest shareholders including AustralianSuper (2.78%), the Future Fund (0.54%), REST and Sun Super, are reportedly evaluating their positions due to ethical concerns.
The superannuation funds, known for their commitment to responsible investing, may now want to reconsider their holdings in the company since White's personal life has come under the spotlight. White is involved in ongoing legal proceedings in the Federal Court regarding allegations of inappropriate behaviour in former relationships.
Interesting documentary to watch it has interesting benefits , but also pitfalls and open for corruption
