In modern capitalism, two primary entities sustain the economy: the Ministry of Finance and the Central Bank. As the Ministry issues government bonds and the Central Bank purchases them, liquidity flows from the government to corporations and the private sector. While some of this money enters the real economy, the majority pours into asset markets. Consequently, the growth rate of asset values rises exponentially, far outpacing the growth rate of individual income. When asset bubbles and inflation occur, the government implements contractionary policies—such as reducing liquidity and raising interest rates. Once the economy recovers, they expand liquidity once again. This cycle repeats throughout history. However, burdened by a century of astronomical debt held by central banks, the modern economic system may have already reached the end of its lifespan.
During the COVID-19 era, more money was injected into the market than at any other time in the history of central banking. Watching the prices of gold and real estate soar two to three times over just six years, individuals who could not include these in their asset portfolios were “left behind” overnight. This is not an isolated event in one country. Observing the capital gains earned by those investing in major buildings in global cities makes one reflect on what is truly valuable. Individuals who have amassed high capital gains use that wealth to buy the labor of others. As time passes, they gain the power to buy more and more of other people’s time.
Ultimately, if we ask what is most valuable in capitalism, the answer is individual time.
In his renowned book WEIRD, Joseph Henrich analyzes the origins of modern Western society from anthropological and psychological perspectives. He explains that while most historical societies were centered on “kinship, lineage, and relationships,” WEIRD societies evolved to focus on “the individual, principles, and achievement.”
While this heightened “individual autonomy,” without a solid economic foundation, such autonomy can devolve into isolation. Those with established physical assets enjoy social capital in physical spaces. In contrast, individuals with fewer assets retreat into the online world, where they can find maximum stimulation at a minimum cost. This can be seen as the “spatial fragmentation” that occurs when the individualism championed by WEIRD societies meets poverty.
Modern individuals are being driven into cramped rooms and lives without living rooms, spending increasing amounts of time in the illusions of the online world. Thus, spatial constraints inevitably lead to experiential constraints. As seen in meritocratic societies, individuals receive high-quality education from a young age to increase their productivity and skills. Nevertheless, if income growth cannot significantly surpass asset growth during one’s youth, that individual’s time becomes subordinated to others, and their living space remains trapped online.
Unless we create our own momentum to defy the massive currents of modern capitalism, the opportunity and freedom to lead a subjective life and enjoy new experiences will only continue to vanish.
We live in an era where the speed of capital accumulation overwhelms individual growth. Yet, we know that one can never truly be the protagonist of their own life while living on subordinated time and within online illusions.
Oneck was born from the desire to help individuals regain their “subjective momentum” in this vast tide of capitalism, by designing their own experiences and engaging in dense, meaningful encounters with the physical world. For a generation that has lost its physical living room, what is needed is not a wider screen, but a real experience that awakens the senses. Oneck envisions a world where your precious time is not consumed as a tool to build someone else’s capital, but rather serves as the nourishment for your own growth.
This leads us to one fundamental truth:
Ultimately, the most valuable asset in capitalism is individual time.
How will you choose to fill yours with meaningful experiences?