Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘capitalism’

What Kind of Capitalism Do We Want?  

Posted by hkarner - 3. Dezember 2019

Date: 02‑12‑2019

Source: Project Syndicate by Klaus Schwab

Klaus Schwab is Founder and Executive Chairman of the World Economic Forum. 

Though the concept of „stakeholder capitalism“ has been around for a half‑century, it has only recently begun to gain traction against the prevailing shareholder‑primacy model of profit maximization. Now, advocates of a more socially conscious economic system must take steps to ensure that their vision takes hold for the long term.

GENEVA – What kind of capitalism do we want? That may be the defining question of our era. If we want to sustain our economic system for future generations, we must answer it correctly.

Generally speaking, we have three models to choose from. The first is “shareholder capitalism,” embraced by most Western corporations, which holds that a corporation’s primary goal should be to maximize its profits. The second model is “state capitalism,” which entrusts the government with setting the direction of the economy, and has risen to prominence in many emerging markets, not least China.

But, compared to these two options, the third has the most to recommend it. “Stakeholder capitalism,” a model I first proposed a half‑century ago, positions private corporations as trustees of society, and is clearly the best response to today’s social and environmental challenges. Den Rest des Beitrags lesen »

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A scholar of inequality ponders the future of capitalisma

Posted by hkarner - 4. November 2019

Date: 03-11-2019
Source: The Economist: Free exchange

Branko Milanovich’s new book asks whether it is liberal or illiberal

When communism fell, that was supposed to be that. History would continue, but arguments about how to organise society seemed to have been settled. Yet even as capitalism has strengthened its hold on the global economy, history’s verdict has come to seem less final. In a new book, “Capitalism, Alone”, Branko Milanovic of the Stone Centre on Socioeconomic Inequality at the City University of New York argues that this unification of humankind under a single social system lends support to the view of history as a march towards progress. But the belief that liberal capitalism will prove to be the destination has been weakened by financial and political dysfunction in the rich world, and by the rise of China. Its triumph cannot be taken for granted.

Mr Milanovic outlines a taxonomy of capitalisms and traces their evolution from classical capitalism before 1914, through the social-democratic capitalism of the mid-20th century, to “liberal meritocratic capitalism” in much of the rich world, in particular America. He contrasts this with the “political capitalism” found in many emerging countries, with China as the exemplar. These two capitalistic forms now dominate the global landscape. Their co-evolution will shape world history for decades to come. Den Rest des Beitrags lesen »

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How to Rethink Capitalism

Posted by hkarner - 2. Oktober 2019

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with Jonathan Gruber, of Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream.

The 2008 financial crisis, together with failed efforts to combat climate change and sharply rising inequality, has frayed the neoliberal consensus that has prevailed in the United States and much of the West for more than two generations. Three issues must be considered in weighing what comes next.

WASHINGTON, DC – The United States Business Roundtable, an organization of CEOs of large US companies, recently issued a statement that caused quite a stir in some circles. Rather than focusing primarily or exclusively on maximizing shareholder value, America’s corporate titans argued, companies should attach more weight to the wellbeing of their broader stakeholder community, including workers, customers, neighbors, and others. 

As CEOs of large companies are hired and fired mostly on the basis of their contributions to profits, such statements merit a certain amount of cynicism. Unless and until incentives created by financial markets change, we should expect the short-term profit motive to prevail.The Business Roundtable’s views are part of broader attempts to reimagine capitalism – the topic now of high-profile courses at Harvard Business School, Brown University, and elsewhere. In his recent book The Economists’ Hour, Binyamin Appelbaum, an influential New York Times journalist, argues that economists are to blame for tilting too much of the world excessively toward profits. Den Rest des Beitrags lesen »

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Is Stakeholder Capitalism Really Back?

Posted by hkarner - 29. August 2019

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. He is the author, most recently, of People, Power, and Profits: Progressive Capitalism for an Age of Discontent (W.W. Norton and Allen Lane).

We will have to wait and see whether the US Business Roundtable’s recent statement renouncing corporate governance based on shareholder primacy is merely a publicity stunt. If America’s most powerful CEOs really mean what they say, they will support sweeping legislative reforms.

NEW YORK – For four decades, the prevailing doctrine in the United States has been that corporations should maximize shareholder value – meaning profits and share prices – here and now, come what may, regardless of the consequences to workers, customers, suppliers, and communities. So the statement endorsing stakeholder capitalism, signed earlier this month by virtually all the members of the US Business Roundtable, has caused quite a stir. After all, these are the CEOs of America’s most powerful corporations, telling Americans and the world that business is about more than the bottom line. That is quite an about-face. Or is it?

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Demographic Decline and the End of Capitalism as We Know It

Posted by hkarner - 19. August 2019

Date: 16-08-2019
Source: Foreign Affairs By Zachary Karabell
Subject: The Population Bust

For most of human history, the world’s population grew so slowly that for most people alive, it would have felt static. Between the year 1 and 1700, the human population went from about 200 million to about 600 million; by 1800, it had barely hit one billion. Then, the population exploded, first in the United Kingdom and the United States, next in much of the rest of Europe, and eventually in Asia. By the late 1920s, it had hit two billion. It reached three billion around 1960 and then four billion around 1975. It has nearly doubled since then. There are now some 7.6 billion people living on the planet.

Just as much of the world has come to see rapid population growth as normal and expected, the trends are shifting again, this time into reverse. Most parts of the world are witnessing sharp and sudden contractions in either birthrates or absolute population. The only thing preventing the population in many countries from shrinking more quickly is that death rates are also falling, because people everywhere are living longer. These oscillations are not easy for any society to manage. “Rapid population acceleration and deceleration send shockwaves around the world wherever they occur and have shaped history in ways that are rarely appreciated,” the demographer Paul Morland writes in The Human Tide, his new history of demographics. Morland does not quite believe that “demography is destiny,” as the old adage mistakenly attributed to the French philosopher Auguste Comte would have it. Nor do Darrell Bricker and John Ibbitson, the authors of Empty Planet, a new book on the rapidly shifting demographics of the twenty-first century. But demographics are clearly part of destiny. If their role first in the rise of the West and now in the rise of the rest has been underappreciated, the potential consequences of plateauing and then shrinking populations in the decades ahead are almost wholly ignored.

The mismatch between expectations of a rapidly growing global population (and all the attendant effects on climate, capitalism, and geopolitics) and the reality of both slowing growth rates and absolute contraction is so great that it will pose a considerable threat in the decades ahead. Governments worldwide have evolved to meet the challenge of managing more people, not fewer and not older. Capitalism as a system is particularly vulnerable to a world of less population expansion; a significant portion of the economic growth that has driven capitalism over the past several centuries may have been simply a derivative of more people and younger people consuming more stuff. If the world ahead has fewer people, will there be any real economic growth? We are not only unprepared to answer that question; we are not even starting to ask it. Den Rest des Beitrags lesen »

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Was Amerika über den Kapitalismus wissen muss

Posted by hkarner - 16. Juli 2019

Clair Brown

Clair Brown is Professor of Economics and Director of the Center for Work, Technology, and Society at the University of California, Berkeley, and the author of Buddhist Economics: An Enlightened Approach to the Dismal Science.

Simon Sällström is the research coordinator for the Sustainable Shared-Prosperity Policy Index (SSPI) at the University of California, Berkeley.

BERKELEY – Die derzeitigen Bewerber für die US-Präsidentschaftswahl 2020 machen eine Vielzahl wirtschaftspolitischer Vorschläge, die entweder als marktwirtschaftlich oder als sozialistisch beschrieben werden. Diese Etiketten sorgen in der amerikanischen Öffentlichkeit häufig für Verwirrung. Insbesondere wird der Begriff „Kapitalismus“ weithin – und fälschlicherweise – als Synonym für freie Märkte aufgefasst. Tatsächlich umfasst dieser Begriff alle wirtschaftlichen Systeme, in denen es Privateigentum gibt – von der freien Marktwirtschaft bis hin zur Sozialdemokratie.

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If capitalism is broken, maybe it’s fixable

Posted by hkarner - 10. Juli 2019

Date: 10-07-2019
Source: The Economist

A book excerpt and interview with Joseph Stiglitz, a Nobel laureate in economics and author of “People, Power and Profits”

FOR DECADES Joseph Stiglitz has argued that globalisation only works for a few, and government needs to reassert itself in terms of redistribution and regulation. Today the sources of his ire have grown more dire. Wealth inequality has become a hot-button political issue just as populists are on the march.

In Mr Sitglitz’s latest book, “People, Power, and Profits: Progressive Capitalism for an Age of Discontent,” he expands on his left-of-centre economic prescriptions. He believes that capitalism’s excesses can be tamed by the state providing a “public option” in areas like health care or mortgages when the market flounders.

As part of The Economist’s Open Future initiative, we conducted a short, written interview with Mr Stiglitz about his ideas. It is followed by an excerpt from his book, on what he calls “the transition to a postindustrial world.”

* * *

The Economist: You argue that right-wing populists aren’t wrong—capitalism is indeed rigged. How so? Den Rest des Beitrags lesen »

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The new left economics: how a network of thinkers is transforming capitalism

Posted by hkarner - 28. Juni 2019

Date: 29-06-2019
Source: The Guardian By Andy Beckett

After decades of rightwing dominance, a transatlantic movement of leftwing economists is building a practical alternative to neoliberalism.

For almost half a century, something vital has been missing from leftwing politics in western countries. Since the 70s, the left has changed how many people think about prejudice, personal identity and freedom. It has exposed capitalism’s cruelties. It has sometimes won elections, and sometimes governed effectively afterwards. But it has not been able to change fundamentally how wealth and work function in society – or even provide a compelling vision of how that might be done. The left, in short, has not had an economic policy.

Instead, the right has had one. Privatisation, deregulation, lower taxes for business and the rich, more power for employers and shareholders, less power for workers – these interlocking policies have intensified capitalism, and made it ever more ubiquitous. There have been immense efforts to make capitalism appear inevitable; to depict any alternative as impossible. Den Rest des Beitrags lesen »

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The World Is Running Out of Time

Posted by hkarner - 25. Juni 2019

Date: 23-06-2019
Source: by Bertrand Badré, Neweurope.eu

Bertrand Badré, a former Managing Director of the World Bank, is CEO of Blue like an Orange Sustainable Capital. He is the author of Can Finance Save the World?

For decades, most of the major economies have relied on a form of capitalism that delivered considerable benefits. But systems do not work in isolation. Eventually, reality asserts itself: global trade tensions reemerge, populist nationalists win power, and natural disasters grow in frequency and intensity.

WASHINGTON, DC – In 2015, the international community launched a renewed effort to tackle collective global challenges under the auspices of the United Nations Sustainable Development Agenda and the Framework Convention on Climate Change (COP21). But after an initial flurry of interest, the progress that has been made toward achieving the Sustainable Development Goals and tackling climate change has tapered off. Around the world, many seem to have developed an allergy to increasingly stark warnings from the UN and other bodies about accelerating species extinctions, ecosystem collapse, and global warming.

Now is not the time to debate whether progress toward global goals is a matter of the glass being half-full or half-empty. Soon, there will no longer even be a glass to worry about. Despite global news coverage of civic and political action to address our mounting crises, the underlying trends are extremely frightening. In recent months, the Intergovernmental Panel on Climate Change (IPCC) has marshaled overwhelming evidence to show that the effects of global warming in excess of 1.5C above preindustrial levels will be devastating for billions of people around the world. Den Rest des Beitrags lesen »

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Kapitalismus: Aus dem Gleichgewicht

Posted by hkarner - 18. Juni 2019

Date: 17-06-2019
Source: Die Zeit: Ein Essay von Wolfgang Merkel

Der Kapitalismus agiert heute schneller als die Demokratie, das goldene Zeitalter der fruchtbaren Koexistenz beider Systeme ist abgelaufen. Wie konnte es so weit kommen?

Kapitalismus: „Das Finanzkapital ist auf den Fahrersitz gesetzt worden“ (George Soros 1998)

Wolfgang Merkel ist Direktor der Forschungsabteilung Demokratie und Demokratisierung am Wissenschaftszentrum Berlin für Sozialforschung (WZB) und Professor für Politikwissenschaft an der Humboldt-Universität zu Berlin.

Kapitalismus und Demokratie sind heute höher entwickelt denn je. Gleichzeitig sind sie fragiler und verwundbarer geworden. Die Balance zwischen Politik und Ökonomie ist aus dem Gleichgewicht geraten. Ein Rückblick auf die Entwicklung und drei Thesen sollen verdeutlichen, wie es dazu kam. Den Rest des Beitrags lesen »

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