Tuesday, December 09, 2008

A new kind of capitalism?

The BBC's business editor Robert Peston has produced a report on the causes of the current financial crisis and the likelihood of an emergence of a new kind of capitalism. Eye catching stuff with lines like 'monumental financial folly and 'over-consumption and a high reliance on credit is the cause of crisis'. He writes:
"Arguably the global economic crisis will turn out to be more significant for us and other developed economies than the collapse of communism.

A New Capitalism is likely to emerge from the rubble. And although it’s impossible to be precise about how the reconstructed economy will operate, parts of its outline are taking shape. What lies ahead can be determined from an understanding of what’s gone wrong with the existing model.

This, in itself, is no reason for gloom or despair. For many, the New Capitalism may well seem fairer and less alienating than the model of the past 30 years, in that the system's salvation may require it to be kinder, gentler, less divisive, less of a casino in which the winner takes all."
Read the whole thing here (PDF. 6 pages)

Needless to say, I think a reshaping of the economy is vital and wouldn't it be great if some of the visionaries and architects of a new way of doing business were Christians? There's a thought.


atlanticwriter on 13 December 2008 at 17:18 said...

Wouldn't it be nice if the "new capitalism" emerging from the rubble were fairer and more gentle?

The fact is that without strong structural impediments to limit and restrict the role of global firms, whose shareholder-driven model of business is at the heart of the current collapse, the new capitalism will prove as aggressive and destructive as the current version.

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