Joan C. Williams, Ro Khanna

The right is starry eyed about the market but coldly realistic about the limitations of government. The left is starry eyed about government but coldly realistic about the limitations of the market. As Churchill once said about democracy, it’s the worst possible system except for all the others. Both the market and the government are deeply flawed tools. But they are all we have.

Joan C. Williams, Ro Khanna

We don’t need to reinvent capitalism. We just need to practice it. That means that corporations that embrace market mechanisms and decry government intervention in the good times should not change the rules when times turn tough. Privatizing profits while socializing risks isn’t capitalism: It’s rigged roulette. Equally important, practicing capitalism does not mean insisting on special treatment from government that benefits shareholders at the … [ Read more ]

Jeremy Darroch

Every business takes from the environment. We get access to resources, roads, infrastructure, and education. So it’s only right that we have a mind-set that we give back, we replenish as well as consume. And we use our voice to try to make a difference.

Martin Reeves, Kevin Whitaker

In the current model of corporate capitalism, each company is treated as an economic island to be optimized individually. While this simplifies management and accountability, it masks the extent of economic and social interdependence between different stakeholders. In contrast, resilience is a property of systems: an individual company’s resilience means little if its supply base, customer base, or the social systems upon which it depends … [ Read more ]

Gregory Mankiw

In the presence of externalities, society’s interest in a market outcome extends beyond the well-being of buyers and sellers who participate in the market; it also includes the well-being of bystanders who are affected indirectly…. The market equilibrium is not efficient when there are externalities. That is, the equilibrium fails to maximize the total benefit to society as a whole.

Ginia Bellafante

Modern capitalism’s fundamental myth is that acquiring money is the equivalent of achieving success.

This economist has a plan to fix capitalism. It’s time we all listened

Mariana Mazzucato has demonstrated that the real driver of innovation isn’t lone geniuses but state investment. Now she’s working with the UK government, EU and UN to apply her moonshot approach to the world’s biggest challenges.

Editor’s Note: Mazzucato also has a couple of interesting TED talks, including this one:

Winston Churchill

Capitalism is the unequal distribution of wealth. Socialism is the equal distribution of poverty.

Martin Parker

The sort of world that is being produced by the market managerialism that the business school sells is not a pleasant one. It’s a sort of utopia for the wealthy and powerful, a group that the students are encouraged to imagine themselves joining, but such privilege is bought at a very high cost, resulting in environmental catastrophe, resource wars and forced migration, inequality within and … [ Read more ]

Martin Parker

Within the business school, capitalism is assumed to be the end of history, an economic model that has trumped all the others, and is now taught as science, rather than ideology.

Martin Parker

In the business school, both the explicit and hidden curriculums sing the same song. The things taught and the way that they are taught generally mean that the virtues of capitalist market managerialism are told and sold as if there were no other ways of seeing the world. […] This combination of ideology and technocracy is what has made the business school into such an … [ Read more ]

Column: What’s Wrong with the Harvard Business School and American Business

Professor emeritus Bruce Scott was a pioneer at the Harvard Business School, where he insisted that management training had to include the big picture, and helped craft the school’s now-mandatory MBA course, Business and Government in the International Economy (known colloquially as BGIE or “Biggie”) back in the 1970s.
 
Harvard Business School is the subject of journalist Duff McDonald’s new book, The Golden Passport, which examines … [ Read more ]

Jeffrey Schwartz, Josie Thomson, Art Kleiner, Adam Smith

The 18th-century economic philosopher Adam Smith, best known for his foundational book The Wealth of Nations, spent his last two decades considering the problem of virtue in capitalism. The vitality of the industrializing world was based on the good faith of energetic, creative people, acting individually. But no human society had ever resisted the temptations of corruption and exploitation. How would capitalism survive? Smith said … [ Read more ]

Bruce Scott

Shareholder capitalism has been an intellectual swindle, on a par with the trickle-down economics of the Reagan era.

Bruce Scott

Completely free markets are not a recipe for prosperity; they are a recipe for plutocracy and corruption, as we are increasingly aware of every day.

Bruce Scott

U.S. capitalism was and mostly still is understood as a natural system and not one that was and is socially constructed by government policy.

[…]

“Free markets” must be one of the most overused expressions in the English language. Stated bluntly, there are no free markets in organized capitalism. All of the so-called freedoms in capitalism are conditional freedoms, and that conditionality is established by, … [ Read more ]

Common Purpose: Realigning Business, Economies, and Society

Today’s economic and political upheavals reflect an ongoing misalignment between business and economies (on the one hand) and acceptable societal outcomes (on the other). There is still time to adjust, if we are willing to reexamine some long-held assumptions.

David Brooks

The sociologist Daniel Bell once argued that capitalism would undermine itself because it encouraged hedonistic short-term values for consumers while requiring self-disciplined long-term values in its workers.

Jonathan Haidt

Dynamism is the drive to work, create, and innovate. It’s the desire to solve problems and do big things. Free market societies bring out dynamism like no other kind of society. But we also know creative destruction can hurt people. That feels wrong. We turn to government to tame capitalism, to make it more decent.