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 expense of other stakeholders. And it means treating government as the vital partner to business, one that supports the physical and social infrastructure, and the political stability, that make business possible.
Authors: Joan C. Williams, Ro Khanna
Source: Harvard Business Review
Subjects: Capitalism, Economics