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Market Capitalism Should Benefit the Many, Not Just the Few

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Market Capitalism Should Benefit the Many, Not Just the Few

Can 2017 Be the Year We Finally Make It Happen?

World Economic Forum,

5 min read
5 take-aways
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How can society extend economic prosperity in advanced economies beyond the 1%?

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Editorial Rating

8

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Recommendation

Across the developed world, elected leaders are grappling with economic and political upheavals. Tumultuous events such as Brexit, the 2016 US presidential election and European populist turmoil demonstrate that many citizens feel betrayed by their governments’ failure to deliver across-the-board economic progress. Trade union expert John Evans explains the forces behind the current malaise. He points to the need for government-centric solutions to reduce high structural unemployment and shrink income inequality gaps to reignite economic expansion. getAbstract recommends Evans’s insightful article to policy makers, executives and investors interested in exploring ways to achieve robust economic revival.

Summary

The 2008 global financial crisis and its weak recovery unleashed a torrent of citizen concern about high unemployment, low growth, income inequality and globalization. In 2016, voters in the United Kingdom, the United States and the euro zone delivered powerful messages of anger and dissatisfaction about the state of their economic well-being to their government officials. Low-interest-rate monetary policies alone have proven inadequate to lift GDP growth, especially in countries pursuing austerity measures. And globalization appears to be failing to bring about both economic growth...

About the Author

John Evans is the general secretary of the OECD’s Trade Union Advisory Committee.

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    A. J. 6 years ago
    The elected are not self-appointed (if the instituted systems of democratic exercise of rights that supposedly elected them into position are to be believed). These general "public" servants need to handle the basics set out by various Constitutions and get out of the way of the people they claim to serve. Their imbalanced micro-managing (in favour of narrow/extreme ideologies) has resulted in corporate fascism.
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    T. G. 7 years ago
    It is this kind of thinking that has hindered free enterprise. The idea that the government needs to balance out income equality is simply Marxist warmed over. There really is no such thing as income inequality. Check out Thomas Sowell.