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Capitalism is in trouble – at least judging by recent polls.
A majority of American millennials reject the economic system, while 55% of women age 18 to 54 say they prefer socialism. More Democrats now have a positive view of socialism than capitalism. And globally, 56% of respondents to a new survey agree "capitalism as it exists today does more harm than good in the world."
One problem interpreting numbers like these is that there are many definitions of capitalism and socialism. More to the point, people seem to be thinking of a specific form of capitalism that deems the sole purpose of companies is to increase stock prices and enrich investors. Known as shareholder capitalism, it's been the guiding light of American business for more than four decades. That's what the survey meant by "as it exists today."
As a scholar of socially responsible companies, however, I cannot help but notice a shift in corporate behavior in recent years. A new kind of capitalism seems to be emerging, one in which companies value communities, the environment and workers just as much as profits.
The latest evidence: Companies as diverse as alcohol maker AB InBev, airline JetBlue and money manager BlackRock have all in recent weeks made new commitments to pursue more sustainable business practices.
[...] A 2017 study showed that many companies with climate change goals actually scaled back their ambitions over time as the reality clashed with their lofty goals.
But businesses can't afford to ignore their customers' wishes. Nor can they ignore their workers in a tight labor market. And if they disregard socially responsible investors, they risk both losing out on important investments and facing shareholder resolutions that force change.
The shareholder value doctrine is not dead, but we are beginning to see major cracks in its armor. And as long as investors, customers and employees continue to push for more responsible behavior, you should expect to see those cracks grow.
(Score: 2) by pkrasimirov on Friday January 24 2020, @04:34PM (16 children)
> One problem interpreting numbers like these is that there are many definitions of capitalism and socialism.
^^ this.
(Score: 5, Insightful) by ilPapa on Friday January 24 2020, @06:26PM (13 children)
Not really. The discussion is about capitalism, and the only definition of capitalism that matters is the system we have now.
Pretending that there's some more "pure" capitalism that would totally work great but we don't use it is a losing argument.
When Karl Marx wrote his big book, he laid out in clear and certain terms exactly what terminal capitalism looks like, and that's exactly what we have now. It's too late to save. Capitalism has run its course. Now the only question is how long will we make people suffer while we flog this dead horse.
You are still welcome on my lawn.
(Score: 3, Insightful) by Anonymous Coward on Friday January 24 2020, @06:33PM
No, it doesn't look exactly like that.
Karl Marx wrote within a specific timeframe, regarding a specific society, with the built-in assumptions that do not even apply any more. Adding on to that, his swallowing of Hegel's notions of historic progress (since roundly and rudely debunked) meant that his analyses were equally suspect.
Where Marx had his big wins were on things like analysis of collective and individual power. His analysis of capital (based on ricardian notions) was wide of the mark.
But Marx has a lot of fanbois these days, so I keep reading ill-informed nonsense like this.
(Score: 0, Flamebait) by The Mighty Buzzard on Friday January 24 2020, @08:00PM (1 child)
That's fine. The only definition of socialism that matters is what the Germany had then.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Friday January 24 2020, @08:13PM
Did you address your fake news journal post yet?
(Score: 1) by khallow on Friday January 24 2020, @09:12PM (5 children)
(Score: 2) by ilPapa on Saturday January 25 2020, @02:51PM (4 children)
OK, if you say so, but there's only one system that we currently have, and it's end-stage capitalism and cannot be saved.
You are still welcome on my lawn.
(Score: 1) by khallow on Saturday January 25 2020, @09:08PM
Corporations which have nothing to do with the state even for trading their stock, don't have to care about NY regulations.
Meanwhile Louisiana has a culture of deep, local corruption, and Wyoming is a frontier sort of capitalism, with relatively poor access to capital.
(Score: 1) by khallow on Sunday January 26 2020, @12:50PM (2 children)
Except by restoring it to early-stage capitalism. This is not rocket science.
(Score: 2) by ilPapa on Monday January 27 2020, @04:46AM (1 child)
It's a one-way street. You can't put the genie in the bottle. Capitalism ends in economic and social cancer, it's inevitable.
You are still welcome on my lawn.
(Score: 1) by khallow on Monday January 27 2020, @04:56AM
Sure you can. You just need to get serious about it. Rule of law is a great place to start.
(Score: 3, Insightful) by Anonymous Coward on Friday January 24 2020, @10:51PM (3 children)
Anybody can point out imperfections. Marx did.
Inventing something better is far more difficult. Marx failed. His nonsense assumes a world in which human nature is somehow mysteriously changed. Attempting to follow his advice has killed well over 100 million people, and it would be foolhardy to try yet again. The deaths come from poverty, enforcement, and the fact that centralized control allows bigger mistakes.
The only economic systems worse than capitalism are ALL OF THE REST. Nothing else is better. Accept it before you cause more needless death.
(Score: 3, Interesting) by Azuma Hazuki on Saturday January 25 2020, @12:27AM (2 children)
I'd been telling people for years that Marx's problem is that he's a natural critic...which means he's spot-on about the problems, but Ishtar add preservatives to you if you follow his proposed solutions. Some people excel at either creation or destruction, and to ask for creation from a master destroyer or destruction from a creator/trix is foolish.
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Saturday January 25 2020, @05:46AM (1 child)
Who is Trix?
(Score: 2, Informative) by khallow on Saturday January 25 2020, @09:16PM
(Score: 2) by ElizabethGreene on Friday January 24 2020, @06:31PM (1 child)
Agreed. Between shifting definitions and the acute lack of true Scotsmen it's very difficult to have a discussion on the topic.
(Score: 1) by fustakrakich on Friday January 24 2020, @09:06PM
Damn Scots! They ruined Scotland!
La politica e i criminali sono la stessa cosa..