Why Capitalism Needs a Reset Now

A number of global trends have converged to create an urgent need to recreate our economic system. What this new system will look like is still unclear.

In an earlier blog post we discussed the need to build back better as part of the Covid19 recovery plan. The process of building back better involves creating a new breed of capitalism, one that measures success not just through economic growth, but through other elements that improve well-being, such as job quality, housing, health and an overall improved sense of wellness for all.

The econoic doctrine of Milton Freeman — which stated that businesses’ only responsibility was to use its resources and engage in activities designed to increase its profits — has led to the destruction and degradation of the earth’s resources, including perhaps its most precious resource of all — humans. This can no longer be the doctrine that Corporate America adheres to if we want to thrive and prosper as a species and survive as a planet.

There are currently a number of global trends converging to create urgency on the movement to reset capitalism, which include the following:

  • Climate change : Left unaddressed, climate change will leave the world less sustainable and species (including humans) more in peril than ever before

As we work on building a new breed of capitalism, we don’t pretend to currently know exactly how it will take shape or what it will look like. But we do know that it needs to be a system where other indicators of success, happiness, and well-being for all are valued just as much as the almighty dollar.

We’d love to hear your thoughts on how we can begin to reset capitalism. Share in the comments below.

Written by Jill Mersereau for Riddl

Originally published at https://riddl-tech.medium.com on July 21, 2021.

Marketing Consultant, Writer, Athlete, Outdoor Enthusiast, & Adventurer

Marketing Consultant, Writer, Athlete, Outdoor Enthusiast, & Adventurer