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Abstract
The first chapter introduces the authors' goal of interviewing leading figures in business around the globe regarding their insights into the preservation of the free market, taking into account the governmental and cultural impact on the market of each given interviewee. It also begins to explore its core arguments, asserting that the free-market system as it exists today is not sustainable and emphasizing the responsibility of businesses benefiting from this system to ensure its continued function by engaging with internal frameworks and external institutions in novel ways. It also develops a working definition of market capitalism and provides an overview of each of the upcoming chapters. This chapter reviews past economic history and looks at key aspects of the world economy as predicted by the World Bank for 2030. The second half of the twentieth century was one of massive economic growth. The authors attribute this largely to the post-WWII rebuilding, which promoted an internationalist, market-based economy wherever possible to combat the threat of the Soviet Union. This, along with the inception of multiple multinational organizations (the UN, the World Bank, etc), and later the collapse of the Berlin Wall, led to massive economic success. The creation of international trading systems, open economies, and a leap in technological advancement created a complex ecosystem allowing the free market to thrive. Prior to the 2008 financial crisis, the World Bank put forth its predictions for what the 2030 financial landscape may look like, and the overall predictions are still considered largely valid today. Some key takeaways are that growth will likely continue, particularly in developing countries. However, due to varius issues, primarily changes in the workforce, this prosperity will likely not be spread evenly. Additionally, the World Bank suggests that climate change and pollution will become greater obstacles as time goes on. This chapter is excerpted from 'Capitalism at Risk, Updated and Expanded: How Business Can Lead'.
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Abstract
The first chapter introduces the authors' goal of interviewing leading figures in business around the globe regarding their insights into the preservation of the free market, taking into account the governmental and cultural impact on the market of each given interviewee. It also begins to explore its core arguments, asserting that the free-market system as it exists today is not sustainable and emphasizing the responsibility of businesses benefiting from this system to ensure its continued function by engaging with internal frameworks and external institutions in novel ways. It also develops a working definition of market capitalism and provides an overview of each of the upcoming chapters. This chapter reviews past economic history and looks at key aspects of the world economy as predicted by the World Bank for 2030. The second half of the twentieth century was one of massive economic growth. The authors attribute this largely to the post-WWII rebuilding, which promoted an internationalist, market-based economy wherever possible to combat the threat of the Soviet Union. This, along with the inception of multiple multinational organizations (the UN, the World Bank, etc), and later the collapse of the Berlin Wall, led to massive economic success. The creation of international trading systems, open economies, and a leap in technological advancement created a complex ecosystem allowing the free market to thrive. Prior to the 2008 financial crisis, the World Bank put forth its predictions for what the 2030 financial landscape may look like, and the overall predictions are still considered largely valid today. Some key takeaways are that growth will likely continue, particularly in developing countries. However, due to varius issues, primarily changes in the workforce, this prosperity will likely not be spread evenly. Additionally, the World Bank suggests that climate change and pollution will become greater obstacles as time goes on. This chapter is excerpted from 'Capitalism at Risk, Updated and Expanded: How Business Can Lead'.