24.1 Harness the power of capitalism in the service of human potential

How can we use finance to maximise human potential?New Magna Carta Medium

How can we evolve capitalism to serve our culture and values holistically?

How can we reward hard work and success without institutionalising inequality?

How can we closely align financial value with holistic human values?

How can we abolish cabals, corruption and closed shops?

How do we get out of recession?

How can we balance our imports and exports?

How do we clear our debts and live within our means?

Is there a way to make welfare, health and social care economically productive?

What types of growth are there other than GDP?

Money, trade, markets, companies, business and investment are powerful tools which can be used for good or evil. Overall, capitalism has been one of the most powerful enablers of human potential in history. It has brought billions of people out of poverty where charity and socialism, however well-meaning, failed. Capitalism has delivered us amazing technologies and services and a standard of living way beyond the dreams of the kings and queens of the past. Nevertheless, unbridled capitalism allows the strong to triumph over the weak, the exploitation of the poor by the rich, and enables those who are clever to live off of the labour of others. Maybe there is a better way than capitalism to organise the world of work, business, transaction and exchange, but no one has yet found it. Let’s keep experimenting, but, in the meantime, work as best we can with what we’ve got. We need to harness the full power of capitalism in service of the full spectrum of values to maximise human potential. We need to experiment with the way the markets work, the way we reward work, the way we measure value, return and reward and the way we structure companies.