Essay 5-Saving Capitalism Literature Review

Saving Capitalism
Author
Institute Affiliation
Saving Capitalism
Capitalism plays a major part in the economic growth of many economies in the world, although many argue that idealism should come first before capitalism as all other aspects that arise from capitalism are first conceived as ideas before actualizing and realizing capitalism (Reinert, & Daastol, 1999). In the spirit of capitalism, there is nothing as a free market. It’s merely a human illusion hence having control over the market could hence prove difficult; hard to regulate even. The market is under the control of different forces making it hard to limit it to government control. Nonetheless, the citizens are the greatest contributors to the economy, be it through production or financial economies. Calls to save capitalism should hence be heeded, and citizens are given and value more than just what they earn. The valuation seems to limit them or constrains their efforts (Alison, 2015) which eventually lowers the rate of productivity; further, given that production and financial capitalism go hand in hand, the productivity of the citizens will have a great impact on the economy.
Production and financial sectors cannot work without the each other hence forming a symbiotic relationship. Production capitalism depends on the performance of financial capitalism, whereas innovations in the financial sector are always accompanied by innovations in production processes (Reinert, & Daastol, 1999). Although some points in the economy, the relationship may seem a little parasitic, much of the relationship is based on a symbiotic relationship.

Hence in saving capitalism, there are a variety of areas to focus, and once one sector is okay, then expect a similar positive impact in the next sector; the production and financial sector for instance. To achieve maximum sustainability as well as enhance the sustainability goal; it’s quite important that the production sector is well taken care of not to mention putting the social welfare at the forefront. Since to produce effectively you need not just the scale of production or goals of production but the social relations as well as the ways of distribution (Liodakis, 2010) also as we save capitalism there is the need to safeguard capitalism from itself. This could be done through settling the negative impact that comes with capitalism, key among them ecological degradation that will eventually be quite detrimental to sustainability. Others include the availability of clean water, quality water just to mention but a few.
Odland places his focus on the investments; where he observes that a reduction in the level of investment more so long-term investment, would result in a significant reduction in innovation. To aid in this and help save capitalism from itself; he proposes that the board gives a helping hand; place a balance (Odland, 2017) to companies such that their long-term goals are supported which will prevent implementing short-term goals that would lead to implementation of strategies that may lead to the fall of the companies. Although there is every need to ensure that growth and sustainability are maintained, it has to be done in the right way through the right channels, why else would anyone put so much work in saving capitalism?
How hard is it to change a system or influence a system? With all the politics this could probably require a lot of public relations and a little bit more convincing for people to adopt an idea. However, in times of crisis, it becomes almost as easy as saying; that’s how fast it could take. During the black Monday, when five thousand plant workers were laid off, the whole community as in agreement that the skill set could be used to build they own firm hence creating jobs for the laid-off workers (Alperovitz, 2011). This was never to be although it was among the best ideas, they had come up with not to mention the great impact this would have had on the economy. Nonetheless, if you put your heart to a course and you are so persistent on pursuing it, then nothing should stop you. Communities are the people who build the nations, the economies hence, their togetherness can change and withstand any force. Take for instance the much force that comes with togetherness, but better still, a healthy population. This translates to a healthy economy since the human power is the main source of production. Hence in striving to save capitalism one could also introduce an entirely new school of thought; regenerative capitalism. This seeks to promote the health of the society, emphasizes on integrity diversity and seeks excellence through encouraging positive competition (Fullerton, 2015). It emphasizes a lot on human needs as it continually seeks to not just support but also adopts the changing environment to organize and collaborate better. Fullerton goes further to explore other principles that will promote a regenerative economy, e.g., viewing wealth holistically, being innovative, adaptive and responsive, honoring the community, empowered participation, and seeking balance among others, which will eventually translate into regenerative capitalism. Through the new strategies, capitalism is given a new face which gives people something to hope for since capitalism isn’t yet fading away but it’s fast evolving to serve people better.
The broader view and perspective of capitalism is the distribution of resources driven by a profit motive (Bottos, 2012) in doing so most people are of the opinion that regulations by the government are not necessary, with the perception of the regulations as weak. However, leaving the market to the control of the insider corporation will only be a stepping stone to their selfish gains since they will not care about creating opportunities for others. Hence, we could save capitalism from capitalist and create a better regime. An injection of some political control would pay a great part in enhancing a level playing field for all. Unlike corporations which seek to eliminate unnecessary competition at all cost, the input of the government, say through regulations and a boost in social cost, a political consensus that favors the market can then be achieved (Hirschler, 2003).
Capitalism is majorly a regime that seeks to promote privatization of most sectors of the economy. This could be expected since the private sector is usually more productive. Nonetheless, with the existence of regimes and in the presence of different government regimes, political influence becomes inevitable. Therefore, a little political control will not hurt capitalism, but rather it will provide an even greater opportunity for it to blossom. As we strive to save capitalism, save it from itself and even from capitalists, let’s allow it to grow and develop as well, since it will come with much more to offer than when it only stands alone. There is power in unity, and a little political help will do capitalism no harm.
References
Reinert, E., & Daastol, M.A. (1999). Production Capitalism vs. Financial Capitalism – Symbiosisand Parasitism. An Evolutionary Perspective: Prolegomenon and Bibliography. SUM- Centre for Development and Environment. Working Paper
Alison, G. (2015). Robert Reich’s Saving Capitalism. New York Times (Online), New York: New York Times Company.
Liodakis, G. (2010). Political Economy, Capitalism, and Sustainable Development. Sustainability Journal, 2, 2601-2616.
Odland, S. (2017). Saving Capitalism from Itself: Conversations. The Corporate Board, 32.
Alperovitz, G. (2011). America beyond capitalism. Economic Pluralism, 129.
Fullerton, J. (2015). Regenerative capitalism: How universal principles and patterns will shape our new economy. Capital Institute: Future of Finance Publication. Accessed November 1, 2015.
Bottos, K. (2012). Saving Capitalism from Capitalists. Public Finance Quarterly, 1, 140-147.
Hirschler, V. (2003). Transition. The Newsletter About Reforming Economies- World Bank, 14, 7-9.