Introducing a new model of capitalism
Today we lauch a new series of SPERI Comment blogs which introduce a new model of capitalism. The first one, by SPERI Directors Colin Hay and Tony Payne, lays out the vision behind the series:
‘It is time to move on from the mawkish (if necessary) analysis of the failings of the now infamous Anglo-liberal model of capitalism and from lamenting the absence of new thinking about what might replace it. The moment has arrived when we need to pin some colours to the mast of a new model that will work better in advanced capitalist countries.
This is a bold endeavour, fraught with difficulties, both intellectual and political. But if we don’t try to tackle it we shall have no excuse if we look back in a few years and find that a bastard version of the old model still rules – and that the systemic weaknesses which the crisis exposed remain unresolved and threaten us still’.
In a series of blog posts over the next 3-4 months Hay and Payne will explore the potential characteristics of a new model of capitalism appropriate to Britain and other advanced post-industrial economies, building this new model piece by piece at approximately fortnightly intervals.
The model they propose is namely ‘civic capitalism’:
‘Deploying the word civic in its simplest and most straightforward usage – ‘pertaining to’ and ‘working for’ all of us in society, not just as consumers, or rational egotists, or even voters, but rather as citizens of a democratic polity. In the process of calling for and articulating such an alternative we need to remind ourselves that capitalism can and must be made to work for us. We can no longer be driven by its perceived imperatives and by those who have claimed for far too long – and, as it turns out, falsely – to be able to discern for us what capitalism needs. It is time to ask what capitalism can do for us and not what we can do for capitalism’.