New SPERI Paper published: Civic Capitalism by Colin Hay & Tony Payne

Civic Capitalism
We are delighted to publish today SPERI Paper No. 12 which has been written by SPERI’s Directors, Professors Colin Hay and Tony Payne.  It is called Civic Capitalism and comes as close as SPERI will ever be to presenting a kind of ‘manifesto’ for the research of the institute.

In the paper Hay and Payne argue that it is time now to move on from the analysis of the failings of the now infamous Anglo-liberal model of capitalism to begin to outline a new model that will work better in advanced capitalist societies.  They argue that such a model is best described as Civic Capitalism, deploying the word civic in its simplest and most straightforward sense – ‘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.

Building from a critique of the failed Anglo-liberal model, SPERI’s Directors identify nine different features of the new model that range over issues of ideology, the role of the state, the regulation of markets, the promotion of sustainable development, the idea of social quality, the redress of inequality and the reform of global governance.  They thus seek to piece together a picture of a new model of Civic Capitalism frame by frame in a cumulative and ultimately coherent fashion.

The paper was developed out of a series of posts that Colin and Tony wrote for SPERI Comment over the past few months.  It is hoped to develop the paper into a short book, with comments on the argument being advanced from other prominent political economists, to be published in the autumn in the SPERI Palgrave Pivot series.

In the meantime, the paper can be downloaded now by clicking on the following link: SPERI Paper No.12