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Evolving Capitalism October 26, 2008

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A significant fall out from the credit crunch has been to put capitalism in the dock. Reading around this from sources such as Greenspan and empirical evidence from the latter part of the 20th century (fall of communism etc.) its pretty evident that its certainly a better model than marxism or any other centrally planned economic model.

The issue is its focus, Schumpeter’s creative destruction based on the consumer taking debt to buy better iPod’s is not the poster child model of where capitalism can get us.

Competition is without doubt the leanest model to drive significant increases in the standard of living and reduce infant mortality etc. Where it bites is once these have reached a reasonable level the focus of spending appears to be on materialistic goods without significant benefit apart from keeping a workforce busy.

How do we build into the capitalist model the philanthropy of supporting worthy causes that move humanity on. Awards such as the X prize and historic measures from the likes of JP Morgan help to drive us on. How can we drive more of this than from an informed few and help humanity move forwards? How can we evolve capitalism?