Breaking with Capitalist Orthodoxy

Three fundamental problems have led to Western capitalism's current weak performance: weak and unstable growth; stagnant living standards and rising inequality; and environmental risk and climate change. A more innovative, sustainable, and inclusive economic system is possible. We need a richer characterization of markets and the businesses within them. We must recognize that investments in technological and organizational innovation, both public and private, are the driving force behind economic growth and development. We must recognize that the creation of economic value is a collective process. This reappraisal of some of the dominant ideas in economic thought can inform new policies that can more successfully tackle the challenges of capitalism today.