Society will slowly evolve from the old capitalism that was designed to produce more and more products to satisfy a hungry world to a new form of capitalism designed to provide a sustainable outcome for individuals, society and the natural world leading to greater prosperity across the global community. This will inevitably lead to a greater society well-being and the various measures of individual quality-of-life will see significant growth over the next few decades. As this realization sets in more and more companies and individuals will shift their strategies from the old to these revised principles of new-capitalism.
The new capitalism requires accounting for the full range of costs in the production and consumption function to account for any social and environmental costs as well. Companies will put more emphasis on purpose rather than profit as they restructure their company's contribution to a new societal well-being. This new emphasis ensures the products and services that are produced obtain a materially better outcome for society and will lead to greater success for the company in the new capitalism era. Such companies will have a greater tendency to extend the cycle of the value chain (utilization of components to end-of-life) making a greater contribution to the new reality. As the company recognizes that the things they produce get enhanced the more they are employed then the greater the company's contribution to well-being. Consensus indicators will be developed and employed to measure and report on the progress of goal attainment of the significant components of overall well-being.
The theory behind this new-capitalist order could be stated in propositional form as:
Umair Haque in his recent book The New Capitalist Manifesto offers up an interesting insight into a post capitalist era.
“Prosperity on an ark differs radically from prosperity in a game reserve. In our metaphor of yesterday’s capitalism as a game reserve, economic institutions were built to organize daily hunting most efficiently. They matched the swiftest, most powerful hunters to the biggest game to generate prosperity. But if the rules of hunting are to manage an ark, the result will be repeated crisis and eventual collapse. In big, empty, stable worlds, hunters can borrow benefits and shift costs with abandon, accumulating deep debt. Throw your bones away here. It doesn’t matter. If you kill off this kind of fish, well, there’s another in the next pond. Need cash? Capture some loot from the next tribe. It’s not like you trade with them anyway. But in a tiny crowded fragile ark, everything counts. There’s no one left to borrow benefits from or shift costs to: the destinies are all inextricably interdependent. Prosperity – or its nemesis, crisis – accrues to everyone.… Here then is the predicament the global economy is in today. We’re using rules built for hunting to manage an ark, but that approach to prosperity is past its sell-by date….twentieth century institutions aren’t fit for twenty-first century economics. They are a poor match for a tiny, crowded, and fragile world. The world has changed radically, but capitalism hasn’t.” (Umair Hague, 2011, The New Capitalist Manifesto; Building a Disruptively Better Business, Boston, Massachusetts: Harvard Business Review Press.)
Viewing the planet with finite resources calls for a new strategy where the goal is to achieve a society designed for a sustainable natural world with a supportable quality-of-life for its people. Continuous economic growth in such a system is not a requisite for such prosperity.
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