This week’s show? Patient Capitalism. We start with this:
I have this little theory that in 2008 Capitalism had a heart attack and landed face down on Wall Street. Brokers, financial instrument designers and rating agency double dippers seemed to just pick up their box of office supplies, bolt through the glass doors and step right over the capitalist system as it lay writhing on the the street.
Next, the government folks showed up to shoo the gathering crowd of citizens along, saying “Nothing to see here folks, keep it moving.” Well you know the rest — the captains of industry and finance who had spent years demanding that government get out of their way showed up on the steps of Capitol Hill, hand outstretched, and with a ‘just jokin with ya’ grin on their faces. Apparently that did the trick as they promptly received enormous dollops of our collective revenues to keep them going to the next payday.
The Occupy Movement sprung from the minds of the Adbusters group and even the middle class found themselves egging on that rag tag army of dissenters. There are outbursts of economic discontent around the globe but nothing seems to be sticking. There is no obligation to protest; no overarching moral imperative pushing us out of our living rooms and into the street. The cow is still being fattened just enough it would seem.
Five years later we are all paying down that debt. The so-called
developing world in the meantime can be viewed as collateral, fiscal damage at best and growth in must-grow economies has stalled out. It would appear we’re just a wee bit lost — kinda between economic ‘ism’s’. The unanswered question is what’s Plan B?
Or maybe not. Maybe it’s just capitalism or bust. Well maybe that’s not entirely true. Microcredit has emerged over the last decade. Social innovations like crowdsourcing have emerged. Prosperity without growth is a legitimate economic school of thought and in the last little while, the notion of Patient Capitalism has emerged as a new lens on the entrepreneurial landscape.
I’ll talk to some people in this edition of the New Sabbath Project who can bring this idea of “Capitalism with a Heart” or compassionate capitalism into focus. It’s the 7th day. Time to reflect, re-new and heck why not…re-invest.
Be well and I look forward to hearing from you.
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