Beyond Capitalism

Today’s capitalism is in a deep crisis. Neither does it fulfil on its promise of generalised prosperity, nor is it environmentally sustainable. Human suffering in the wake of the Covid-19 crisis continues, with people losing their lives and others their sources of income. At the same time, stock markets seem to continue indicating healthy growth levels. But what kind of growth are we talking about?

The idea of ‘growth’ has never been to indicate access to a fulfilled live for the many, nor to measure whether the planet is able to sustain the ‘growth’ that is produced. But if any healthy economy is to arise from the post-Covid-19 recovery plans, these need to be the top priorities.

With this second wave of articles on ‘beyond capitalism’, the Progressive Post continues its reflection on the quality of growth, on state intervention and recovery policies. Again, we feature some of Europe’s most prominent thinkers in this second edition of a larger debate on the objectives of economic, social, digital, and environmental policy. And we’re still after the same aim: a paradigm-change to overcome the dominant neo-liberal approach.

Carlota Perez, from the University College London, reminds us that the shaping of technological revolutions makes all the difference: technology provides the options, but it is society – and hence politics – that chooses the future and actively shapes it. Albena Azmanova, from the University of Kent’s Brussels School of International Studies, advocates for a double paradigm shift: from equality to solidarity, from prosperity to wellbeing. And Dirk Bezemer, from Groningen University, calls for a reform of the financial structures of today’s capitalism, at least on three levels: labour market regulation and wage growth, credit guidance, as well as taxation.