The neo-liberalism that dominated economic thinking since the advent of Thatcher and Reagan is now seen to have serious flaws. Progressive Capitalism seeks to replace it with a new Progressive political economy, based on an analysis of why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today’s global economy. The cornerstone of the political economy of Progressive Capitalism is a belief in capitalism. But it also incorporates the three defining beliefs of Progressive thinking. These are the crucial role of institutions, the need for the state to be involved in their design, and the use of social justice defined as fairness as an important measure of a country’s economic performance. Progressive Capitalism shows how this new Progressive political economy can be used by politicians and policy-makers to produce a programme of economic reform for a country. It does this by analysing and proposing reforms for the UK’s equity markets, its system of corporate governance, its national system of innovation and its education and training system. Finally, Progressive Capitalism describes the role the state should play in the economy – an enabling one, rather than the command-and-control role of traditional socialism or the minimalist role of neo-liberalism.
David Sainsbury's thoughtful manifesto for a Progressive capitalism draws on his experience in both business and government to offer an alternative political economy to that of the dominant, and dominating, neo-liberalism of recent decades. --Joseph Stiglitz, Nobel Prize-winning economist
Essential reading for anyone who wants to understand the new model of capitalism evolving from the global financial crisis. An inspiration for politicians and business leaders who need to reinvent the mixed economy for the twenty-first century. --Anatole Kaletsky, Author of Capitalism 4.0 and Chairman of the Institute for New Economic Thinking
Rich in detail, fleshed out by the practical experience both men have had in a range of fields. --The Guardian
Rich in detail... Outlines a "new" capitalism with its sharper teeth blunted, avarice expunged, fairness and social justice imprinted on its soul and innovation and entrepreneurship providing the rocket fuel. --The New Review, The Observer
This book is equally important for what it says and who is saying it... A powerful and cogent critique... A must-read for anyone seeking to make sense of that new catchphrase "active industrial policy". ... Goes way beyond the 2012 Kay review of equity markets and long-term decision-making... A decade ago, this prospectus would have seen its author branded "Red Sainsbury". Now it is pretty sensible and mainstream. A new centre ground is being forged. --New Statesman
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