No longer can contemporary capitalism operate on autopilot as in Adam Smith’s time. Now, extra-market-oriented choices by citizens are becoming essential to circumscribing the market with public priorities for health and welfare, education, environmental stewardship and much more.
The “new” capitalism ahead will steer around the false dichotomy of only two choices: laissez-faire or Marxism. It will focus on designing and sourcing productive capital needed to produce society’s chosen outcomes. Capital becomes thought of as “wherewithal.” Egregious pseudo-capitalist schemes are then met explicitly with tax and regulatory action.
~ Jim Sawyer
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