A Fantastic Object: Social Capitalism and the United States of Europe | Steven Hill

“And so, the idea was how do you harness this capitalist engine to create a more broadly shared prosperity? And once they decided to do that, then they said, well, what do we do with this wealth if we’re going to make it more broadly shared? Do we just have everyone make more income? And they said, no. It makes more sense; let’s think about what are the things that people need in their lives.”

Despite suffering severe shocks from the 2008 global economic and banking crisis, nations of the European Union have provided the world with a potent new economic species. “Social Capitalism” shares prosperity more widely, institutionalizes broader national democracy, and creates long-term environmental sustainability. It includes universal healthcare that’s affordable, education for all that is often free, family-friendly work policies, and real worker participation in corporate decision-making. Europe watcher Steven Hill believes it may be the most important innovation in the world economy since the rise of the corporation — and we all have a “ringside seat to history.”