Humane Capitalism
“Crises like worldwide wars, massive bank failures, and the current one triggered by coronavirus reveal and remake societies’ understanding of private versus public enterprises.”
— M. Amedeo Tumolillo, Deputy Editor, Digital of the Stanford Social Innovation Review, as quoted in SSIR
From Maximizing Economic Capital to Maximizing Human Capital
The economic fallout of COVID is decimating the small business sector, concentrating even more power in the hands of big corporations, and dramatically increasing the racial wealth gap. Re-opening the economy during a pandemic raises questions about what’s more valued: our economy or our lives?
In response, our relationship to our economic system is changing. Younger generations are increasingly demanding a more inclusive, humane form of capitalism that prioritizes a social safety net. The corporate sector, after an outpouring of COVID-related support, must now look at deeper efforts to address underlying structural inequities. Employers remain critical front lines for equity as forward-thinking leaders embrace policies like living wages, paid sick leave, inclusive recruitment and culture, and sustainable supply chain reform.
Examples from progressive leaders across the globe — from New Zealand to South Korea — inspire economic systems that answer the call of people and planet over profit. As societal attitudes shift, more laws and policies designed to promote equity may follow.
Signals
Signals are the evidence of this shift gaining momentum.
- GenZ “blown away” by the inequity built into our social and economic systems
- A growing majority of young Americans support universal basic income
- Davos + the World Economic Forum will organize next year around “The Great Reset” and more inclusive, sustainable economies
- 71 percent of consumers agree that if they perceive that a brand is putting profit over people, they will lose trust in that brand forever
- Civic innovation thinkers and doers collaborate in Dayton, Ohio, to Re-Imagine America
Thought Starters for Reflection
Changing the fabric of our economic systems requires the creativity and courage to reimagine what motivates us and how we define success. Use these prompts to reflect on the steps small and large we can take toward a more humane society.
- How might we create the conditions for generosity and empathy over fear and uncertainty?
- How might we embody and encourage an ethos of people over profit?
- How might we reimagine what and who a “thriving” economy requires?
- How might we shift our larger society and economic models to create the necessary time and space that humans need to thrive?
Tell us: Where are you seeing shifts in our economy? How might we leverage these shifts for a more equitable society? Share your reflections in the comments or email us at hello@d-impact.org.
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This post continues our series about emerging shifts that can lead us to a more equitable future. These posts are adapted from our 2020 report, Pathways to the Future. You can find the complete report on our website.
