Redefining Capitalism (McKinsey)

It brings me great joy, seeing some of the world’s largest corporations contributing a progressive, thought-provoking piece to our collective knowledge trove. This piece by is Eric Beinhocker and Nick Hanauer of McKinsey is a good example:

Redefining Capitalism

The core argument is that while capitalism has indeed been the source of historical growth and prosperity, we have misidentified how and why it works so well in driving these outcomes, leading us to develop incorrect economic theories around it.

It is well worth the read, but here’s a simple table I’ve put together to capture the key ideas: