Embrace a 'new capitalism'
As a think-tank says, 'disrupt or be disrupted'. By GRAHAM OWENS
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AT THE recent SID Directors' Conference, global business leaders deliberated on what capitalism means today, and what it could mean tomorrow. Even though there was agreement that the capitalist model is, conceptually, the best economic system, a consensus emerged that change is overdue.
When they work effectively, market principles enable healthy competition, innovation, wealth creation and efficient resource allocation. However, the unfettered capitalism of recent years has led to market and corporate failures with disastrous consequences.
The rethink of capitalism has also been precipitated by the increasingly urgent need to achieve sustainable development in a progressively resource-constrained global economy that needs to support an ever expanding population.
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