ECGI Responsible Capitalism Initiative
An academic project to advance positive change in our world
Capitalism is a system for the creation and distribution of wealth. Like any human product, capitalism certainly does not work perfectly. It has many shortcomings.
Economic history suggests that per capita income levels in countries where capitalism is the dominant system are higher and grow faster over a longer period than in countries that have tried other systems. Other systems, certainly large ones, have not fared better on ecological measures. Our aim should be to acknowledge the shortcomings and failures of capitalism and to look for ways to improve it.
The issues of sustainability, inequality and exclusion create new challenges for capitalism and corporate governance. Stimulating capitalism to act more responsibly is an effective way to make markets, companies and governments respond to today’s ESG challenges while safeguarding creativity, innovation, and climate-compatible growth.
Making capitalism more responsible means that the capitalistic system must take responsibility for its shortcomings and must develop practices, policies and regulations that correct them. ECGI’s global network of top-level academics, influential policymakers and concerned business leaders is ideally composed and exceptionally capable of discussing the fundamental challenges facing global capitalism today and tomorrow.
Embarking on an ambitious plan to answer key questions about the future of global capitalism, ECGI is calling for a research debate that seeks to explore the tension between the beneficial outcomes of capitalism, and the unequal consequences which are not aligned with democratic societies and the future of the planet.
The concept is defined by ECGI as ‘an economic system that accommodates private ownership and the pursuit of market opportunities while achieving societal goals’. The project will create a vibrant, global, interdisciplinary hub examining the crucial interactions between corporations, finance, government and society.
It will engage and assist policy makers and other constituencies in interpreting research findings and to confront their thinking with the best available evidence. It will enable the different parties to understand what the academic evidence suggests and to draw practical conclusions and real world, adaptable solutions.
There is a tension between promoting competition in global product and capital markets
and the type of coordination that is needed to address environmental and social challenges.
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ECGI’s Responsible Capitalism project aims to:
- Serve as a global knowledge portal and a neutral platform for exchange, dialogue and dissemination
- Assist policy makers & other constituencies in interpreting research findings & to confront their thinking with the best available evidence.
- Become a prime resource for teaching at business schools, law schools, university departments and other educational institutions or programmes.
- Attract researchers, policy makers, regulators, business leaders, financial intermediaries, investors, journalists and other interested parties.
- Enable the different parties to understand what the academic evidence suggests and to draw practical, real world conclusions.
- Responsible Capitalism will shape the future of capitalism, influence the global policy landscape and be a conduit for positive change.
READ MORE ABOUT THE PROJECT RESEARCH PILLARS