Capitalism: Reject or Retool?
Neither, says Larry Summers, former Treasury Secretary and president of Harvard. In these tight times, health, education and social protection are the industries most in need of reinvention.
What's the Latest Development?
The long-term problems implied by the world's current economic slump are very real, says Larry Summers. The former Treasury Secretary and president of Harvard says people are right to wonder if capitalism is effective at promoting employment and sustaining a broad-based middle class. In finding a solution to our impasse, Summers flags two questions as especially relevant: "Do today’s problems inhere in the present form of market capitalism or are they subject to more direct solution? Are there imaginable better alternatives?"
What's the Big Idea?
Everywhere capitalism has taken root, it ability to create wealth better than any other system is undeniable, says Summers. But he also concedes there are serious questions about its fairness. The advance of technology has limited employment gains (even Chinese employment is down) and helped concentrate wealth in the hands of a lucky few. Worse, industrialized countries with fairer taxation policies and more substantial social benefits are bankrupt. Thus health, education and social protection are most in need of reinvention.
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Despite incredible economic growth, it is not necessarily an investor's paradise.
- China's stock market is just 27 years old. It's economy has grown 30x over that time.
- Imagine if you had invested early and gotten in on the ground floor.
- Actually, you would have lost money. Here's how that's possible.
Moans, groans, and gripes release stress hormones in the brain.
Could you give up complaining for a whole month? That's the crux of this interesting piece by Jessica Hullinger over at Fast Company. Hullinger explores the reasons why humans are so predisposed to griping and why, despite these predispositions, we should all try to complain less. As for no complaining for a month, that was the goal for people enrolled in the Complaint Restraint project.
Participants sought to go the entirety of February without so much as a moan, groan, or bellyache.
- Facebook and Google began as companies with supposedly noble purposes.
- Creating a more connected world and indexing the world's information: what could be better than that?
- But pressure to return value to shareholders came at the expense of their own users.
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