The Future of Capitalism is a fervent and critical exposition that portrays masterfully the original ideas to cleanse the economic, social, and cultural conflict, with the level headed pragmatism and diplomacies rather than the ardor of rhetoric. Paul Collier’s working explication is at the center of either side of the debate. A person has no room for ethical or rational supremacy, and this time no polished and new economic theory will release the pressure.
Building on the insights of some of the most respected social minds on the planet, Collier maps an emancipation strategy to demonstrate how to save capitalism from within a human soul. Either escape the theoretical baggage of the twentieth century or instead draw up realistic strategies based on communitarian values to counter the meteoric rise of poverty that would either destroy the human race or push them into a completely new economic phase.
Once stable, Western society is now ripped apart in its social and economic structure by wide new discord. It is now urban cities vs. rural states; highly skilled vs. less informed; professionals vs. poor countries. From the world-renowned economist Paul Collier, a straightforward analysis of the many shortcomings of the largest economic system in history, and a sensible and rational view of how to fix it is the essence of this epic creation.
In the first place, as these splits have intensified, the world lost the sense of responsibility to others that are so vital to the growth of liberal democracy after the war. At present, these differences are being highlighted exclusively through revivalist philosophies and nationalist mega figures where people are living in the age of Brexit, President Trump, and the emergence of the far perfectionists in Germany. And people need it now, or the gap will only become wider and firmer between the expectations of prosperity for all that capitalism once promised, and the crisis of disdain will deepen in which one finds oneself.
In his latest book with detailed design elements, popular economist Paul Collier provides a vivid discussion on capitalism. Collier initiates intensive work in The Future of Capitalism, putting a spotlight on a subject under ongoing discussions. The book provides readers with a broader analysis of capitalism, keeping away from platitudes and simple paradigms. He also presents the roots of the success of democracy – the balance of freedom and responsibility, strengthened by the welfare state – as core parts of the solution to the increasing and alarming tensions between communities, cities and nations.
For anyone dealing with the brave new anxieties of the twenty-first century, such as the loss of optimism about the future of the social security system, rising pessimism among the working poor, and widespread support to extreme left and right, the Future of Capitalism is a thought-provoking and comprehensive text.
Collier’s personal story makes a significant contribution to this book. Collier links his life with the growing concerns as a respected economist as well as a concerned citizen. Instances include his home town of Sheffield where he speculates about differences between metropolitan and provincial cities. About himself and his immediate cousin, differences between classes are also analyzed. Last but not least, claims about the global divide between countries were derived not only from hard facts but also from perspectives extracted from Collier’s study of Africa. Such personal touches, coupled with subject knowledge, help the reader understand the book more intensely, leading to similar thoughts on one’s own life concerning the contentions of the article.
According to Collier, the insecurities are not caused by capitalism itself; rather capitalism must be managed without being destroyed. Originally revisiting Adam Smith and the concept of economic man, Collier deploys the alternative principle of social man as the mainstay of his book, highlighting mutual respect and dignity as its core values. Collier claims that these principles are easy to spot in early capitalist writings, including those of Smith, most notably The Theory of Moral Sentiments. Nonetheless, because of the consequences of utilitarian, Rawlsian and liberal outcries, capitalism has lost these virtues and today is failing to produce stability.
The consequence is the Rottweiler culture, a social system that is moving towards violence, embarrassment and intimidation, says Collier. Also, the consequences of this failure are inequalities between groups and cities around the world. Collier suggests a realistic solution as a response to these challenges. He recommends an egalitarian capitalism based on values and influenced by utilitarian reasoning. The conceptualizations of the ethical state, the humane firm, the ethical family and the ethical world are subsequently presented as vital principles. It gives a reflection on how to implement an integrated approach after some detailed insights.
The reasoning in the book are robust and strong – Collier intends to create a document that can be read by anyone anxious about capitalism’s current and future state. Instead of using primed-to-use political and nationalist approaches from either the left or the right wing, Collier attempts to cover the sensitive core rather. He first counsels changes to political systems to create the hard center. He proposes that the choice of the party leader be limited to that party’s elected representatives rather than be left to candidates alone. Thanks to their interest in catering to a wide group of voters, elected representatives are less likely to elect charismatic populists. This curiosity would drive them toward centrist candidates as well.
He supports restoring the current divide between the metropolis and broken towns and cities, which got worse off because of its result of globalization, like Sheffield with its collapsing steel industry. By taxing rents, an enormous rise in agglomeration created in the metropolis and using this to revitalize broken cities, Collier suggests that the disparity can be reduced.