Is capitalism naturally unempathetic?
People bathe at roadside municipal taps in Delhi, India … capitalism has created gross inequalities like a lack of proper sanitation for millions worldwide. Image: REUTERS/Ahmad Masood
Any attempt to propose a detailed alternative to the capitalist economic system in a short article could be seen as somewhat presumptuous.
How different economic models are established and how they work around the globe in distinct realities and societies is enormously complex. But, whatever the difficulties in envisioning an alternative, there seems to be a growing consensus on the existing situation: the capitalist system is not working for everyone.
The current model
Capitalism has brought important contributions over the last decades. These include the flourishing of technologies used for renewable energies, aligned with the necessity of low-carbon economies; medical breakthroughs that have substantially increased life expectancy across the globe; along with wealth creation and the growth of emerging economies that has lifted hundreds of millions of people out of extreme poverty.
Yet, these developments have come at a high cost. Humanity is now facing, at an unprecedented scale, several social and environmental problems that are intrinsic to the very nature of the current capitalist model – its incentive structures and how private players prioritize maximizing profits over an approach that promotes social inclusion and environmental resilience.
Reprinted [by Big Think] with permission of the World Economic Forum. Read the original article.
