Streek's reflections on the condition of capitalism
One of our objectives for the Mutuality Lab is to understand how the fundamental systems of economics work today -- and how they may change in the future -- in order to develop the most rewarding and mutually beneficial ways of managing a business. Business operate in a capitalist system today, but many are questioning whether capitalism will continue in its current form.
Economic sociologist Wolfgang Streeck, Emeritus Director of the Max Planck Institute for the Study of Societies in Cologne, presented his own detailed diagnosis on the health of capitalism to the British Academy in January 2014. His observations centered on five "disorders" in the system: declining growth, oligarchy, starvation of the public sphere, corruption and international anarchy.
Streek's conclusion was that capitalism "is in critical condition," and one of his key issues was that "what economic progress remains is less and less shared." Although nearly three years old, this analysis -- reprinted in the New Left Review -- is worth a read today.