How do we renew the soul of capitalism and fundamentally reimagine it for a new age and a new set of challenges? That was the question we put to a global community of hackers and innovators in the Long-Term Capitalism Challenge. Specifically, what real world experiment or bold ideas are you advancing to accelerate the shift toward a more principled, patient, and socially-accountable capitalism?
In just two-and-a-half months, we received some 148 entries from leaders, thinkers, and innovators of all stripes, from every corner of the globe. The diversity of ideas was as striking as the diversity of the contributors. We learned about initiatives and transformation at the firm level and the ecosystem level, from the realms of nonprofits, for-profits, hybrid organizations and coalitions of competitors....
Along with our partners at HBR and McKinsey, we're delighted to announce those finalists today:Read it at Harvard Business Review Blog
What Is Business For? Cast Your Vote!
by Polly LaBarre | Editorial Director of the Management Innovation eXchange.
This is particularly significant in light of Schumpeter's view that late stage capitalism would implode owing to lack of innovation. While he could not foresee the process of financialization and rent-seeking that would unfold, he was on target based on subsequent events. The threat to capitalism today comes from profit-seeking unrelated to investment, and it is investment in the future that drives innovation in capitalism.