In Search of Social CapitalismPosted: November 3, 2016 | Author: Dr. Ernie | Filed under: economics, News | Tags: capitalism, politics, race, socialism | 3 Comments
Social capital is a form of economic and cultural capital in which social networks are central, transactions are marked by reciprocity, trust, and cooperation, and market agents produce goods and services not mainly for themselves, but for a common good. – Wikipedia
Since the dawn of modernity, economic debate has centered on who owns the means of production. Capitalists argued private greed led to greater innovation and efficiency, while Socialists claimed state ownership was necessary to ensure the resulting gains were distributed equitably.
We believe in both ends, but disagree with both means. We propose reviving the term “Social Capitalism” to describe a system where private capital is voluntarily employed to benefit society, for which producers are entitled to receive a market-determined profit.The role of government is then primarily to ensure a level playing field, and hold actors accountable for their promises. Read the rest of this entry »