In a year marked by the coronavirus pandemic, massive forest fires, unemployment, the US elections, and the economic crisis, the future of capitalism and how companies can act in relation to social inequalities, climate change, and public health have gained relevance. To further the discussion, the WBCSD has released the publication “Reinventing Capitalism: An Agenda for Transformation,” as part of the update of its Vision 2050. The text contains proposals on how companies should act to become increasingly sustainable and, in doing so, lead the transformation of capitalism so that the world has more inclusive and sustainable business practices.
The idea is that the WBCSD will work with its members over the coming months to identify a set of priority actions that companies can take to implement a transformation agenda. The reinvented capitalism model will have five main characteristics: stakeholder-oriented, impact-absorbing, long-term, regenerative and responsible.
Peter Bakker, President and CEO of the WBCSD, explained that the essential features of private enterprise capitalism and competitive markets are indispensable for transformation: “This is if we are to achieve the scale and speed of transformation needed to achieve our Vision of a world in which more than 9 billion people can live well within planetary boundaries. But our success or failure in achieving our Vision 2050 will likely depend to a significant degree on whether capitalism can be reinvented in the next ten years.”
