Lacy MacAuley


a home for my pen, projects, and passions

the future of capitalism in the Financial Times

A fascinating series in the Financial Times has been exploring the future of capitalism. What’s groundbreaking is that it has been giving voice to economic earth-shakers like Richard Layard, who says that we need a fundamental shift away from competitive capitalist values. In a March 11, 2009 FT article, Layard writes:


[W]e should stop the worship of money and create a more humane society where the quality of human experience is the criterion… [W]e need a trend away from excessive individualism and towards greater social responsibility. Is it possible to reverse a cultural trend in this way? It has happened before, in the early 19th century. For the next 150 years there was a growth of social responsibility, followed by a decline in the next 50. So a trend can change and it is often in bad times (such as the 1930s in Scandinavia) that people decide to seek a more co-operative lifestyle.



From a news industry standpoint, if the Financial Times is willing to give voice to those who are openly opposing some of the key tenets of our economic system, it is time for all progressive communicators who call for a better way forward in this time of economic crisis to start questioning even more deeply. We have a lot of communications work to do if we are going to begin to shift societal values toward a more ethical value system and away from the values of greed. But if the Financial Times is willing to do it, so must we.



Filed under: global justice, international relations, media

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