The Guardian: Capitalism has a bright future full of innovation and hope

“There have been thousands of new businesses started that have tried to make the world a better place – and most importantly add real value to our daily lives.” - R Edward Freeman

R. Edward Freeman, University Professor; Elis and Signe Olsson Professor of Business Administration; Academic Director, Business Roundtable Institute for Corporate Ethics

Last summer I spoke at a conference on a panel called, Capitalism in Question. Many of the speakers discussed capitalism’s unsustainable growth, environmental neglect and unsavoury scandals. As a professor of business ethics, I am certainly aware of these topics, but I remarked to the audience that I felt like a clown attending a funeral.

Where others see doom and gloom, I see a bright future full of innovation and hope. I’ve been called an irrepressible optimist or worse, but I believe that we live in a time where business has the potential to solve the world’s toughest problems. Keep in mind that I’m not writing here to whitewash the problems of business. Capitalism may not be perfect, yet it is the greatest system of social co-operation ever created thus far. Capitalism works because entrepreneurs and managers figure out how customers, employees, suppliers, communities, and people with the money all can cooperate to benefit. Competition is important but it is a second order property that gives people more choice in a free society.

Read the rest of the story at The Guardian.