This chapter presents a response to the challenges facing capitalism today, including the erosion in public trust and a growing focus on short-term performance. After briefly highlighting the varieties of capitalism—historically and geographically—it points to ways capitalism could be re-imagined going forward. At the macro level, the model should move beyond a narrowly defined shareholder capitalism to focus on long-term value creation and prioritization of a broader set of stakeholders. Similarly at the micro level, asset managers, executives, and board members must move away from “quarterly capitalism” and act like owners, using longer time horizons to invest and create sustained value. To go from imagination to reality requires efforts from many, with business in particular called upon to catalyze the necessary changes.
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