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Re-Imagining Capitalism$
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Dominic Barton, Dezsö Horváth, and Matthias Kipping

Print publication date: 2016

Print ISBN-13: 9780198785453

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780198785453.001.0001

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Capitalism Re-Imagined

(p.319) 21 Conclusion
Re-Imagining Capitalism

Dezsö Horváth

Dominic Barton

Oxford University Press

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.

Keywords:   capitalism, short termism, stakeholders, owner mindset, long-term value

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