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Progressive Capitalism: How to achieve Economic Growth, Liberty and Social Justice

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The neoliberalism that has dominated economic thinking since the advent of Thatcher and Reagan is now seen to have serious flaws. Progressive Capitalism seeks to replace it with a new Progressive political economy, based on an analysis if why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today's global economy. The corn The neoliberalism that has dominated economic thinking since the advent of Thatcher and Reagan is now seen to have serious flaws. Progressive Capitalism seeks to replace it with a new Progressive political economy, based on an analysis if why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today's global economy. The cornerstone of the political economy of Progressive Capitalism is a belief in capitalism. But it also incorporates the three defining beliefs of Progressive thinking. These are the crucial role of institutions, the need for the state to be involved in their design, and the use of social justice defined as fairness as an important measure of a country's economic performance. Progressive Capitalism shows how this new Progressive political economy can be used by politicians and policy-makers to produce a programme of economic reform for a country. It does this by analysing and proposing reforms for the UK's equity markets, its system of corporate governance, its national system of innovation and its education and training system. Finally, Progressive Capitalism describes the role the state should play in the economy - an enabling one, rather than the command-and-control role of traditional socialism or the minimalist role of neoliberalism. (Inside cover blurb)


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The neoliberalism that has dominated economic thinking since the advent of Thatcher and Reagan is now seen to have serious flaws. Progressive Capitalism seeks to replace it with a new Progressive political economy, based on an analysis if why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today's global economy. The corn The neoliberalism that has dominated economic thinking since the advent of Thatcher and Reagan is now seen to have serious flaws. Progressive Capitalism seeks to replace it with a new Progressive political economy, based on an analysis if why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today's global economy. The cornerstone of the political economy of Progressive Capitalism is a belief in capitalism. But it also incorporates the three defining beliefs of Progressive thinking. These are the crucial role of institutions, the need for the state to be involved in their design, and the use of social justice defined as fairness as an important measure of a country's economic performance. Progressive Capitalism shows how this new Progressive political economy can be used by politicians and policy-makers to produce a programme of economic reform for a country. It does this by analysing and proposing reforms for the UK's equity markets, its system of corporate governance, its national system of innovation and its education and training system. Finally, Progressive Capitalism describes the role the state should play in the economy - an enabling one, rather than the command-and-control role of traditional socialism or the minimalist role of neoliberalism. (Inside cover blurb)

49 review for Progressive Capitalism: How to achieve Economic Growth, Liberty and Social Justice

  1. 4 out of 5

    Jeffrey Sylvester

    “Progressive Capitalism: How to achieve economic growth, liberty and social justice” by David Sainsbury provides a collection of public policy prescriptions for 21st century governments to consider in order to sustain stability and economic growth in Western market democracies amid global competition. Sainsbury was a Minister of Science and Innovation in Tony Blair’s Labour government, and as a scion of the Sainsbury family, ended chair and major shareholder of Sainsbury’s grocery chains. The ma “Progressive Capitalism: How to achieve economic growth, liberty and social justice” by David Sainsbury provides a collection of public policy prescriptions for 21st century governments to consider in order to sustain stability and economic growth in Western market democracies amid global competition. Sainsbury was a Minister of Science and Innovation in Tony Blair’s Labour government, and as a scion of the Sainsbury family, ended chair and major shareholder of Sainsbury’s grocery chains. The main premise of the book is that Western governments must build or restructure institutions specific to their variety of capitalism in order to maintain their competitive edge in the 21st century. Sainsbury’s disillusionment came when he realized that there was a discrepancy between the Labour government’s goals and the ability his government to achieve those goals while subscribing to a neo-liberal political economy. To me, the most intriguing explanations provided were those least related to his thesis including the economic fall of Communism and the middle-men financial sector skimming prior to the global recession in 2008. However, the bulk of Sainsbury’s arguments were related to the need for either building or reforming the parameters surrounding finance and labour markets, and the institutions that guide innovation and education, and their links between the public and private sectors. This proposed restructuring was based on the notion that governments have failed to develop these institutions appropriate to their country’s stage of economic development and have become mired in debates regarding appropriate levels of government intervention instead, which is largely beside the point. Countries should thereby assess what variety of capitalism they have, and the extent to which their institutions can be improved, or which should be added, to enhance complementarity, which may include policy borrowing from countries that are similarly structured. With respect to my own learning, I found Sainsbury’s explanations regarding what is required at the different stages of a country’s economic development interesting especially with respect to how international trade can boost productivity and help Western governments maintain their competitive edge. I think the biggest drawback is the confusion surrounding its primary premise. Sainsbury claims that his public policy prescriptions are markedly different from those offered through traditional socialism and “The Washington Consensus” (neo-liberalism). For instance, Sainsbury contends that neo-liberals believe in leaving all allocation and distributions to the market void of institutions but this isn’t true. Neo-liberalism seeks to restructure welfare state investments to ensure a rate of return to the state, and to ensure markets operate efficiently and effectively in that regard. My claim to the contrary is based on a broad cross-section of peer reviewed sources from both sides of the Atlantic. Essentially, Sainsbury description of neo-liberalism pertains to its forebear, classical liberalism. His failure to make a distinction between the two dramatically weakens his thesis since the bulk of his propositions amount to what Western governments (neo-liberals) have been attempting to achieve for years, which undermines the point of his book. But I think beyond that, likely the strongest argument he makes is where he claims progressive politicians and policymakers must take responsibility for failing to reform Western institutions in a manner that meets the needs of the 21st century. In other words, progressives are as much to blame as anyone else for the structural arrangements they, only now, so vehemently loathe. 3 out of 5 stars for Sainsbury!

  2. 4 out of 5

    David King

    Interesting take but leaves the reader with more questions than answers. Don't these books always? Interesting take but leaves the reader with more questions than answers. Don't these books always?

  3. 4 out of 5

    Matthew

    The writing style is definitely that of a politician, but Sanisbury's proscriptions for the enabling of markets by the state, including consumer and labor protections, plus the analysis of how developing economies can protect infant industries and then transition to the global economy, plus a sharp critique of the Washington Consensus makes this a must-read. The writing style is definitely that of a politician, but Sanisbury's proscriptions for the enabling of markets by the state, including consumer and labor protections, plus the analysis of how developing economies can protect infant industries and then transition to the global economy, plus a sharp critique of the Washington Consensus makes this a must-read.

  4. 5 out of 5

    Dan Garrigan

    An interesting read although I think that some of the figures presented in favour of his arguments could be rather selective. The chapter on science and innovation policy is well worth a read.

  5. 4 out of 5

    Peter Caron

  6. 5 out of 5

    Mike Bentley

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    James Atherton

  8. 4 out of 5

    Daniel Cole

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    Lasse Mogensen

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    Yuval Shachar

  11. 4 out of 5

    Danny Mina

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    Geoffrey Reid

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    William

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    Max Graham

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    Shane Bogusz

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    Jonathan Riley

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    Gert Jan

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    Wojciech Adamczyk

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    John

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    Sean Calvert

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    Alicia

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    Alan

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    Kim Leandersson

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    Sophie Steel

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    Lukasz

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    Mary Carman

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    Adane Asmamaw

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    Kevin Walsh

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    Vigg27

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    Mihai

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    Redcatfish4

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    Mogg Morgan

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    Cameron Westwood

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    Kim Leandersson

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    Michael Burns

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    Sean Calvert

  48. 5 out of 5

    Gaby

  49. 5 out of 5

    Prof Mahmood Ansari

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