http://www.forbes.com/sites/haydnshaughnessy/2012/01/23/the-emergence-of-social-capitalism-adaptation-or-threat/
This article presents the interesting concept of social capitalism, which either serves as an adaptation to capitalism or even threatening to be its replacement. The idea of social capitalism is "socialization", which is basically socializing problems and challenges and even the socialization of data, as the article mentions. Social capitalization is driven by collaboration and sharing, through the help of technology and crowdsourcing. The idea still has time to develop as we learn more about this trend, but it was an interesting article by the author to consider the potential that the emergence of this type of system has for the future of our economy, whether it is beneficial or harmful.
4 comments:
In theory social capitalism sounds great and does have aspects that are good and help the country's economy but I still believe there could be a lack of incentive or maybe not as incentivizing as a more capitalistic economy. I believe the invisible hand of competition will always be the most efficient way for an economy to be run.
I disagree that there's a lack of incentives. The article talks about socialization in respect to information. Companies are using social networking sites to get ideas from consumers on designs and products they want. These social networking tools are acting as a big focus group for targeted audiences. I think where the article talks about wasting resources could be viewed as creative destruction
I agree that the seemingly emergence of a social capitalism probably has its flaws. However, as we all know, there is no perfect economic system. What we want to know is which one is better. I am not saying social capitalism will be a better one; however, it might be an alternative that potentially possible to gain a success. As stated in this article, the socialization is emerging both in the work system and market system and there are a number of succeed examples to support this transition. Actually, a transition is a very natural phenomenon; rather than a change, I would rather consider a transition like this an adjustment of the world which in reality never stops to change/develop. I also agree that we should wait and let time judge whether social capitalism will actually become a new economic system and whether it will function well.
Sounds attempting, but I feel like just like pure socialism, this social capitalism could not be more doable. Reforming from socialism to capitalism is acceptable for people, but the I doubt that the opposite direction would be realistic.
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