Capitalism needs a new social contract

Minouche Shafik

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Capitalism needs a new social contract to better manage the consequences of technology and an increasingly diverse and flexible workforce. That social contract should retain the benefits of flexibility but do a better job of providing security in the form of mandatory benefits, putting a floor on incomes, and investing far more in helping workers adapt to economic shocks and rising automation. It also means a new deal with business that would achieve a more level playing field in how capital and labour are taxed.

Keywords: capitalism; social contract; labour markets; taxation of capital (search for similar items in EconPapers)
JEL-codes: A13 I38 J08 P00 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2021-11-08
New Economics Papers: this item is included in nep-cta, nep-cwa, nep-hme, nep-hpe, nep-pke and nep-reg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Oxford Review of Economic Policy, 8, November, 2021, 37(4), pp. 758 – 772. ISSN: 1460-2121

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