{"id":15190,"date":"2024-11-06T15:42:53","date_gmt":"2024-11-06T15:42:53","guid":{"rendered":"https:\/\/populationmatters.org\/?p=15190"},"modified":"2025-01-20T16:20:14","modified_gmt":"2025-01-20T16:20:14","slug":"can-social-capitalism-fix-our-system","status":"publish","type":"post","link":"https:\/\/populationmatters.org\/news\/2024\/11\/can-social-capitalism-fix-our-system\/","title":{"rendered":"Can social capitalism Fix Our System?"},"content":{"rendered":"\n<div class=\"wp-block-cover alignfull is-light curved-bottom\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1632\" class=\"wp-block-cover__image-background wp-image-15195\" alt=\"\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-scaled.jpg\" style=\"object-position:64% 50%\" data-object-fit=\"cover\" data-object-position=\"64% 50%\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-scaled.jpg 2560w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-300x191.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-1024x653.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-768x490.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-1536x979.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/toa-heftiba-6bKpHAun4d8-unsplash-2048x1306.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\"><h1 class=\"has-text-align-center wp-block-post-title\">Can social capitalism Fix Our System?<\/h1><\/div><\/div>\n\n\n<div class=\"wp-block-post-date\"><time datetime=\"2024-11-06T15:42:53+00:00\">6 November 2024<\/time><\/div>\n\n\n<p class=\"lead\">Social capitalism is an approach that prioritises people\u2019s welfare over profit. It\u2019s capitalism with a focus on improved social outcomes and more environmental sustainability. But can capitalism be adapted to put people and planet before profit?&nbsp;<\/p>\n\n\n\n<p><em>We continue our series&nbsp;<a href=\"https:\/\/populationmatters.org\/news\/?tag=economics&amp;category_name=\">exploring alternative economic models<\/a>.&nbsp;<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2022\/03\/London_0.jpeg\" alt=\"\" class=\"wp-image-517\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2022\/03\/London_0.jpeg 800w, https:\/\/populationmatters.org\/wp-content\/uploads\/2022\/03\/London_0-300x200.jpeg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2022\/03\/London_0-768x512.jpeg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>Capitalism is our dominant economic system, based on the private ownership of the means of production and their operation for profit. The predominant aim of capitalism is to maximise financial profit for the benefit of private owners.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Capitalism has been widely criticised as <a href=\"https:\/\/www.theguardian.com\/politics\/2021\/sep\/20\/eat-the-rich-why-millennials-and-generation-z-have-turned-their-backs-on-capitalism\" target=\"_blank\" rel=\"noreferrer noopener\">unjust, unsustainable, and unfair<\/a>, as it has led to vast wealth inequalities and <a href=\"https:\/\/www.theguardian.com\/environment\/2021\/oct\/30\/capitalism-is-killing-the-planet-its-time-to-stop-buying-into-our-own-destruction\" target=\"_blank\" rel=\"noreferrer noopener\">environmental destruction.<\/a> But it remains the most successful economic system worldwide.&nbsp;&nbsp;So, is there a way to do capitalism \u201cbetter\u201d?&nbsp;<\/p>\n\n\n\n<p>Social capitalism aims to do just <a href=\"https:\/\/www.socialcapitalresearch.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">that<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is social capitalism?<\/strong><\/h2>\n\n\n\n<p>Social capitalism emphasises improving social outcomes.\u00a0The goal is to make social improvements that benefit people and wider society. It departs from classic capitalism\u2019s sole aim to accumulate as much capital as possible.\u00a0\u00a0<\/p>\n\n\n\n<p>Social capitalism is when an individual or company direct any portion of labour or capital toward the public good via the private or public market.&nbsp;&nbsp;<\/p>\n\n\n\n<p>A business engages in social capitalism when it makes a profit and is for all purposes capitalist \u2013 but acts toward a social benefit in its end product, hiring, investing, or production, even if it\u2019s a traditional for-profit company.&nbsp;<\/p>\n\n\n\n<p>Social capitalism is not a top-down regulation of capitalism from governments seeking to manage or regulate industries \u2013 rather it\u2019s a deliberate choice made by private actors to promote equality, fairness, and justice through their actions.&nbsp;<\/p>\n\n\n\n<p>In this way social capitalism is a value system able to improve societal and environmental outcomes for the betterment of everyone, including future generations.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Social capitalism is any capitalist system that is structured with the ideology of liberty, equality, and justice. Instead of aiming to accumulate only economic forms of capital, it explicitly values all forms of capital, including social capital, human capital, and natural capital. Instead of maximising profit for the 1%, it involves profit maximisation for all of society. This eliminates externalities\u202fand stops labour, and therefore humans, from being treated as a commodity.\u201d<\/p>\n<cite>Institute for Social Capital<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Valuing Social Capital&nbsp;<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Under classic capitalism the factors of production are land, labour, and capital.&nbsp;&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/s\/socialcapital.asp\" target=\"_blank\" rel=\"noreferrer noopener\">Social capital<\/a> is a set of shared values or resources that allows individuals to work together in a group to effectively achieve a common purpose.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1680\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-scaled.jpg\" alt=\"\" class=\"wp-image-15196\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-scaled.jpg 2560w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-300x197.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-1024x672.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-768x504.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-1536x1008.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/11\/annie-spratt-hCb3lIB8L8E-unsplash-2048x1344.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<p>Examples of social capital:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sharing information<\/strong>:\u202fTelling a neighbour about a new restaurant, or coworkers discussing the weather.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Providing assistance<\/strong>:\u202fReturning a lost item to a stranger, or lending something without a contract.\u202f&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Leveraging resources<\/strong>:\u202fAsking a friend to borrow their car, or learning about a job opportunity from a coworker.\u202f&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Whilst classic capitalism often relies on social capital to function, it does not place value in social capital itself.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Social capitalists invest in building a network of relationships and leveraging resources, as they believe that social capital is an important element in an organisation or individual\u2019s success.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Examples of Social Capitalism<\/strong>&nbsp;<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Non-profit companies working to solve social or environmental issues, or redirecting profit back to the public good \u2013 such as investing in education and healthcare.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For-profit companies that choose improved social and or environmental outcomes even when it doesn\u2019t maximise profit. And for-profit companies that redirect some profit back to the public.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investment in and working for companies that are socially and or environmentally responsible, or at least those that do not create social or environmental problems or exploit these for profit.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Individuals actively seeking out and purchasing products from companies that are socially and environmentally ethical and sharing information with others to encourage them to purchase goods from these ethical companies.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Individuals boycotting unethical companies and actively sharing information about unethical companies to discourage others from purchasing products from them.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Replacing short-term goals that result in exploitation with long-term goals that support investment, growth, and sustainable prosperity.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Criticisms<\/strong><\/h2>\n\n\n\n<p>Social capitalism has been widely criticised, mostly for its definition\u2019s ambiguity and variability.&nbsp;<\/p>\n\n\n\n<p>It is largely an academic exercise and may work in theory but requires an <a href=\"https:\/\/www.thenation.com\/article\/economy\/the-dubious-ethics-of-the-worlds-most-ethical-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">altruistic approach to capitalism that so far has only occurred rarely in practice.<\/a> It also requires dramatic cultural and behavioural shifts amongst the public and industry leaders that is unlikely to occur without clear incentives.&nbsp;<\/p>\n\n\n\n<p>Some people may choose to participate in social capitalism but there is nothing to stop other corporations more motivated by profit to continue their environmentally destructive practices and outcompeting more &#8220;socially capitalist&#8221; businesses. Indeed, it&#8217;s more important for <a href=\"https:\/\/posterhouse.org\/blog\/seven-environmental-success-stories\/\" target=\"_blank\" rel=\"noreferrer noopener\">governments to introduce stricter regulation to reduce environmental impacts<\/a> and improve sustainability in industry and amongst consumers.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-popmat-share\"><a class=\"fb-share\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F11%2Fcan-social-capitalism-fix-our-system%2F\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 32H48A48 48 0 0 0 0 80v352a48 48 0 0 0 48 48h137.25V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.27c-30.81 0-40.42 19.12-40.42 38.73V256h68.78l-11 71.69h-57.78V480H400a48 48 0 0 0 48-48V80a48 48 0 0 0-48-48z\"><\/path><\/svg> Share<\/div><\/a><a class=\"tw-share\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F11%2Fcan-social-capitalism-fix-our-system%2F&amp;text=Can%20social%20capitalism%20Fix%20Our%20System%3F\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg> Tweet<\/div><\/a><a class=\"li-share\" href=\"https:\/\/www.linkedin.com\/shareArticle?url=https%3A%2F%2Fpopulationmatters.org%2Fnews%2F2024%2F11%2Fcan-social-capitalism-fix-our-system%2F&amp;text=Can%20social%20capitalism%20Fix%20Our%20System%3F\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg> Post<\/div><\/a><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-light-blue-background-color has-background is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Related content<\/h2>\n\n\n\n<div class=\"wp-block-popmat-grid grid grid-3\">\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/10\/local-economy-strengthening-communities-with-sustainable-growth\/\">\n\t\t\t\t<h3>Local Economy: Strengthening Communities with Sustainable Growth<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-768x512.jpg\" class=\"wp-image-15176\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-1024x683.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>The Local Economy focuses on fostering sustainable growth, creating job opportunities, and enhancing the quality of life within a specific community or region. This approach strengthens communities&#8217; economies by supporting local businesses, promoting entrepreneurship, and fostering collaboration among stakeholders.\u00a0\u00a0<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n\n\n\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/endless-economic-growth-unsustainable-for-planet-and-people\/\">\n\t\t\t\t<h3>Endless economic growth unsustainable for planet and people<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-768x512.jpg\" class=\"wp-image-14754\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-1536x1025.jpg 1536w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>As part of an upcoming project exploring alternative economic models, this article looks at how the current pursuit of endless economic growth drives environmental degradation and deepens social inequality. The traditional growth mindset prevails among our political classes, but it is not working for planet or people.<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n\n\n\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/10\/green-growth-sustainable-future-or-myth-part-one\/\">\n\t\t\t\t<h3>Green Growth: Sustainable Future or Myth? &#8211; Part One<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"511\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/matthew-smith-768x511.jpg\" class=\"wp-image-15001\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/matthew-smith-768x511.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/matthew-smith-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/matthew-smith.jpg 939w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>Green Growth asserts that continued economic growth can be compatible with staying in the ecological limits of our planet, with measures to decouple GDP growth from environmental impacts. It\u2019s become popular amongst policymakers, but climate scientists are sceptical that green growth can ever truly be green.<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Social capitalism is an approach that prioritises people\u2019s welfare over profit. It\u2019s capitalism with a focus on improved social outcomes and more environmental sustainability. But can capitalism be adapted to put people and planet before profit?\u00a0","protected":false},"author":65,"featured_media":15195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[13],"class_list":["post-15190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-economics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can Social Capitalism Fix Our System? - Population Matters<\/title>\n<meta name=\"description\" content=\"Explore social capitalism: Can we adapt capitalism for people and planet? 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