Keywords: neoliberal capitalism, new economic order, social capitalism, neoliberalism, new world order, socioeconomics, global recessions, economic crisis, financial crisis, economic theories, capitalist theory, government interventions, postmodern society, postmodernism, paradigm search, dynamic equilibrium, balanced triad, business profitability, social accountability, environmental responsibility, reformed capital setups, collaboration, public-private partnerships, PPP, common good, individualism, egotism, greed, legislative institutions, executive bodies, government departments, liability, scientific enquiry
Social capitalism, the new socioeconomic setup: a new world order emerging from the 2008 crisis
During the second half of 2008, the world experienced a severe financial breakdown, which rapidly developed into a global recession. Many agreed that this crisis, caused by the exaggerated greed of individuals and institutions, symbolises the end of the neoliberal capitalism dominating the theoretical and practical approaches to economics. The general demand for a large government involvement in the economy, which demonstrates this collapse, together with the new character of the postmodern society encouraged the demand for another approach. The new paradigm search for is a reformed capital setup, termed 'social capitalism' in this paper, which will maintain a dynamic equilibrium based on a triad of business profitability, social accountability and environmental responsibility. This social capitalist setup should be based on collaboration and Public-Private Partnership (PPP) and be directed by the 'common good' instead of the former individual egotistic greed. Other socioeconomic issues implementing the ideas described here depend on and links to the activity of the legislative and the executive branches of government.