Towards a new capitalism: A policy agenda to restore the promise of work
The forces of innovation and global competition – combined with an increasing quest for short-run profits at the expense of long-run value – are undermining the partnership between business and workers, and contributing to stagnating wages, economic insecurity, and declining workforce investments. We need a new model of capitalism that offers novel ways to meet these challenges. Our agenda of new ideas has three overarching goals: Workers should benefit from the economic growth their productive capacities help create. That means rising wages and a greater stake in the businesses where they work. All workers should have access to critical safety net benefits and protections, no matter their employment classification. Workers need more skills, more flexibility, more say, and more opportunities to fulfill their potential and keep pace with the future of work. Our policy agenda attempts to accomplish these goals by encouraging businesses to reward and invest in their workforce, using three leverage points – business incentives, public information, and corporate governance. Because we recognize not all businesses will respond to these leverage points, we also include policies that empower workers to pursue economic opportunity, security, and training outside of the employment relationship.